Morning Report
The pair rebounded slightly from 1.3185 support yesterday to test 1.3240 areas, however it's currently attempting to the downside towards 1.3185 once more. Stochastic and RSI are turning negative. On the other hand; the 200 SMA is forming another layer of support.Therefore we will stay aside this morning awaiting a technical breach of this support area to confirm a downside move before our midday report.
The trading range for the day is expected among key support at 1.3000 and key resistance at 1.3330.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3180 | 1.3160 | 1.3110 | 1.3070 | 1.3030 |
| Resistance | 1.3240 | 1.3280 | 1.3320 | 1.3360 | 1.3400 |
| Recommendation | Based on the charts and explanations above we recommend, staying aside awaiting further developments. | ||||
Great British Pound (GBP)
Morning Report
Cable tested the awaited resistance we mentioned yesterday around 1.5880 level as shown on the chart, and currently attempting to reverse direction. We anticipate another attempt towards 1.5800 support, a test of this support will form a possible head and shoulders pattern, where 1.5800 is its neckline. RSI remains negative below 50.00 points threshold. Accordingly, we continue to expect a downside move today.
The trading range for the day is expected among key support at 1.5600 and key resistance at 1.6000.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of1.6875 remain intact.
| Support | 1.5850 | 1.5800 | 1.5770 | 1.5720 | 1.5675 |
| Resistance | 1.5880 | 1.5925 | 1.5970 | 1.6000 | 1.6030 |
| Recommendation | Based on the charts and explanations above we recommend, selling the pair around 1.5900 targeting 1.5800 and 1.5650. Stop loss above 1.6000. | ||||
Japanese Yen (JPY)
Morning Report
The pair is providing signs of exhaustion, where RSI and Stochastic formed a bearish divergence as shown on the image, while the price has gone kind of parabolic recently. We continue to anticipate a downside pullback towards the shaded area. A breach below the first trend line (dashed line) may lead to a test of the second potential trend line and major support around 80.00.
The trading range for the day is expected among key support at 80.00 and key resistance now at 83.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.10 | 80.80 | 80.50 | 80.25 | 80.00 |
| Resistance | 81.50 | 81.80 | 82.00 | 82.25 | 82.55 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair above 80.00 targeting 81.65 and 84.00. Stop loss below 79.00. | ||||
Swiss Franc (CHF)
Morning Report
The pair reversed slightly from the horizontal resistance in addition to the descending trend line at 0.9150. The pair is currently making another attempt to breach the level. We anticipate a four-hour closing above 0.9150 to expect the extension of the rally initially towards the 50 days SMA around 0.9250.
The trading range for the day is expected among key support at 0.9000 and key resistance at 0.9300.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of0.8850 remain intact.
| Support | 0.9125 | 0.9100 | 0.9080 | 0.9050 | 0.9025 |
| Resistance | 0.9150 | 0.9200 | 0.9240 | 0.9270 | 0.9300 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair with four-hour closing above 0.9150 targeting 0.9225 and 0.9300. Stop loss below 0.9075. | ||||
Canadian Dollar (CAD)
Morning Report
Loonie completed two consecutive bullish days, where price pushed back above 0.9900. The recent false breakout to the downside followed by a two days rally hints we may see a continuation of the bullish action, where RSI and Stochastic are also providing a bullish divergence.
The trading range for the day is expected among the key support at 0.9900 and the key resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9950 | 0.9920 | 0.9900 | 0.9870 | 0.9845 |
| Resistance | 0.9965 | 0.9985 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 0.9910 targeting 1.0000 and 1.0050. Stop loss below 0.9840. | ||||
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