Midday Report
The morning hinted broken uptrend continued preventing the pair from re-testing the key resistance levels over short term basis at 1.3320 as seen on the provided four-hour chart. Stability above moving averages contradicts with the moderate negativity appearing on MACD and RSI 14. In result, we prefer staying aside for the rest of the day waiting for a sustained breakout above 1.3320 to with a daily closing to follow the recently established recovery from 1.2975 zones. Remember, the gap of the opening remains unfilled.
The trading range for today is among key support at 1.3070 and key resistance at 1.3455.
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
Cable continued moving very narrowly below the initial resistance hinted earlier at 1.5890-1.5925 that proved its solidity. Now, Stochastic claims that the pair is losing its upside momentum although, it didn’t reflect obvious overbought case. Consequently, the intraday direction remains unclear but taking 1.5785 will bring a new downside wave. On the upside, bears should be protected by 1.5925-1.5935 areas.
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 | 1.5785 | 1.5730 | 1.5680 | 1.5630 | 1.5585 |
| Resistance | 1.5850 | 1.5880 | 1.5925 | 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)
Midday Report
Similar to RSI 14 over daily basis which is valued at 79.00 for the first time since April, 2011, we can see RSI 14 over the provided four-hour interval showing extreme overbought reading at 82.00. Thereby, we do believe that a correction is required before resuming the strong upside rally that started at 76.00 zones. A break of the psychological level of 80.00 will make the pair neglect overbought sign to reach the scientific technical objective of the classical overview over weekly studies. We recommend reviewing the weekly report for more details about the classical structure and its targets.
The trading range for today is among key support at 78.60 and key resistance now at 81.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 79.55 | 79.35 | 79.15 | 78.90 | 78.60 |
| Resistance | 80.00 | 80.20 | 80.50 | 80.75 | 81.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 79.35 targeting 81.20 and stop loss below 78.30 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair has achieved a slight upside recovery from the important support level around 0.9080 as seen on the provided daily chart. But, since the opening of the week, the pair didn't show a big move while the opening gap remains unfilled. Accordingly, we will remain neutral for the rest of the day; noting that the both edges for the direction reside at 0.9030 and 0.9230 and a break of any of them will change the neutral stance.
The trading range for today is among key support at 0.8965 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 | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| 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 rebounded sharply from 0.9925 support this morning, failing to settle below this level threatens the short term bearish outlook for the pair, in addition to that price has settled within levels above the weekend gap. Meanwhile, a falling wedge formation could be developing over the longer term horizon. Thus, we prefer cancelling our morning recommendation at levels near the entry.
The trading range for the day is expected among the key support at 0.9890 and the key resistance at 1.0000.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9930 | 0.9890 | 0.9870 | 0.9850 | 0.9820 |
| Resistance | 0.9980 | 1.0020 | 1.0050 | 1.0070 | 1.0100 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside for the rest of the day. | ||||
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