Morning Report
The pair is currently trading around the EMA 20 and also around the pivotal resistance level of 1.27959 mentioned in our weekly report. The current areas represent critical barrier that separates between the resuming the upside move towards the main resistance of the descending channel at 1.2875, or the return of the downside movement which could support the pair to retest areas around 1.2665. Stochastic is within overbought areas, but RSI is positive and attempts now to reach the 50-point level. Therefore, we will stay aside today due to the high risk associated to our expectations.
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 | 1.2740 | 1.2700 | 1.2665 | 1.2620 | 1.2570 |
| Resistance | 1.2795 | 1.2820 | 1.2875 | 1.2900 | 1.2955 |
| Recommendation | Based on the chart and explanations above, we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Morning Report
The pair continues consolidating above the support line of the recently established descending triangle-continuation pattern- as seen on the provided daily chart. Until now, Stochastic continues reflecting bearish momentum; whilst SMA 20-green- and SMA 50-red- are covering the pair below 23.6% Fibonacci of the downside wave from 1.6615 to 1.5270. A break below 1.5360 will accelerate declines but on the other side, breaching 1.5680 will give us a reason for pause.
The trading range for today is among key support at 1.5215 and key resistance at 1.5720.
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 | 1.5515 | 1.5555 | 1.5630 | 1.5680 | 1.5720 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5500 targeting 1.5270 and stop loss above 1.5665 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair couldn't hit 77.10 since the opening of this week where trading is trapped within a very tight range as seen on the provided daily graph. Stability between 61.8% and 76.4% Fibonacci levels is a positive technical catalyst but, momentum and trend indicators are giving off negative signals. Hence, we believe that staying aside will be the best technical choice for intraday traders since risk versus reward ratio is too high.
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 | 76.95 | 77.10 | 77.55 | 77.90 | 78.30 |
| 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 declined and is currently reaching around 50% Fibonacci correction of the bullish wave, which started at 0.9303 and ended at the top of 0.9594. Stochastic is currently within oversold areas, which made 50% and 61.8% Fibonacci corrections strong support levels. We expect the upside move to return again, affected by the bullish technical structure, but consolidation below 0.9365 weakens the upside move significantly, while a breach of 0.9300 could trigger another bearish wave.
The trading range for today is among the major support at 0.9300 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9450 | 0.9410 | 0.9365 | 0.9330 | 0.9300 |
| Resistance | 0.9480 | 0.9520 | 0.9590 | 0.9600 | 0.9660 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9450, and taking profit in stages at (0.9590 and 0.9660) and stop loss with 4-hour closing below 0.9365 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair declined sharply to reach now areas around 1.0185 which separates between providing another bullish attempt or testing areas around 1.0070 again. Stochastic is negative, while RSI returned to settle below the 50-point level again. Therefore, we expect the pair to decline again; however, consolidation below 1.0185 confirms our expectations. Stability below the top of 1.0318 is sufficient to support the suggested bearishness. Consolidation above 1.0305 should negate the suggested downside movement.
The trading range for today is among the major support at 1.0025 and the major resistance at 1.0375.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0025 |
| Resistance | 1.0205 | 1.0255 | 1.0275 | 1.0305 | 1.0375 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0205, and take profit in stages at (1.0070 and 1.0025) and stop loss with 4-hour closing above 1.0305 might be appropriate | ||||
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