Morning Report
Yesterday, we left the door open for both directions and the pair succeeded in taking the initial resistance -turned into support- at 1.3320 as seen on the provided daily chart. The candlestick structure and stability above SMA 100 are additional technical reasons that encourage us to suggest more upside actions over intraday basis. Ultimately, the technical obstacle around 1.3415 should be watched carefully as a break of which will make it easier to reach1.35. Finally, coming back below 1.3200 will damage the current bullish picture.
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 | 1.3350 | 1.3320 | 1.3290 | 1.3250 | 1.3230 |
| Resistance | 1.3380 | 1.3415 | 1.3455 | 1.3500 | 1.3550 |
| 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)
Morning Report
Back to our earlier suggested Elliott sequence over four-hour interval which proved its efficiency during the previous period when it sent the pair sharply to the downside towards 1.5645 zones. Now, we are witnessing the internal second wave of the bigger third wave for the bearish rally that started at 1.5925 zones. The top of this corrective structure should be seen between 1.5790 and 1.5825 areas. In result, we hold onto our bearish outlook over intraday basis; a break below 1.5700 zones will designate that the bearishness of the bigger third wave which is strong enough to damage the upside attempts.
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 | 1.5680 | 1.5630 | 1.5585 | 1.5555 | 1.5515 |
| Resistance | 1.5760 | 1.5790 | 1.5820 | 1.5880 | 1.5925 |
| Recommendation | Based on the charts and explanations above our opinion is, selling rallies towards 1.5790 targeting 1.5555 and stop loss above 1.5925 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Comparing today's provided four-hour chart with yesterday's graphs will show how we anticipated the price actions exactly as the pair moved downwards first where it succeeded in unloading the bearishness of momentum indicators at the recently established support of 79.85 and then soared upwards again. More upside movements could be witnessed over intraday basis supported by the positivity on Stochastic. A break above 80.50 will accelerate and confirm the bullish momentum towards the technical objective proposed in the weekly report.
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 | 80.50 | 80.75 | 81.00 | 81.25 | 81.65 |
| 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)
Morning Report
The pair bearishness was strong enough to assist the pair to clear the key support level -current resistance- of 0.9030. Yesterday's long black candlestick formation beside the negativity of momentum indicators are convenient technical reasons that argue us to predicate further bearishness. Stochastic gradually approaches oversold zones warning of weakening bearish momentum. Thus, our risk limit will be a daily closing above 0.9105 as a break of which will bring the bullish picture under our technical microscope once again.
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 | 0.9000 | 0.8985 | 0.8965 | 0.8925 | 0.8900 |
| Resistance | 0.9080 | 0.9105 | 0.9145 | 0.9175 | 0.9210 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.9030 targeting 0.8935 and stop loss above 0.9105 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair is hovering around the middle band of Bollinger bands indicator, settling above 0.9950 level, momentum indicators are still positive. We hold onto our bullish expectations, as the possible falling wedge formation hints a potential upside breakout. A breach above the horizontal resistance at 1.0050 is the first step towards that.
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 | Based on the charts and explanations above, we recommend buying the pair around 0.9925 targeting 1.0070 and 1.0150, stop loss daily closing below 0.9890. | ||||
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