Morning Report
Finally, the pair has touched our detected technical objective exactly at 1.3005 during the Asian session as seen on the provided daily chart. Now, we have to wait until it takes this level to make sure that the bearishness will continue over intraday basis. Stochastic and the negativity appearing on the candlesticks formations are reasons that argue us to expect a breakout below the aforementioned important level where 23.6% Fibonacci of the downside wave from 1.4245 to 1.2625 zones exists.
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)
Morning Report
Once again, the combination of SMA 50 and SMA 100 succeeded in forcing the pair to draw a long upper shadow for yesterday's candlestick as seen on the provided daily graph. Moreover, the pair started to stabilize below 1.5650 zones after touching the pivotal resistance detected yesterday at 1.5730. Accordingly, we believe that there are chances for resuming the bearish trend started around 1.5990 on February, 29. A break below 1.5585 will bring panic sell-off actions; noting that, capricious price behaviors might be witnessed due to the oversold sign appearing on Stochastic.
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 1.5680 targeting 1.5460 and stop loss above 1.5850 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The comparison between today's provided chart and the secondary image of the chart provided in the weekly report will prove that the bigger time frames have beaten the negative divergence over daily studies as we anticipated on Monday. Classically speaking, there isn’t any technical obstacle that can prevent the pair from retesting the high recorded in April, 2011 at 85.50 zones; noting that the technical objective mentioned in our weekly report at 84.00 was reached comfortably. Anyway, we keep our classical bullish overview intact over intraday basis while breaching through 84.30 will ease the path towards 85.50 areas.
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 | 83.90 | 83.50 | 83.20 | 83.00 | 82.70 |
| Resistance | 84.30 | 84.50 | 85.00 | 85.25 | 85.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 83.80 targeting 85.50 and stop loss below 82.70 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The USD/CHF pair has soared as projected re-attacking the key resistance levels hinted earlier at 0.9310 as seen on the provided daily chart. Despite drawing a fast and sharp upside rally from 61.8% Fibonacci retracement of the entire upside wave from 0.8565 to the significant high at 0.9590, but Stochastic and RVI 14- momentum indicators' representatives- continue giving off positive signs. Thereby, we believe that 23.6% Fibonacci at 0.9350 will fall sooner opening the door for additional gains towards 0.9590 areas once more.
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 | 0.9285 | 0.9230 | 0.9210 | 0.9175 | 0.9145 |
| Resistance | 0.9365 | 0.9400 | 0.9445 | 0.9500 | 0.9560 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9275 targeting 0.9500 and stop loss below 0.9105 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
Loonie rebounded from our entry level at 0.9890 to test areas around 0.9950, meanwhile the trading range among the falling wedge is getting narrower, hinting either we see a breakout soon, or the ranging stance that grabs the pair out of the formation. Stochastic almost crossed over positively, while RSI is attempting to breach above 50 level. In general, we still hold onto our bullish expectations for the pair.
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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