Morning Report
In our previous report, we discussed that coming back below the lower line of Keltner channel may cause an upside recovery but actually, it was a huge recovery. Moreover, Stochastic succeeded in fixing its negativity as it overlapped positively but stability below the key resistance level around 1.3230 and below the middle line of Keltner channel are reasons that force us to stay aside over intraday basis. Coming back below 1.3025 zones will indicate that the correction is limited and the bigger bearish picture will come back into focus.
The trading range for today is among key support at 12975 and key resistance at 1.3315.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3110 | 1.3070 | 1.3025 | 1.3000 | 1.2975 |
| Resistance | 1.3170 | 1.3200 | 1.3230 | 1.3250 | 1.3295 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Great British Pound (GBP)
Morning Report
Yesterday's incline could be seen as the internal c wave of the second wave for the new IM wave that started at 1.5925 as seen on the provided four-hour graph. We have got used here in ecPulse to avoid trading the correctional waves as much as possible; therefore, we should watch out the price behaviors over intraday basis until the pair proves the suggested count via threatening 1.5730 followed by 1.5670 zones again. Only a break above 1.5925-1.5935 will give us a rational reason for reconsidering our Elliott sequence.
The trading range for today is among key support at 1.5585 and key resistance at 1.5975.
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 | 1.5785 | 1.5730 | 1.5680 | 1.5630 | 1.5585 |
| Resistance | 1.5820 | 1.5880 | 1.5935 | 1.5975 | 1.6000 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Morning Report
The bullish momentum appearing on the candlesticks structures has assisted the pair to take the pivotal resistance -turned into support- at 78.60 easily. Meanwhile, Vortex continues presenting a clear bullish signal supporting the upside wave that started at 76.00 zones but for the first time since April, 2011, RSI 14 becomes valued at 75.00 as seen on the provided daily chart while Stochastic reflects clear overbought case over four-hour and daily charts. Henceforth, we may witness heavy fluctuation to unload overbought signs of momentum indicators before resuming the bullishness softly targeting 79.55, our short term technical target defined on February 02, 2012. A break of 79.55 will weaken the psychological levels of 80.00.
The trading range for today is among key support at 77.60 and key resistance now at 80.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 78.90 | 78.60 | 78.30 | 78.10 | 77.90 |
| Resistance | 79.35 | 79.55 | 80.00 | 80.20 | 80.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 78.60 targeting 80.20 and stop loss below 77.70 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
After touching the clue level of 0.9300, the pair has moved once again to the downside yesterday. Indeed, the daily closing was above SMA 100 but we can see a clear contrarian between momentum indicators -RVI and Stochastic- and that reflect the current technical hesitation. In result, we will avoid trading over intraday basis; noting that a break above 0.9230 once again will weaken 0.9300-0.9310 levels this time.
The trading range for today is among key support at 0.9000 and key resistance at 0.9360.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9175 | 0.9140 | 0.9125 | 0.9105 | 0.9080 |
| Resistance | 0.9230 | 0.9260 | 0.9310 | 0.9360 | 0.9400 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Canadian Dollar (CAD)
Morning Report
The pair reversed once more from levels near the top of the rang-bound we mentioned yesterday, however this reversal hasn’t changed the overall ranging conditions; only a sustained break below the bottom of this range around 0.9930 could lead to downside directional move. Therefore, we prefer staying aside this morning and at the current sensitive support level.
The trading range for today is expected among the key support at 0.9890 and the key resistance at 1.0075.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9930 | 0.9900 | 0.9875 | 0.9850 | 0.9820 |
| Resistance | 0.9990 | 1.0040 | 1.0070 | 1.0100 | 1.0130 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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