Morning Report
Yesterday's impressive incline has fixed the bearish signal on Stochastic as seen on the provided daily chart, but actually, Stochastic is closer to the overbought zones. As we discussed several times before that hitting the upper line of Keltner channel could be an indication of an overbought case while the major classical pattern remains valid until now as far as trading remains below the head areas. Of note, a break of 1.3415-1.3435 will encourage us to suggest a bullish scenario over short term basis and we will explain this scenario in the proper time. On the downside, coming back below 1.3230 will damage bulls' attempts to retest 1.3490 zones. To recap, we will remain on the sidelines over intraday basis.
The trading range for today is among key support at 1.3180 and key resistance at 1.3550.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3320 | 1.3295 | 1.3230 | 1.3200 | 1.3180 |
| Resistance | 1.3380 | 1.3415 | 1.3455 | 1.3500 | 1.3550 |
| 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)
Just within four hours, Cable has changed its direction after approaching the initial support levels around 1.5785-1.5780 and this incline has fixed the negativity of Stochastic over daily studies. The technical situation becomes more sensitive since the pair is gradually approaching February's high at 1.5995 and a break of which will bring more buying interests towards 1.6165 but we can see a technical obstacle facing intraday bulls as Stochastic over four-hour interval is definitely negative. Shall intraday traders be able to beat the above mentioned technical obstacles? We will watch out the price behaviors carefully at least during the morning session.
The trading range for today is among key support at 1.5730 and key resistance at 1.6165.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5925 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5995 | 1.6025 | 1.6075 | 1.6125 | 1.6165 |
| 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
Stochastic give off the confirmed crossover signal until now while trading remains choppy. The probability of retesting 81.90 followed by the previous broken resistance -turned into support- at 81.50 remains on the horizon; breaching through 83.20 will actuate traders to retest 83.70 followed by the significant high of 84.15. Thus, we will avoid trading today until we get more confirmations.
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 | 82.50 | 82.25 | 82.00 | 81.90 | 81.75 |
| Resistance | 83.00 | 83.20 | 83.50 | 83.70 | 83.90 |
| 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 moved violently to the downside breaching the pivotal support zones of 50% Fibonacci retracement of the entire upside wave from 0.8565 to 0.9590. Coming below the lower line of Keltner channel may bring a retest of this broken support -current resistance- before moving to the downside once again affected by the negativity on Stochastic and RVI 14. Classically speaking, there is room down towards 61.8% Fibonacci level at 0.8960 but on the other side, taking 0.9175-0.9180 will change the bearish picture completely.
The trading range for today is among key support at 0.8850 and key resistance at 0.9200.
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 | 0.9000 | 0.8985 | 0.8965 | 0.8925 |
| Resistance | 0.9080 | 0.9105 | 0.9145 | 0.9175 | 0.9200 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.9080 targeting 0.8960 and stop loss above 0.9170 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair dropped sharply yesterday to trade around the previously breached descending resistance, which turns into support, now near 0.9900 area. The recent bullish breakout of the falling wedge formation usually hints for further gains; however we need a confirmation breach above 1.0050 resistance, and the support of the range-bound at 0.9840 to hold for any bullish rebound to remain possible. In general we still hold onto our bullish expectations.
The trading range for the day is expected among the key support at 0.9840 resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9900 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9950 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9850 targeting 1.0000 and 1.0150. Stop loss four-hour closing below 0.9840. | ||||
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