Midday Report
The pair has moved upwards attacking the key resistance level of 1.3320 where it is currently attempting to take 100-Day SMA as seen on the provided daily chart. Now, we will watch out the daily closing as if it is achieved above the aforementioned level, the bullishness will continue and the moderate weakness appearing on Stochastic will be ignored. But, on the other side, if the pair went to the downside achieving a daily closing below 1.3200, the bearish picture will come back into focus. To recap, between those support and resistance level, we will stay aside.
The trading range for today is among key support at 1.3025 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 remain intact.
| Support | 1.3250 | 1.3230 | 1.3200 | 1.3170 | 1.3140 |
| Resistance | 1.3320 | 1.3350 | 1.3370 | 1.3390 | 1.3415 |
| 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 while a daily closing above 1.3320 will offer a buying opportunity targeting 1.3455 followed by 1.3500 and stop loss at 1.3200. | ||||
Great British Pound (GBP)
Midday Report
Adopting a favorable reaction to our morning hinted scenario, Cable has moved mildly upwards in order to relieve momentum indicators over shorter time frames as it reached our suggested entry areas. But, the negativity over daily studies remains unchanged and all what we need now is to witness a breakout below the multi-sessions low around 1.5650 to confirm the bearish scenario started at 1.5925 zones. Stochastic supports our bearish outlook.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5680 | 1.5630 | 1.5585 | 1.5555 | 1.5515 |
| Resistance | 1.5730 | 1.5760 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The earlier caught negative divergence -check the morning report- is presently taking the pair slightly downwards to relieve momentum indicators. Actually, the pair has been trading narrowly suggesting a new potential price explosion to the upside. The uptrend remains strong and the current slight bearish tendency is required to build a new technical base. Anyway, a break above 80.20-80.50 zones will be a very positive indication for the pair's holders.
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 | 79.55 | 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 has moved to the downside revisiting our detected pivotal support of 0.9030 -check the recorded low- and indeed, it took Stochastic towards the oversold areas. The technical situation becomes very sensitive and we should watch out the daily closing very well as a daily closing below 0.9030 will bring additional bearishness; whilst taking 0.9105 with a daily closing will prove the strength of 0.9030 and may bring a new upside attempt. Between those 2 key levels we will remain neutral.
The trading range for today is among key support at 0.8965 and key resistance at 0.9260.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9030 | 0.9000 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9080 | 0.9105 | 0.9145 | 0.9175 | 0.9210 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming move. | ||||
Canadian Dollar (CAD)
Midday Report
Cad reversed to test intraday support at 0.9950 thus activating our long term setup, we target mainly the initially pivotal resistance at 1.0050. Now we anticipate a higher low near the current levels to confirm the short term bullish rally.
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 | 0.9970 | 0.9930 | 0.9890 | 0.9870 | 0.9850 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0150 | 1.0200 |
| Recommendation | Our morning expectations remain valid | ||||
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