Midday Report
The pair continued its upside move and succeeded in approaching our first detected technical objective mentioned yesterday at 1.3415 as seen on the provided daily chart. This pivotal resistance should be cleared to ease the path towards the main technical objective around 1.3500 zones. Conversely, the key support levels between 1.3230 and 1.3200 should protect bulls. To conclude, we are looking forward to witness more upside actions over upcoming hours.
The trading range for today is among key support at 1.3140 and key resistance at 1.3550.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3370 | 1.3350 | 1.3320 | 1.3290 | 1.3250 |
| Resistance | 1.3415 | 1.3455 | 1.3500 | 1.3550 | 1.3610 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around1.3320 targeting 1.3500 and stop loss below 1.3200 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
In line with our suggested scenario, Cable has moved to the upside where it was very close to touch 76.4% Fibonacci retracement of first internal wave of our suggested Elliott scenario. We still classify the current price behaviors as a correction but we need to witness a breakout below 1.5700 zones and preferably below 1.5650 zones to confirm the count; noting that RSI 14 is loosing its upside steam. The ceiling for bears resides at 1.5925 areas.
The trading range for today is among key support at 1.5460 and key resistance at 1.5925.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5730 | 1.5680 | 1.5630 | 1.5585 | 1.5555 |
| Resistance | 1.5820 | 1.5880 | 1.5925 | 1.5975 | 1.6000 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair continued laddering to the upside meeting the pivotal resistance areas hinted earlier at 80.50 as seen on the provided four-hour chart. A negative divergence is in progress on RSI 14 and it may bring a retest of 80.00 zones before resuming the upside rally towards the technical objective over short term basis at 81.25 followed by 81.65. To conclude, our morning predictions remain intact for the rest of the day.
The trading range for today is among key support at 78.90 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 | 79.35 |
| Resistance | 80.75 | 81.00 | 81.25 | 81.65 | 82.05 |
| 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
Just five pips separated between our proposed entry area at 0.9030 and the high recorded since morning at 0.9025 where the pair has collapsed below the psychological levels of 0.9000 as seen on the provided daily chart. The path becomes clear towards the technical objective. Stochastic entered the oversold areas deeply; thus, some fluctuation could be witnessed over upcoming hours.
The trading range for today is among key support at 0.8850 and key resistance at 0.9210.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.8985 | 0.8965 | 0.8925 | 0.8900 | 0.8875 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9145 | 0.9175 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is pushing slowly to the downside, approaching 0.9950 awaited levels. Overall, we hold onto our morning bullish expectations unchanged for the coming period. While 0.9890 should remain intact for these expectations to remain valid.
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 | 0.9950 | 0.9930 | 0.9890 | 0.9870 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0150 | 1.0200 |
| Recommendation | Our morning expectations remain valid. | ||||
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