Midday Report
Trading remains choppy as the conflict is still seen between the negativity of momentum indicators and yesterday's positive closing as seen on the provided daily chart. Accordingly, we hold onto our neutral stance for the rest of the day; noting that a break above 1.3500 zones will ease the path towards 61.8% Fibonacci of the entire bearish wave from 1.4245 to 1.2625 while a break below 1.3320 will bring the bearishness back into focus.
The trading range for today is among key support at 1.3250 and key resistance at 1.3700.
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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Great British Pound (GBP)
Midday Report
The pair continued attempting to stabilize above the key resistance level around 1.5935 as seen on the provided daily chart. As we discussed earlier, we need watch out the price behaviors and the closing to make sure that the breakout is a confirmed one above SMA 200. A daily closing 1.5780 will damage the above mentioned attempts and will bring the negativity back under our technical microscope. To summarize, we keep our neutrality intact for the rest of the day and we recommend watching out today's closing due to its importance.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5900 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5975 | 1.6000 | 1.6025 | 1.6075 | 1.6165 |
| 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. | ||||
Japanese Yen (JPY)
Midday Report
The pair didn’t show any big move since morning while the 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 the move; 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 | Based on the charts and explanations above our opinion is, selling the pair around 80.75 targeting 79.55 and stop loss above 81.50 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is still battling 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 on Stochastic force us to stay aside for the rest of the day. Dear reader, we remind you that risk versus reward ratio is still too high.
The trading range for today is among key support at 0.8800 and key resistance at 0.9105.
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 dropped sharply today touching the main pivotal support around 0.9890 to rebound slightly back above 0.9900, thus activated our bullish scenario. We remind that 0.9980 should remain intact for this scenario to continue 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 | 0.9890 | 0.9870 | 0.9850 | 0.9800 | 0.9780 |
| Resistance | 0.9925 | 0.9970 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Our morning scenario remains valid. | ||||
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