Midday Report
The pair breached the support level we mentioned this morning around 1.3160-1.3180, in addition to the inclining trend line of the ascending channel shown on the image besides the 200 SMA. Therefore, we expect the downside move to extend further today targeting mainly 1.3000 areas.
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 | 1.3110 | 1.3070 | 1.3030 | 1.2975 | 1.2950 |
| Resistance | 1.3160 | 1.3180 | 1.3240 | 1.3280 | 1.3320 |
| Recommendation | Based on the charts and explanations above we recommend, selling the pair around 1.3165 targeting 1.3030 and 1.2975. Stop loss above 1.3245 | ||||
Great British Pound (GBP)
Midday Report
The awaited reversal has started; the pair tested 1.5800 resistances to resume the downside action reaching the first targeted area at 1.5800. Now, price is challenging the main ascending trend line shown on the image, steady trading below the trend line shall confirm the bearish head and shoulders pattern even further, and could extend downside targets towards 1.5650 areas.
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 of 1.6875 remain intact.
| Support | 1.5770 | 1.5720 | 1.5675 | 1.5640 | 1.5600 |
| Resistance | 1.5850 | 1.5880 | 1.5925 | 1.5970 | 1.6000 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The downside action grabbed the pair to test 80.75 this morning, breaching the recent low at 81.15, in addition to the ascending trend line (dashed line). As result we continue to anticipate further correctional movement and our morning expectations remain valid.
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 | 80.80 | 80.50 | 80.25 | 80.00 | 79.75 |
| Resistance | 81.10 | 81.50 | 81.80 | 82.00 | 82.25 |
| 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)
Midday Report
USD/CHF successfully breached the awaited 0.9150 resistance level, thus activating our morning bullish scenario. Now the door may be open towards a retest of 0.9250-0.9300 major resistance.
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 of 0.8850 remain intact.
| Support | 0.9150 | 0.9125 | 0.9100 | 0.9080 | 0.9050 |
| Resistance | 0.9200 | 0.9240 | 0.9270 | 0.9300 | 0.9330 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
Loonie rallied as expected to test parity, and the 200 days SMA, we anticipate an attempt towards the main descending resistance of the falling wedge pattern -shown on the chart- around 1.0050 critical juncture, where a breach above shall hint a major bullish rally.
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 | 0.9960 | 0.9950 | 0.9920 | 0.9900 | 0.9870 |
| Resistance | 0.9985 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 0.9940 targeting 1.0000 and 1.0050. Stop loss below 0.9900. | ||||
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