Morning Report
Looking at yesterday's daily closing; we will see that the pair has managed to close below the pivotal resistance areas-turned into support- between 1.3230 and 1.3240. Now, Stochastic started to lose the upside momentum while forming a potential bearish harmonic pattern. Moreover, the probability of forming a potential head and shoulders top pattern remains under our technical microscope; thus, possible bearish actions might be witnessed over intraday basis but not before clearing 1.3240 once again.
The trading range for today is among key support at 1.3025 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 | 1.3230 | 1.3200 | 1.3170 | 1.3140 | 1.3080 |
| Resistance | 1.3295 | 1.3320 | 1.3375 | 1.3415 | 1.3455 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3240 targeting 1.3050 and stop loss above 1.3375 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Yesterday, the pair has been sold touching the confluence of supports at 1.5820 zones, where it has managed to regain the upside momentum. But, this upside momentum remains trapped within a very tight range since the resistance areas between 1.5890 and 1.5925 continued pressuring it negatively despite trading above SMA 200. Stochastic also started to warn of lackluster of bullish momentum. Although, we believe that bears may dominate the market movements sooner due to the above mentioned technical factors but we will remain neutral until clearer signs appear. A daily closing above 1.5925 will threaten the psychological levels of 1.6000.
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
The USD/JPY pair has been trading flat and struggle continues with the pivotal resistance areas hinted yesterday at 83.70. We need to witness a breakout above 84.15 to be able to declare that the path is clear towards high recorded in April, 2011 at 85.50. On the downside, a break below 82.80 will activate the overbought signs appearing on momentum indicators. To summarize this, the neutrality remains favored over intraday basis.
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 | 83.50 | 83.20 | 83.00 | 82.80 | 82.50 |
| 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 has failed to overcome the key resistance level hinted yesterday at 0.9145 zones as seen on the provided daily chart and this level succeeded in pushing the pair once again towards 0.9080 zones where 50% Fibonacci retracement level exists. Stochastic has been taken successfully to the oversold zones and is now attempting to print a positive overlap. Thereby, we believe that the bullishness may start sooner. A break above 0.9145 followed by 0.9175 will confirm and accelerate incline; whilst taking 0.9200 this time will weaken 0.9310 areas.
The trading range for today is among key support at 0.8925 and key resistance at 0.9260.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9105 | 0.9145 | 0.9175 | 0.9200 | 0.9230 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.9105 targeting 0.9310 and stop loss below 0.8965 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
Sharp fluctuations and volatility invalidated the intraday move we were expecting yesterday, while the pair continues to fluctuate among this range bound limited by 0.9950 from the upside and 0.9860 from the downside. Accordingly we prefer to remain neutral this morning.
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 | 0.97770 | 0.9750 |
| Resistance | 0.9900 | 0.9940 | 0.9990 | 1.0020 | 1.0050 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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