Midday Report
The pair fell sharply today, where we may see retest of the breached resistance at 1.3320 areas before resuming the bullish attempts this week. The upside bias remains in favor over the short term, however bearishness is expected to resume after completing the current rally and over the medium and long term horizon. We look for an upside rebound towards the targeted reversal area around 1.3500-1.3600.
The trading range for the week is expected among the key support at 1.3050 and the key resistance at 1.3625.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3400 | 1.3370 | 1.3340 | 1.3300 | 1.3270 |
| Resistance | 1.3430 | 1.3485 | 1.3540 | 1.3575 | 1.3600 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3320 targeting 1.3500. Stop loss four-hour closing below 1.3265. | ||||
Great British Pound (GBP)
Midday Report
The pair is trading narrowly however with a downside bias so far, and below the main critical resistance at 1.5925. Momentum indicators over the lower time-frames are losing the bullish momentum. In general, we hold onto our morning expectations unchanged, where a breach below 1.5800 could accelerate the downside bias.
The trading range for this week is among key support at 1.5400 and key resistance at 1.6170.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5810 | 1.5750 | 1.5680 | 1.5645 | 1.5600 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6050 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.5900 targeting 1.5800 and 1.5645. Stop loss above 1.5950. | ||||
Japanese Yen (JPY)
Midday Report
The pair was strongly sold-off by the start of the week, the downside pullback is a clear reaction to the major rally we have seen, where the pair has been extensively overbought. In general we hold onto our bullish expectations for the pair within the upcoming period.
The trading range for this week is among key support at 79.50 and key resistance now at 83.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.65 | 80.40 | 80.20 | 80.00 | 79.75 |
| Resistance | 81.00 | 81.25 | 81.65 | 82.00 | 82.25 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 80.20 targeting 81.65 and stop loss below 79.15 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair pulled back as well, as the U.S. dollar is gaining against its major counterparts. The pullback could push price towards the awaited resistance around the 50% Fibonacci level before re-attempting to the downside. Thus; we continue to hold onto our bearish scenario for the rest of the day.
The trading range for this week is among key support at 0.8785 and key resistance at 0.9200.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.8965 | 0.8925 | 0.8900 | 0.8875 | 0.8850 |
| Resistance | 0.8985 | 0.9030 | 0.9080 | 0.9105 | 0.9145 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.9075 targeting 0.8935 and stop loss above 0.9150 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The 1.0050 resistance halted the bullish flow, where price tested the level this morning to reverse slightly. Momentum indicators have turned to the upside, thus we continue to hold onto our bullish expectations.
The trading range for this week is expected among the key support at 0.9890 and the key resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 1.0000 | 0.9950 | 0.9890 | 0.9850 | 0.9800 |
| Resistance | 1.0050 | 1.0080 | 1.0150 | 1.0200 | 1.0250 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9980 targeting 1.0050 and 1.0150, stop loss below 0.9890. | ||||
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