Midday Report
Moving to the four-hour interval where we suggest that a potential Elliott sequence started at 1.3000 zones. Breaching through 23.6% Fibonacci levels of the entire upside wave from 1.3003 to 1.3384 warns of drawing a truncated fifth wave as seen on the graph. The bearishness on technical indicators -RSI 14, MACD and Chaikin Oscillator- signal further losses to form C wave of the reactionary ABC formation in order to complete the Elliott cycle. Areas of 1.3150 zones are now under our technical microscope and the bearishness remains favored.
The trading range for today is among key support at 1.3140 and key resistance at 1.3500.
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 | 1.3180 | 1.3140 | 1.3110 |
| Resistance | 1.3295 | 1.3320 | 1.3350 | 1.3380 | 1.3415 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3270 targeting 1.3060 and stop loss above 1.3415 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
Negatively affected by the negative divergence hinted earlier, the pair collapsed and is presently maintaining levels below 1.5890 zones as seen on the provided daily chart. The bearishness is still in favor for the rest of the day and a break below SMA 200 will actuate bears to support their short positions. We look forward to seeing the pair touching 1.5780 followed by 1.5730 areas later.
The trading range for today is among key support at 1.5730 and key resistance at 1.6125.
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 | 1.5780 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5890 | 1.5925 | 1.5975 | 1.5995 | 1.6025 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair plummeted approaching the key support level of 81.90 as seen on the provided daily chart. The bearishness on indicators become clearer since Stochastic and RSI 14 are moving towards oversold areas. Technical objectives of the current negative scenario reside at 81.50 where we should watch the price behaviors carefully. Only a break above 84.15 will negate the expectations and give us reason for concern.
The trading range for today is among key support at 81.50 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 | 82.00 | 81.90 | 81.50 | 81.25 | 81.00 |
| Resistance | 82.50 | 82.70 | 83.00 | 83.20 | 83.50 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 82.90 targeting 81.50 and stop loss above 84.00 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
In line with our morning scenario, the pair has soared after touching the key support levels around 0.9030 and is currently attacking the detected pivotal point of 0.9080 as seen on the provided daily chart. Stochastic remains positive while RVI 14 is on the way to crossover positively and that may assist the pair to clear 0.9080 zones. Anyway, our scenario was actived as well and only a break below 0.8960 will negate it.
The trading range for today is among key support at 0.8850 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 | 0.9030 | 0.9015 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9105 | 0.9145 | 0.9175 | 0.9200 | 0.9230 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair pushed to the upside after pulling back slightly this morning, Stochastic has enter overbought territory while RSI is testing the 70 level. Thus, if the range bound we mentioned previously is set to hold and continues to control price movement a downside move shall start from levels below 1.0050. Otherwise, the breach of the falling wedge pattern will be reliable and lead to a bullish reversal.
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 | 0.9990 | 0.9950 | 0.9920 | 0.9900 | 0.9870 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0025 targeting 0.9950 and 0.9860. Stop loss above 1.0070. | ||||
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