Midday Report
As we discussed in our weekly report published this morning, the pair has opened the week with an upside gap and it hasn’t been filled yet. We need to watch the price behaviors over upcoming hours to be able to define the sort of this aforesaid gap. In the interim Stochastic continued showing positive signs but we should be careful as the market didn’t offer confirmed signs for resuming the upside rally started at 1.2975. For short term traders, areas around 1.3320 should be taken decisively to change to aim 1.3550.
The trading range for today is among key support at 1.3070 and key resistance at 1.3360.
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 | 1.3200 | 1.3170 | 1.3140 | 1.3110 | 1.3070 |
| Resistance | 1.3250 | 1.3295 | 1.3320 | 1.3370 | 1.3390 |
| 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)
Midday Report
The market didn't show a convenient price action since morning that may encourage us to change our neutral stance; noting that the bullish recovery started at 1.5230 remains covered by SMA 200. Short entries should be protected by a daily closing above 1.5925-1.5925 zones; whilst a break below 1.5785 will bring the bearish picture back into focus.
The trading range for today is among key support at 1.5680 and key resistance at 1.6075.
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 | 1.5820 | 1.5785 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| 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)
We are witnessing a consolidation case following the violent upside actions that occurred during the past two weeks as seen on the provided weekly chart. The solidity of the present resistance areas -previous broken support- and the rule that the psychological level plays should bring a mild downside correction at least to retest SMA 50 before resuming the upside rally supported by our caught classical inverted head and shoulders pattern. A break above 80.00 will designates a higher probability for reaching the technical objective of the pattern faster.
The trading range for today is among key support at 78.30 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 | 79.15 | 78.90 | 78.60 | 78.30 | 78.10 |
| Resistance | 79.80 | 80.00 | 80.20 | 80.50 | 81.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 79.15 targeting 81.20 and stop loss below 77.70 might be appropriate. | ||||
Swiss Franc (CHF)
The pair has moved mildly downwards affected by the negativity on Stochastic as seen on the provided daily graph. But, the entire movements that have been seen since the opening of this week is still trapped within a narrow range. We will not follow Stochastic until we witness a sustained breakout below 0.9080 zones and preferably below 0.9030 areas as the week's gap remains unfilled until now. To conclude, we will avoid trading today until a confirmed sign presents itself to pinpoint the upcoming move.
The trading range for today is among key support at 0.8985 and key resistance at 0.9310.
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 | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| Resistance | 0.9145 | 0.9175 | 0.9210 | 0.9230 | 0.9260 |
| 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)
Midday Report
The pair partially filled the gap and printed a high near our awaited reversal area around 0.9942. Currently; price is pushing to the downside attempting to print a lower low below 0.9910. Thus, our morning scenario remains valid for the rest of the day.
The trading range for week is expected among the key support at 0.9800 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 | 0.9890 | 0.9870 | 0.9850 | 0.9820 | 0.9800 |
| Resistance | 0.9930 | 0.9980 | 1.0020 | 1.0050 | 1.0075 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 0.9950 targeting 0.9890 and 0.9850, stop loss above 1.0000. | ||||
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