Morning Report
The pair inclined achieving a daily closing above SMA 100 but it is currently hovering around the key resistance level of 1.3240, where 38.2% Fibonacci retracement of the entire downside wave from 1.4245 to 1.2625 exists. The solidity previously seen from this sensitive level and the resistance offered by the upper line of Keltner channel force us to stay aside today. But, the most important technical question is, shall we witness a potential head and shoulders top pattern? Traders will answer during the upcoming sessions.
The trading range for today is among key support at 1.3005 and key resistance at 1.3460.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3200 | 1.3140 | 1.3125 | 1.3080 | 1.3025 |
| Resistance | 1.3250 | 1.3295 | 1.3320 | 1.3360 | 1.3415 |
| 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 succeeded in printing a positive daily closing above SMA 200 as seen on the provided daily chart. Actually, it is currently facing a very strong barrier while Stochastic is on it way to enter overbought areas. Accordingly, we believe that the technical situation is sensitive enough to force us to stay aside over intraday basis. A break above 1.5925 will threaten the psychological level of 1.6000; whilst taking 1.5785 will prove the strength of the resistance areas between 1.5890 and 1.5925.
The trading range for today is among key support at 1.5640 and key resistance at 1.6075.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5820 | 1.5785 | 1.5720 | 1.5680 | 1.5630 |
| Resistance | 1.5890 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| 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
Volatile price behavior within a narrow range has been witnessed since the opening of this week. These price actions reflect the conflict between the positivity of trend indicators and the bearishness on momentum indicators as we discussed earlier. Indeed, the contradiction between the technical signs is also seen on the smaller time frames; thus, we will remain on the sidelines over intraday basis. A break above 83.70 will negate the overbought signs on momentum indicators while clearing 82.80 will bring more downside movements.
The trading range for today is among key support at 82.00 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 | 83.20 | 83.00 | 82.80 | 82.50 | 82.25 |
| Resistance | 83.70 | 83.90 | 84.15 | 84.50 | 85.00 |
| 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 pair started to rebound during the Asian session from the weekly hinted support around 0.9105 as seen on the provided daily chart. Stochastic has been relieved and is on the way to enter oversold zones and that may assist the pair to move higher once again. RVI 14 shows a bearish sign and it will not be fixed unless the pair breaches through 0.9200 zones. Additional downside attempts should be rejected around 0.8980-0.8965 otherwise bears will dominate the market's movements.
The trading range for today is among key support at 0.8925 and key resistance at 0.9310.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9105 targeting 0.9310 and stop loss below 0.8965 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair broke the ascending support sharply yesterday to test areas above 0.9850. At the moment, the pair has retraced to retest areas around the breached support at 0.9880. Stochastic has crossed over positively and leaving oversold areas, thus we look for another downside attempt after completing the current correction eying the recent swing low at 0.9840, taking into consideration that failing to hold below 0.9900 could negate the downside bias.
The trading range for the day is expected among the key support at 0.9840 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 | 0.9870 | 0.9850 | 0.9800 | 0.9770 | 0.9750 |
| Resistance | 0.9900 | 0.9940 | 0.9990 | 1.0020 | 1.0050 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 0.9900 targeting 0.9840 stop loss above 0.9930. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment