Midday Report
The technical situation remains unchanged as the pair is still trapped below the initial resistance levels for intraday traders at 1.3090 where SMA 50 -red- exists as seen on the provided daily chart. Breaching through 1.3005 will actuate bears to support their positions chiefly targeting 1.2930 followed by 1.2860.
The trading range for today is among key support at 1.2840 and key resistance at 1.3250.
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 | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The awaited fluctuation was activated taking Cable towards the key resistance levels between 1.5730 and 1.5750 where the pair started to move lower once again as seen on the provided daily chart. Now, SMA 50 and SMA 100 should act as ceiling for any upside attempts over intraday basis while breaching 1.5650 will trigger a panic sell-off action. In general, our outlook remains bearish for the rest of the day; noting that more fluctuation could be seen due to the oversold sign on Stochastic.
The trading range for today is among key support at 1.5460 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 | 1.5630 | 1.5615 | 1.5585 | 1.5555 | 1.5515 |
| Resistance | 1.5730 | 1.5750 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The upside rally resumed as the pair has attacked the intraday key resistance level around 83.50 as seen on the provided daily graph. Vortex -trend indicator- reflects the strength of the current uptrend that assists the pair to overlook the overbought sign on momentum indicators. Anyway, our overview remains intact and is valid for the rest of the day. Areas of 84.50 followed by 85.50 are under our technical microscope to be the target for the current bullishness.
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 | 83.00 | 82.70 | 82.50 | 82.20 | 82.00 |
| Resistance | 83.50 | 84.00 | 84.30 | 84.50 | 85.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 83.00 targeting 85.00 and stop loss below 81.75 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair continued moving upwards approaching the initial resistance of 0.9310 as seen on our provided daily chart. Our chart shows that an uptrend line was drawn successfully on momentum indicator –RVI14- suggesting that 0.9310 will fall soon. A break above 0.9310 will weaken 0.9445 zones later while the bullishness is presently protected by SMA 100.
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 | 0.9310 | 0.9365 | 0.9400 | 0.9445 | 0.9500 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9210 targeting 0.9400 and stop loss below 0.9075 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
Loonie rebounded from 0.9890 this morning activating our morning scenario, while the overall trading ranges remain narrow. Thus we continue to anticipate a breakout of these slow-trading conditions, and hold onto our morning expectations for the rest of the day.
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 | Our morning expectations remain valid. | ||||
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