Morning Report
The pair rebounded to the upside despite the overbought signs seen on momentum indicators, but the breach of the main resistance of the downside movement in addition to the stability above 1.2875 is sufficient for us to expect the upside move to extend further. The exponential moving averages are positive. The level of 1.3005-35 is our primary target, while a breach of this level could support the pair to rest areas around 1.3135-95.
The trading range for today is among the major support at 1.2795 and the major resistance at 1.3195.
The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.
**New York Candlesticks**
| Support | 1.2955 | 1.2900 | 1.2875 | 1.2840 | 1.2795 |
| Resistance | 1.3005 | 1.3035 | 1.3080 | 1.3135 | 1.3160 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2955, and taking profit in stages at (1.3005 and 1.3135) and stop loss with 4-hour closing below 1.2870 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
Despite achieving a daily closing above SMA 20 and above the initial resistance-previous support- seen on the main daily graph but we can see how SMA 50 is negatively pressuring Cable. In the interim, the four-hour chart shows a potential continuation classical pattern that may force the pair to move lower once again. The awaited weakness will not be activated unless the pair hits the pivotal support areas around 1.5370-1.5360. Conversely areas between 1.5555 and 1.5585 should protect the sellers.
The trading range for today is among key support at 1.5230 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 | 1.5370 | 1.5335 | 1.5270 | 1.5230 |
| Resistance | 1.5515 | 1.5555 | 1.5630 | 1.5680 | 1.5720 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5370 targeting 1.5125 and stop loss above 1.5555 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Finally, the pair has been capable of taking the initial resistance of 77.10-61.8% Fibonacci of the entire upside rally from 75.50 to 79.50- where yesterday's inclines has assisted it to draw a positive sign on Vortex indicator. Moreover, the positivity of Stochastic hinted yesterday becomes clearer and it may assist the pair to move higher again today. Only breaching 76.50 will weaken our bullish scenario and taking 76.10 zones will damage it. But, breaching through 77.30 will bring panic buying interests.
The trading range for today is among key support at 76.00 and key resistance now at 78.45.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.95 | 76.60 | 76.40 | 76.10 | 76.00 |
| Resistance | 77.30 | 77.55 | 77.90 | 78.30 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.00 targeting 79.00 and stop loss below 76.10 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
Consolidation below 0.9400 suggests that the downside movement could continue, where any trading below 0.9415 with 4-hour closing supports the possibility of the downside movement. Our expectations depend on a possible harmonic structure, which could be completed in areas around 0.9125. Today, we should track the level of 0.9305, which represents the bottom of the suggested (X) point of the harmonic structure, where Stochastic is within oversold areas, which requires consolidation above the mentioned level to negative the effect of the indicator.
The trading range for today is among the major support at 0.9225 and the major resistance at 0.9485.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9305 | 0.9290 | 0.9260 | 0.9225 | 0.9195 |
| Resistance | 0.9365 | 0.9405 | 0.9430 | 0.9485 | 0.9520 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9365, and taking profit in stages at (0.9260 and 0.9225) and stop loss with a 4-hour closing above 0.9405 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
Once again, the level of 1.0070 was able to stop the pair's negative momentum. But, Stochastic entered overbought areas quickly as shown on the 4-hour interval, while RSI is unable to settle above the 50-point level. Therefore, the harmonic structure shown above is still valid and is expected to complete in areas around 1.0010. Therefore, we still expect a downside movement today. Consolidation below 1.0185 is required over intraday basis.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0275.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0100 | 1.0070 | 1.0010 | 0.9970 | 0.9905 |
| Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0255 | 1.0275 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0140, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0205 might be appropriate | ||||
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