Morning Report
Adopting a favorable reaction to yesterday's proposed scenario, the pair has plummeted towards 1.3140 zones as seen on the provided daily chart. The current recovery is still limited below the pivotal resistance zones between 1.3230 and 1.3240 while Stochastic remains negative. Thereby, the bearishness remains in favor over intraday basis; noting that a break below 1.3140 will accelerate and confirm the awaited downside wave.
The trading range for today is among key support at 1.3005 and key resistance at 1.3415.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3140 | 1.3110 | 1.3080 | 1.3025 | 1.3005 |
| Resistance | 1.3230 | 1.3250 | 1.3295 | 1.3320 | 1.3375 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3215 targeting 1.3005 and stop loss above 1.3375 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair has moved sharply to the downside once again achieving a negative daily closing below SMA 200 while Stochastic succeeded remains negative suggesting additional losses over intraday basis. In the interim, the four-hour interval continued offering the possibility of forming a reversal classical pattern. This pattern reinforces the bearishness suggested for today and a break below 1.5785 will assist bears to dominate the market.
The trading range for today is among key support at 1.5615 and key resistance at 1.6000.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5780 | 1.5730 | 1.5680 | 1.5630 | 1.5615 |
| Resistance | 1.5820 | 1.5880 | 1.5925 | 1.5975 | 1.6000 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5820 targeting 1.5585 and stop loss above 1.5995 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
In accordance with our yesterday's suggested negative scenario, the pair has slipped from our proposed entry zones around 83.05 as seen on the provided daily chart. The bearishness of momentum indicators and the negativity appearing on the candlesticks structure encourage us to suggest further downside movements over intraday basis. A break below yesterday's recorded low of 82.30 will accelerate the bearish wave mainly targeting 81.50 areas.
The trading range for today is among key support at 81.25 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 | 81.75 | 81.25 |
| Resistance | 82.90 | 83.20 | 83.50 | 83.70 | 83.90 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 83.00 targeting 81.20 and stop loss above 84.15 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
By examining the four-hour time scale, we could have been able to recognize a potential head and shoulders bottom pattern with a neckline at 0.9175. This classical pattern solidifies the bullishness over intraday basis but we need to witness a sustained breakout above 0.9175 to make sure that the upside rebound from 0.9080 is strong enough to push the pair towards the key resistance level for medium term traders at 0.9310. Of note, SMA 20 is presently carrying the bulls from below.
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 | 0.9175 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9105 targeting 0.9300 and stop loss below 0.8965 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
Loonie successfully breached the descending resistance of the falling wedge pattern; in addition to the 50-days SMA, now price is attempting to retest the main obstacle to the upside at 1.0050 horizontal resistance. Breaching the wedge pattern hints we may see further upside action within the upcoming sessions, and breaking above 1.0050 shall confirm a longer term upside move.
The trading range for the day is expected among the key support at 0.9900 resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9990 | 0.9940 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 0.9950 targeting 1.0000 and 1.0050. Stop loss below 0.9900 | ||||
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