Morning Report
The pair has slightly corrected towards the middle line of Keltner channel as seen on the provided daily chart. But, the negative sign on Stochastic remains unchanged; whilst 38.2% Fibonacci retracement of the wave from 1.4245 to 1.2625 and SMA 100 continued offering solid cover for bears. Henceforth, we keep our bearish anticipations intact over intraday basis; noting that a break below 1.3110 will threaten yesterday's low around 1.3080 followed by 1.3005.
The trading range for today is among key support at 1.2930 and key resistance at 1.3375.
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 | 1.3080 | 1.3025 | 1.3005 | 1.2975 |
| Resistance | 1.3180 | 1.3200 | 1.3230 | 1.3250 | 1.3320 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3180 targeting 1.2975 and stop loss above 1.3325 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair has closed comfortably below the important level of 1.5650 as seen on the provided daily chart. SMA 50 -red- and SMA 100 -blue- are presently covering the bearishness as well. In the interim, the negativity on Stochastic remains unchanged despite approaching oversold areas. Thus, we keep our bearish predictions intact over intraday basis and eyes should be on 1.5585 as a break of which will trigger panic sell-off actions mainly targeting 1.5420 areas.
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 remain intact.
| Support | 1.5615 | 1.5585 | 1.5555 | 1.5515 | 1.5460 |
| Resistance | 1.5680 | 1.5730 | 1.5750 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5670 targeting 1.5420 and stop loss above 1.5850 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair continues fluctuating above the previous broken resistance of 81.50 -turned into support- as seen on the provided daily chart. Our graph shows that momentum indicators are in a real need for some kind of relief; accordingly, we may witness more fluctuation and may be more downside correction before resuming the bullishness supported by the bigger time frames discussed in our weekly report. A breach above 82.50 will weaken 83.20 zones and will clear the path towards 84.00 areas followed by 85.50 over upcoming sessions.
The trading range for today is among key support at 81.25 and key resistance now at 83.30.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.80 | 81.50 | 81.25 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.75 targeting 83.50 and stop loss below 80.50 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
Normal and mild bounce was witnessed after touching SMA 100 and 38.2% Fibonacci of the entire upside rally from 0.8565 to 0.9590 but we can see how Stochastic has overlapped positively above the key support areas of 0.9105. At the same time, the middle line of Keltner channel provides the pair with additional support and RVI 14 reflects the solidity of the bullish momentum that started at 61.8% Fibonacci level. All we need is to witness a breakout above 0.9200 zones to reinforce our bullish outlook and to support the aforementioned technical catalysts.
The trading range for today is among key support at 0.8965 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 | 0.9145 | 0.9105 | 0.9080 | 0.9030 | 0.9000 |
| Resistance | 0.9175 | 0.9210 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9310 and stop loss below 0.8985 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair starts the day lower attempting to the downside again. The range-trading stance we have been through has gone to long, thus a breakout and a directional major move could start sometime soon. We will continue to expect an upside rebound counting mainly on the falling wedge pattern, in addition to the positivity seen on momentum indicators.
The trading range for today is expected among the key support at 0.9850 and the key resistance at 1.0080.
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 buying the pair around 0.9890 targeting 1.0000 and 1.0080. Stop loss below 0.9835. | ||||
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