Midday Report
The pair continued hovering above the upper line of Keltner channel as seen on the provided daily chart. This technical factor should be added to the morning hinted negative signs supporting our bearish outlook that remains valid for the rest of the day. We recommend reviewing the morning report for more details about the bearish signs on the daily graph. Note that, areas of 1.3415 should be cleared to conform and activate the scenario.
The trading range for today is among key support at 1.3230 and key resistance at 1.3615.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3415 | 1.3370 | 1.3320 | 1.3290 | 1.3230 |
| Resistance | 1.3480 | 1.3500 | 1.3550 | 1.3615 | 1.3640 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3415 targeting 1.3230 and stop loss above 1.3550 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair didn't show any big move since morning and the negative pressure from SMA 200 remains attracting bears. We need to witness a sustained breakout below the pivotal support around 1.5785 to conform our bearish overview as Stochastic also needs this breakout to overlap as anticipated earlier. Only a break above 1.5925 will negate it and give us reason for concern.
The trading range for today is among key support at 1.5585 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 remain intact.
| Support | 1.5785 | 1.5730 | 1.5680 | 1.5630 | 1.5585 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5785 targeting 1.5555 and stop loss above 1.5935 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
After touching our proposed entry point of 80.75 where an important resistance level exists, the pair started to move lower once again supporting our bearish technical outlook. The negativity of momentum indicators still has the ability to send the pair lower for the rest of the day. A break of 80.20 will accelerate and confirm; whilst bears should be protected by 81.65 zones.
The trading range for today is among key support at 78.60 and key resistance now at 81.65.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.20 | 80.00 | 79.80 | 79.55 | 79.15 |
| Resistance | 80.75 | 81.00 | 81.25 | 81.65 | 82.05 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The fluctuation continued around the sensitive Fibonacci level of 61.8% for the entire upside rally from 0.8565 to 0.9590 as seen on the provided daily chart. The sensitivity of the aforesaid level in addition to the oversold signal appearing on Stochastic force us to stay aside over intraday basis. Of note, risk versus reward ratio remains too high.
The trading range for today is among key support at 0.8800 and key resistance at 0.9175.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.8930 | 0.8900 | 0.8870 | 0.8850 | 0.8800 |
| Resistance | 0.8985 | 0.9000 | 0.9030 | 0.9080 | 0.9105 |
| 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
Loonie printed a low at 0.9940 before rebounding slightly. Nothing to add to our previous short to medium term analysis; as trading continues to be confined within the same range. Thus we hold onto our morning scenario unchanged.
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 | 0.9800 |
| Resistance | 0.9970 | 1.0020 | 1.0050 | 1.0080 | 1.0150 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9900 targeting 1.0000 and 1.0150, stop loss daily closing below 0.9880. | ||||
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