Midday Report
The pair is biased to the upside, despite facing several critical resistance levels, but consolidation above 1.2665 drives us to hold onto our morning expectations as they are. Stochastic breached the 50-point level, while RSI attempts to confirm the positivity.
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 | 1.2665 | 1.2620 | 1.2570 | 1.2535 |
| Resistance | 1.2795 | 1.2830 | 1.2875 | 1.2900 | 1.2955 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
Back to our main chart used since the opening of this week where the descending triangle appears on it. Our provided daily graph shows that the support areas -turned into resistance- between 1.5420 and 1.5360 have been cleared easily yesterday. Now, we are witnessing a mild correction due to touching 1.5270 -low of October, 2011- but the bearish effect of yesterday's long black candlestick should send Cable once more to the downside. The moving averages 20 and 50 are covering the bearish wave as well. For more details about the longer time scales, we recommend reviewing the morning report where we discussed the harmonic outlook over weekly basis.
The trading range for today is among key support at 1.5075 and key resistance at 1.5555.
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 | 1.5270 | 1.5210 | 1.5180 | 1.5125 | 1.5075 |
| Resistance | 1.5360 | 1.5420 | 1.5460 | 1.5515 | 1.5555 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is moving sideways where the sign of Stochastic is still positive but Vortex continues reflecting a bearish signal; thus, we will continue watching the pair until one of the above mentioned signs beats the other. To conclude, we need clearer price behaviors above 77.10 or below 75.50 to change our neutrality.
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)
Midday Report
The pair declines now, approaching the support level at 0.9480. We should pay attention now and observe the pair closely, where a breach of this level and consolidation below it could negate our positive expectations. On the other hand, a breach of the mentioned level could complete a bearish technical structure, which could add more downside pressures on the pair.
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 | 0.9450 | 0.9400 | 0.9365 | 0.9300 |
| Resistance | 0.9520 | 0.9575 | 0.9590 | 0.9600 | 0.9660 |
| 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 0.9400 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair continues to decline affected by the negative factors mentioned in our previous report. Currently, any trading below 1.0185 could trigger the extension of the downside movement, especially when momentum indicators are very negative.
The trading range for today is among the major support at 1.0000 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 | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0025 |
| 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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