Morning Report
The pair continued trading very narrowly during the Asian session as seen on the provided daily chart. This tight range assisted Stochastic to show a bearish tendency; thus, we suggest a potential downside move today but not before clearing 1.3200 areas. Bears should be protected by a daily closing below the key resistance level of 1.3320 where 100-Day SMA exists.
The trading range for today is among key support at 1.3025 and key resistance at 1.3455.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3230 | 1.3200 | 1.3170 | 1.3140 | 1.3110 |
| Resistance | 1.3295 | 1.3320 | 1.3370 | 1.3390 | 1.3415 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
In line with our yesterday's technical comments, Cable has slumped violently achieving a daily closing below SMA 50-red- and below SMA 100-blue- as seen on the provided daily graph. Stochastic is still negative solidifying our bearish outlook which remains favored over intraday basis and short term basis. A break below 1.5630 will accelerate declines. Over shorter time frames, we may witness some fluctuation due to the oversold signs appearing on their momentum indicators.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5630 | 1.5585 | 1.5555 | 1.5515 | 1.5460 |
| Resistance | 1.5730 | 1.5760 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5730 targeting 1.5515 and stop loss above 1.5900 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair is currently attaching our previous detected pivotal resistance around 80.20 as seen on the provided four-hour chart. At the same time, Stochastic shows a negative divergence suggesting a potential downside correction and that may assist the pair to unload the negativity appearing on momentum indicators before resuming the upside rally. We recommend reviewing the weekly report for more details about the technical target of the short term trading.
The trading range for today is among key support at 78.60 and key resistance now at 81.25.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.00 | 79.80 | 79.55 | 79.35 | 79.15 |
| Resistance | 80.20 | 80.50 | 80.75 | 81.00 | 81.25 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 79.75 targeting 81.20 and stop loss below 78.70 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The lower line of Keltner channel continued representing a very solid support that protects the pair from collapse as seen on the provided daily chart. Meanwhile, the initial support areas of 0.9080 remain intact and Stochastic continues approaching oversold zones. But, RVI 14 is definitely negative contradicting with Stochastic. Thereby, we will hold onto our neutral stance over intraday basis; noting that a break below 0.9030 with a daily closing will bring a downside rally.
The trading range for today is among key support at 0.8965 and key resistance at 0.9260.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9105 | 0.9145 | 0.9175 | 0.9210 | 0.9230 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint upcoming big move. | ||||
Canadian Dollar (CAD)
Morning Report
The pair ended yesterday’s session positively, while Bollinger bands indicator squeezes; as trading continues to be narrow. A breach of this range among 0.9900-1.0050 is what required for a directional move. In general, we hold onto our bullish expectations we discusses earlier, as momentum indicators are providing a bullish divergence in addition to the falling wedge formation.
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 0.9950 targeting 1.0070 and 1.0150, stop loss daily closing below 0.9890. | ||||
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