Midday Report
The pair has moved mildly to the downside where MACD traditional over four-hour interval succeeded in overlapping negatively as seen on the secondary image. This decline proves the bearish effect of the daily spinning top pattern which may send the pair bearishly today. Areas of 1.3200 should be cleared while 1.3320 is our risk limit.
The trading range for today is among key support at 1.3025 and key resistance at 1.3415.
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, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair has plummeted during the previous session breaching through the initial support area below 1.5760 and 1.5730 as seen on the provided four-hour chart. The four-hour long black candlestick pattern is another negative technical factor that should be added to the morning discussed negative signals supporting our bearish outlook. A break below moving averages will add further negative pressure easing the path towards the suggested technical targets.
The trading range for today is among key support at 1.5515 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 | 1.5680 | 1.5630 | 1.5585 | 1.5555 | 1.5555 |
| Resistance | 1.5730 | 1.5785 | 1.5820 | 1.5880 | 1.5925 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The markets continued moving bullishly during the previous session where the pair stabilized above the psychological level of 80.00. Some kind of slight rebound could be seen first to unload the negativity of momentum indicators before resuming the bullishness. A break above 80.20 followed by 80.50 will accelerate the wave towards 81.20 zones.
The trading range for today is among key support at 78.60 and key resistance now at 81.25.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.00 | 79.80 | 78.55 | 79.35 | 79.15 |
| Resistance | 80.20 | 80.50 | 80.75 | 81.00 | 81.25 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 79.75 targeting 81.20 and stop loss below 78.70 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is moving within a very tight range while Stochastic is on its way towards oversold areas. In the interim, RVI is negative; thus, we hold onto our neutral stance for the rest of the day. The both edges that could change these calm price behaviors reside at 0.9030 and 0.9230.
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 | 0.9105 | 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 upcoming big move. | ||||
Canadian Dollar (CAD)
Midday Report
The pair moved slightly higher this morning, currently fluctuating around the mid-band for Bollinger bands indicator. While a possible double bottom pattern may be developing as well, with a neckline around 1.0050; thus we continue to hold to our bullish outlook for the pair, targeting initially 1.0050 followed by a test of the descending resistance of the falling wedge.
The trading range for the day is expected among the key support at 0.9890 and the key resistance at 1.0070.
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 | 1.0080 | 1.0150 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9925 targeting 1.0070 and 1.0150, stop loss daily closing below 0.9890. | ||||
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