Morning Report
One more negative daily closing was achieved below 38.2% Fibonacci retracement of the entire downside move from 1.4245 to the significant low of 1.2625 as seen on our provided chart. Furthermore, Stochastic has overlapped negatively within overbought zones for the first time since February 27; thus, the bearishness remains favored over intraday basis and a breakout below 100-Day SMA will accelerate the move. On the upside the wide resistance areas between 1.3320 and 1.3375 should hold to keep our scenario valid.
The trading range for today is among key support at 1.3025 and key resistance at 1.3460.
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 | 1.3170 | 1.3140 | 1.3080 | 1.3025 |
| Resistance | 1.3250 | 1.3295 | 1.3320 | 1.3375 | 1.3415 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3240 targeting 1.3025 and stop loss above 1.3375 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair succeeded in achieving a bearish crossover on Stochastic over daily studies and we will use this sign to suggest potential downside movement today. Moreover, we can notice how the pivotal resistance around 1.5925 has limited yesterday's bullish attempts. A break below 1.5785 is required to reinforce our technical overview.
The trading range for today is among key support at 1.5640 and key resistance at 1.6075.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5820 | 1.5785 | 1.5720 | 1.5680 | 1.5630 |
| Resistance | 1.5890 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5890 targeting 1.5680 and stop loss above 1.5995 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair couldn’t take the key resistance areas of 84.15 where it moved violently downwards as seen on the provided daily chart. Breaching through 83.00-82.80 zones could activate the bearish signs on momentum indicators; whilst hitting 84.15 will push the pair higher towards the significant high recorded in April 2011 at 85.50. To conclude, the technical hesitation is clear over daily studies; thus, we believe that staying aside today will be the proper choice.
The trading range for today is among key support at 81.25 and key resistance now at 85.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 83.20 | 83.00 | 82.80 | 82.50 | 82.25 |
| Resistance | 83.70 | 84.15 | 84.50 | 85.00 | 85.50 |
| 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)
Morning Report
The pair succeeded in achieving one more positive closing above the initial support zones around 0.9105 and above 50% Fibonacci of the upside wave from 0.8565 to the high of 0.9590 as seen on the provided daily chart. Additionally, Stochastic has overlapped positively suggesting more bullishness over intraday basis. A break above 0.9145-0.9175 will accelerate and confirm the move while clearing 0.8965 will give us a rational technical reason for pause.
The trading range for today is among key support at 0.8925 and key resistance at 0.9310.
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, buying the pair around 0.9100 targeting 0.9300 and stop loss below 0.8965 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair rebounded from levels near the main support and the bottom of the recent range bound among 0.9850-1.0050 area. Meanwhile, the pair is approaching the descending resistance of the main falling wedge formation we mentioned in previous reports. Therefore, we prefer to remain neutral at the current levels; where momentum indicators are clearly neutral as well hinting the ranging stance.
The trading range for the day is expected among the key support at 0.9840 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 | 0.9900 | 0.9870 | 0.9850 | 0.9800 | 0.97770 |
| 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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