Morning Report
The pair declined again after it failed to settle above areas of 1.2795. But, Stochastic approaches oversold areas quickly, while the level of 1.2665 remains intact. Therefore, we expect the pair to provide another bullish attempt today as long as stability is seen above 1.2665.
The trading range for today is among the major support at 1.2535 and the major resistance at 1.3000.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.2720 | 1.2685 | 1.2665 | 1.2620 | 1.2570 |
| Resistance | 1.2795 | 1.2820 | 1.2875 | 1.2900 | 1.2955 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2720, and take profit in stages at (1.2795 and 1.2875) and stop loss with 4-hour closing below 1.2665 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
The pair has moved with a bearish tendency during the Asian session adopting a favorable reaction to our previous technical comment. The secondary image shows that a bearish candlestick formation was formed over four-hour interval suggesting that the support of the descending triangle could be cleared over the upcoming session. To recap, the bearishness is still favored over intraday basis supported by stability below moving averages and 23.6% Fibonacci retracement of the downside rally from 1.6615 to 1.5270.
The trading range for today is among key support at 1.5215 and key resistance at 1.5680.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5420 | 1.5360 | 1.5335 | 1.5270 | 1.5215 |
| Resistance | 1.5490 | 1.5515 | 1.5555 | 1.5630 | 1.5680 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5475 targeting 1.5215 and stop loss above 1.5665 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Consolidation continued above 76.4% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 while Stochastic is on its way to fix the negative sign that appeared yesterday morning. In the interim, Vortex continues reflecting the strength of the negativity that started at 78.30 zones. The contrarian between momentum and trend and momentum indicators is a rational reason that argues us to stay aside over intraday basis. A break of 76.50 will be a bearish indication.
The trading range for today is among key support at 75.80 and key resistance now at 77.90.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 76.00 | 75.80 |
| Resistance | 77.10 | 77.55 | 77.90 | 78.30 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside as risk versus reward ratio is too high today. | ||||
Swiss Franc (CHF)
Morning Report
The pair inclined again to settle above the exponential moving averages 20 and 50, where the pair corrected between 38.2% and 50.0% of the upside move, which started at 0.9303 and ended at the top of 0.9594. We expect an upside move today, where consolidation above the moving averages and the bullish continuation structure support our expectations. Stochastic is close to overbought areas, which could trigger heavy fluctuations today.
The trading range for today is among the major support at 0.9300 and the major resistance at 0.9740.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9480 | 0.9430 | 0.9400 | 0.9365 | 0.9300 |
| Resistance | 0.9520 | 0.9590 | 0.9600 | 0.9660 | 0.9740 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and taking profit in stages at (0.9600 and 0.9740) and stop loss with 4-hour closing below 0.9365 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair declined indeed and settled below the 1.0185 level, which confirmed that the downside movement could extend during the session today. Consolidation below the mentioned level and below the exponential moving averages support our suggested negative scenario, especailly when the upside move has ended.
The trading range for today is among the major support at 1.0025 and the major resistance at 1.0305.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0140 | 1.0100 | 1.0070 | 1.0025 | 1.0000 |
| Resistance | 1.0185 | 1.0205 | 1.0255 | 1.0275 | 1.0305 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0185, and take profit in stages at (1.0070 and 0.9970) and stop loss with 4-hour closing above 1.0275 might be appropriate | ||||
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