Morning Report
The pair has achieved a clear upside recovery after touching our previous detected technical objective of 1.3005 where 23.6% Fibonacci of the downside rally from 1.4245 to 1.2625 exists as seen on the provided daily chart. This incline has assisted Stochastic to draw a positive divergence but the daily closing was printed below SMA 50 and below the middle line of Keltner channel. The contrarian between momentum and trend indicators in addition to the sensitivity of the current levels forces us to stay aside over intraday basis.
The trading range for today is among key support at 1.2860 and key resistance at 1.3320.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3025 | 1.3005 | 1.2975 | 1.2930 | 1.2860 |
| Resistance | 1.3110 | 1.3140 | 1.3180 | 1.3200 | 1.3230 |
| 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. | ||||
Great British Pound (GBP)
Morning Report
Despite achieving a mild upside recovery yesterday but the pair couldn’t hit the key resistance level of SMA 50 at 1.5730 as seen on the provided daily chart. Additionally, the pair has recently created a sideways range trading areas as seen on the secondary four-hour chart; whilst RSI 14 can't interpret a specific direction for the momentum. Accordingly, we will stay aside at least during the morning session; noting that, a break below 1.5650 will assist bears to dominate the market.
The trading range for today is among key support at 1.5515 and key resistance at 1.5925.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5680 | 1.5650 | 1.5630 | 1.5585 | 1.5555 |
| Resistance | 1.5730 | 1.5780 | 1.5820 | 1.5880 | 1.5925 |
| 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. | ||||
Japanese Yen (JPY)
Morning Report
The pair has mildly corrected the continuous inclines seen during the previous period and a spinning top pattern was drawn by traders yesterday. This downside correction may continue due to the negativity appearing on momentum indicator but as we discussed earlier, the weekly time scale suggest additional gains towards 85.50. Therefore, we will stay aside; noting that, a break below 82.00-81.80 will bring additional downside correctional movements.
The trading range for today is among key support at 82.20 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 | 82.20 | 82.00 | 81.80 | 81.50 | 81.00 |
| Resistance | 82.70 | 83.00 | 83.20 | 83.50 | 84.00 |
| 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 pivotal resistance areas around 0.9310 have sent the pair sharply to the downside forcing Stochastic to draw a negative divergence as seen on the provided daily chart. But, the pair is presently hovering around SMA 100 while Fibonacci level of 38.2% may prevent the pair from achieving additional downside actions. Thereby, our outlook is neutral over intraday basis; noting that, a breach above 0.9310 will bring the bullish picture back into focus. On the downside, a daily closing below 0.9105 will damage the bulls' attempts to retest 0.9590 again.
The trading range for today is among key support at 0.9030 and key resistance at 0.9445.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9210 | 0.9175 | 0.9145 | 0.9105 | 0.9080 |
| Resistance | 0.9260 | 0.9310 | 0.9365 | 0.9400 | 0.9445 |
| 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)
Morning Report
The pair barely moved since yesterday, trading within a narrow range since the start of the week, where trading continue to be confined within the falling wedge pattern, and above 0.9890 level. RSI and stochastic are attempting to gather bullish momentum. In general, we 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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