Midday Report
Normal and expected volatility was seen during the previous session taking the pair towards the key resistance levels around 1.3230 affected by Stochastic as we discussed this morning. Stability below 38.2% Fibonacci level of the wave from 1.4245 to 1.2625 zones and below SMA 100 are rational technical reasons that argue us to keep our bearish outlook intact for the rest of the day. The ceiling for bears resides at 1.3320-1.3325 zones.
The trading range for today is among key support at 1.2975 and key resistance at 1.3320.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3200 | 1.3140 | 1.3110 | 1.3080 | 1.3025 |
| Resistance | 1.3230 | 1.3250 | 1.3295 | 1.3320 | 1.3375 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
A bearish candlestick formation -dark cloud cover- over 4-hour basis was ideally formed during the previous session and the pair is presently trading below 1.5785 zones as seen on the provided chart. Meanwhile, Stochastic becomes negative -secondary image-; thus, our negative scenario remains intact but Stochastic over longer time frames may cause more fluctuations. A break below 1.5730 will trigger a panic sell-off action. On the upside, areas of 1.5925 should protect sellers.
The trading range for today is among key support at 1.5515 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 | 1.5720 | 1.5680 | 1.5630 | 1.5585 | 1.5555 |
| Resistance | 1.5820 | 1.5880 | 1.5925 | 1.5960 | 1.6000 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is currently penetrating the key resistance levels around 81.50 but this price action has taken RSI 14 towards the overbought areas once again. We can see a hard technical barrier between 82.00 and 82.25 while momentum indicators enter overbought zones. At the same time, Vortex remains positive offering opposite signal. Hence, our strategy will be watching the price behaviors for the rest of the day since risk versus reward ratio is too high now.
The trading range for today is among key support at 80.00 and key resistance now at 82.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.25 | 81.00 | 80.75 | 80.50 | 80.20 |
| Resistance | 81.65 | 82.05 | 82.35 | 82.50 | 82.70 |
| 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. | ||||
Swiss Franc (CHF)
Midday Report
The mild setbacks suggested this morning has been limited around the entry point where the key support of 0.9105 resides as seen on the provided daily graph. We believe that the pair will be able to carve an intraday low by the aforementioned level or around 0.9080 zones before achieving additional gains over upcoming hours since Fibonacci levels are respected as well. Any downside attempts should find support around 0.8985; otherwise, bears will dominate the market.
The trading range for today is among key support at 0.8985 and key resistance at 0.9360.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
Loonie continues to gain against the greenback, trading below the 24-hours average, meanwhile Stochastic and RSI turned negative suggesting the bearish momentum could be building up. In general, we think the downside move still has some room eyeing 0.9900 level, followed by the recent low around 0.9850 area.
The trading range for the day is expected among the key support at 0.9850 and the key resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9850 | 0.9820 | 0.9890 | 0.9870 | 0.9850 |
| Resistance | 0.9910 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 0.9975 targeting 0.9900 and 0.9850, stop loss above 1.0050. | ||||
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