Midday Report
The pair has been trading very narrowly and seems that the market is taking a breath after touching the technical objective of 1.3005 during the Asian session. The secondary image of the candlestick formation over hourly interval suggests potential downside rally resumption. But, we need to witness a break below the aforesaid important support level.
The trading range for today is among key support at 1.2795 and key resistance at 1.3200.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3005 | 1.2975 | 1.2930 | 1.2860 | 1.2795 |
| Resistance | 1.3080 | 1.3110 | 1.3140 | 1.3180 | 1.3200 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3005 targeting 1.2760 and stop loss above 1.3180 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair didn’t show any big move since morning but it succeeded in touching our proposed entry point at 1.5680 where an important resistance level exists. The bearishness remains favored for the rest of the day supported by stability below SMA 50 and SMA 100 as seen on the provided daily chart. The potential support levels reside between 1.5600 and 1.5585 for intraday traders and a break below them will confirm and accelerate the decline.
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 | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair started to correct the aggressive upside rally while momentum indicators over daily studies are on the way to overlap negatively. Thus, we will stay aside for the rest of the day; noting that the longer time frames suggest more bullishness as we discussed earlier. Nevertheless, it is better to see stability above 84.00 zones once more to make sure that the classical resistance around 85.50 will be revisited.
The trading range for today is among key support at 82.20 and key resistance now at 85.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 83.20 | 83.00 | 82.70 | 82.50 | 82.25 |
| Resistance | 83.90 | 84.30 | 84.50 | 85.00 | 85.25 |
| Recommendation | Based on the charts and explanations above our opinion is, closing the morning position and watching out the price behaviors for the rest of the day. | ||||
Swiss Franc (CHF)
Midday Report
The pair is taking a breath after touching our detected technical objective at 0.9310 zones earlier. Building a new technical base for buyers is very important before re-attacking the solid resistance level at 0.9350 -23.6% Fibonacci level- and anyway, the morning technical factors remain unchanged; thus, we hold onto our positive scenario for the rest of the day.
The trading range for today is among key support at 0.9105 and key resistance at 0.9590.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9230 | 0.9210 | 0.9175 | 0.9145 | 0.9105 |
| Resistance | 0.9310 | 0.9365 | 0.9400 | 0.9445 | 0.9500 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is fluctuating below 0.9950 level this morning trading within a narrow range, while momentum indicators are neutral. No noticeable changes in price action, we would like to see a breach above 0.9950 as it may clear the way to 1.0000 and 1.0050.
The trading range for the day 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 0.9825. | ||||
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