Midday Report
The bearish momentum continued during the previous session reinforcing the solidity of SMA 100. In the interim, the four-hour interval formed a long black candlestick pattern after touching SMA 50 and SMA 100 earlier and we will use this price behavior to suggest potential downside actions for the rest of the day, but not before breaching 1.3200-1.3190 zones.
The trading range for today is among key support at 1.3005 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 remain intact.
| Support | 1.3200 | 1.3140 | 1.3110 | 1.3080 | 1.3025 |
| Resistance | 1.3250 | 1.3280 | 1.3320 | 1.3375 | 1.3415 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3005 and stop loss above 1.3350 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
In accordance with our morning scenario, the pair succeeded in breaching through the pivotal support areas of 1.5780 with a four-hour closing. Thereby, the bearishness may continue for the rest of the day supported by the negativity on Stochastic as seen on the secondary image. Another break below 1.5730-1.5720 will trigger a panic sell-off action.
The trading range for today is among key support at 1.5555 and key resistance at 1.6025.
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 | 1.5785 | 1.5820 | 1.5880 | 1.5925 | 1.6000 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
After getting a suitable support around our detected entry point around 81.50, the pair started to move higher once again. Thereby, our bullish scenario remains valid for the rest of the day. A break above 82.05-82.25 will make us eye on 83.00 zones.
The trading range for today is among key support at 80.00 and key resistance now at 82.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.50 | 81.25 | 81.00 | 80.75 | 80.50 |
| Resistance | 82.05 | 82.35 | 82.50 | 82.70 | 83.20 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair didn't show any big move since morning except a slight rise above 50% Fibonacci of the wave from 0.8565 to 0.9590. At the same time, Stochastic and RVI continued offering negative sign. Our strategy is to watch out the price behaviors for the rest of the day, but clearing 0.9145 will threaten the solidity of 0.9200 and will assist bulls to dominate the market's movements.
The trading range for today is among key support at 0.8925 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 remain intact.
| Support | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| 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. | ||||
Canadian Dollar (CAD)
Midday Report
The pair maintains the rebound from 0.9890 support, where trading is kind of slow this morning in anticipation for the NFP employment report. Volatility is expect, thus we prefer to remain on the sidelines for this week.
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 | 0.9890 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9940 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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