Midday Report
Until now, the candlestick structure reflects the technical hesitation discussed this morning after hitting the upper line of Keltner channel. Moving beyond Keltner channel's lines could be an indication for overbought or oversold case while Stochastic is entering overbought areas again. Thus, we will remain on the sidelines for the rest of the day but breaching 1.3415 will bring additional buying interests and will activate another scenario that we will discuss in the proper time.
The trading range for today is among key support at 1.3180 and key resistance at 1.3550.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3320 | 1.3295 | 1.3230 | 1.3200 | 1.3180 |
| Resistance | 1.3380 | 1.3415 | 1.3455 | 1.3500 | 1.3550 |
| 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)
Midday Report
The pair couldn’t clear the morning detected technical resistance around 1.5995 as seen on the provided daily graph. In the interim, Stochastic over four hour interval continued offering overbought signal. These technical factors prevent us from following yesterday's bullish move and therefore, we remain neutral for the rest of the day. A break above 1.6000 will send the pair easily towards 1.6165 zones.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5925 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5995 | 1.6025 | 1.6075 | 1.6125 | 1.6165 |
| 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)
Midday Report
The shaky sign on Stochastic couldn’t clarify whether the pair will adopt a favorable reaction to the bullishness on Vortex indicator or not. Meanwhile, 83.00 holds as a strong barrier forcing the pair to move lower with every upside attempt. Consequently, we hold onto our neutrality for the rest of the day; noting that a break below 82.50 will help bears to retest 81.90 followed by 81.50 zones.
The trading range for today is among key support at 81.50 and key resistance now at 84.15.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.50 | 82.25 | 82.00 | 81.90 | 81.75 |
| Resistance | 83.00 | 83.20 | 83.50 | 83.70 | 83.90 |
| 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)
Midday Report
The pair has been trapped within a very tight range after clearing 50% Fibonacci of the wave from 0.8565 to 0.9590 as seen on the provided daily chart. Stochastic and RVI 14 remain negative reinforcing the technical idea of retesting 61.8% Fibonacci level later. Moving beyond Keltner channel's lower line may cause some kind of fluctuation but the bearish momentum is strong enough to prevent reversal over intraday basis.
The trading range for today is among key support at 0.8850 and key resistance at 0.9200.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9015 | 0.9000 | 0.8985 | 0.8965 | 0.8925 |
| Resistance | 0.9080 | 0.9105 | 0.9145 | 0.9175 | 0.9200 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.9080 targeting 0.8960 and stop loss above 0.9170 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trying to gather pace once more, but remains trading around the descending resistance in addition 0.9950 level, settling back above 0.9950 shall indicate the recent selloff was a mere retest of the breached falling wedge and signal further bullishness in the upcoming period. In general we hold onto our bullish expectations which require steady trading above 0.9840 support.
The trading range for the day is expected among the key support at 0.9840 resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9920 | 0.9900 | 0.9870 | 0.9850 | 0.9800 |
| Resistance | 0.9950 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9850 targeting 1.0000 and 1.0150. Stop loss four-hour closing below 0.9840. | ||||
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