Morning Report
The pair didn’t prove the veracity of our Elliott sequence over four-hour interval discussed in the previous report as it moved higher again from the middle line of Keltner channel as seen on the provided daily chart. The confluence of resistances between 1.3380 and 1.3415 could be retested once again to resume bullish momentum seen in the Asian session but we are not completely sure whether the pair will be able to take those resistance levels or not as Stochastic couldn’t give off a confirmed signal. Of note, coming back below 1.3295 zones will bring the bearish picture back into focus. The trend is now unclear and we are obliged to stay aside once again over intraday basis.
The trading range for today is among key support at 1.3140 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)
Morning Report
The pair failed to maintain levels below SMA 200 where it moved upwards again redressing all Wednesday's losses as seen on the provided daily chart. Stochastic is attempting to confirm this bullish momentum over daily studies despite Stochastic over four-hour interval is on the way to enter overbought areas. Re-attacking the psychological level of 1.6000 could be seen as a positive sign but we should stay aside today as we have witnessed choppy trading during the week while today's closing is very important as today represents the last day of trading in the first quarter of 2012. To conclude, let us wait and see until the pair proves its ability to take 1.6000.
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)
Morning Report
Adopting a favorable reaction to the bearish outlook we took up during the previous three days, the pair succeeded in re-testing the awaited level at 81.90 yesterday as seen on the provided chart. Stochastic and RSI 14 are gradually taken towards the oversold areas and that may bring an impressive upside move that we should follow from areas between 81.80 ad the key support levels for short term traders at 81.50. Only a break below 80.90 will negate the intraday bullish scenario.
The trading range for today is among key support at 80.50 and key resistance now at 83.70.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.90 | 81.50 | 81.25 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.50 targeting 83.00 and stop loss below 80..95 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The solidity of SMA 50-red- which met the key resistance level hinted earlier at 0.9080 has played a big role pushing the pair downwards as seen on the provided four-hour chart. A Elliott scenario appeared on the graph suggests a potential zig zag formation (5-3-5) for the recovery from 0.9340 zones and it may bring a huge upside move anytime if the pair succeeded in placing a short term bottom between 0.9025 (76.4%) and 0.8975 (88.6%) but we need more confirmations to be added to this scenario via taking 0.9080 again. Only a break below 0.8925 areas will damage this Elliott sequence and thus, we will stay aside for the time being.
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 | 0.8989 | 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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Canadian Dollar (CAD)
Morning Report
After touching areas around the 1.0025; Loonie fell to reach the first targeted area we mentioned yesterday at 0.9950 before rebounding again this morning. The pair is fluctuating around the 50-days SMA, meanwhile Momentum indicators has turned neutral. Therefore, we prefer to stay aside today.
The trading range for the week is expected among the key support at 0.9850 resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9920 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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