Morning Report
The pair continued fluctuating around the same sensitive levels since at the opening of the week after attempting to breach the pivotal support hinted yesterday at 1.3415. The huge negative divergence on Stochastic and OsMA indicators prevent us from suggesting more bullish actions. Meanwhile, stability is seen above 50% Fibonacci retracement of the entire downside move from 1.4245 to 1.2625 as seen on the provided daily chart. We remind you that the overbought case provided by moving above the upper line of Keltner channel -check yesterday's reports- remains under our technical microscope. Therefore, we will stay aside today until the pair presents an actionable technical set up to pinpoint the next move.
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 | 1.3250 |
| Resistance | 1.3500 | 1.3550 | 1.3625 | 1.3640 | 1.3700 |
| 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)
Morning Report
Yesterday, bears tried to clear the initial support at 1.5785 but they failed as Cable moved higher after attacking 1.5790 zones. Having a look at the daily closing, we can see how it was achieved exactly at SMA 200 and thus, we can't classify it as a confirmed positive closing. In the interim, Stochastic started to show sign of bullish momentum weakness. The technical situation is very sensitive due to facing the key resistance of 1.5925-1.5935 and thus, we will watch out the price behaviors over intraday basis; a break above the aforesaid level will ease the path towards the high recorded in October, 2011 at 1.6165. Conversely, coming back below 1.5785 will damage bulls' attempts to take SMA 200.
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)
Morning Report
The weakness that started at 81.65 zones continues on momentum indicators; noting that RSI 14 didn’t breach the value of 70.00 until now. Consequently, we still see chances for additional bearish actions over intraday basis classically targeting the previous broken resistance -turned into support- at 79.55. Vortex indicator shows that the pair started to lose its upside steam solidifying our technical prospective bearish outlook for today. The risk limit is a break above 81.65 areas.
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)
Morning Report
The pair continued hovering around same trading levels since the opening of the week; whilst Stochastic is on its way to prove the clear oversold case as seen on our provided daily chart. Once more, Keltner channel can reflect oversold case when the price moves below its lower lines. But, we will not suggest an upside recovery due to the sensitivity of the current levels since the pair is facing 61.8% Fibonacci of the entire upside move from 0.8565 to 0.9590. In result, staying aside over intraday basis will be our technical choice. Stability below 0.8925 may bring a retest of the key support level around 0.8850.
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)
Morning Report
The pair dropped yesterday and started today’s session biased to the downside as well. We may see a retest of the pivotal support at 0.9900-0.9890 today, however in general we look for an upside rebound as momentum indicators continue to lag price action. Only a breach below 0.9890 support with RSI and Stochastic breaking their current lag (bullish divegrence) by entering oversold areas again shall negate the potential upside rebound.
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. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment