Midday Report
The pair didn’t show any big move since morning while trading remains choppy as seen on the provided daily chart. The potential negative divergence is still in progress but we didn’t get a confirmed negative crossover. Moreover, stability continued above 1.3240, and accordingly we will continue to watch the price behaviors for the rest of the day until the current technical hesitation disappears.
The trading range for today is among key support at 1.3180 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 | 1.3320 | 1.3295 | 1.3250 | 1.3230 | 1.3200 |
| Resistance | 1.3380 | 1.3415 | 1.3455 | 1.3475 | 1.3500 |
| 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)
Midday Report
The pair has plummeted penetrating the key support level of 1.5925 as seen on the provided chart as it seems that the bearish effect of yesterday's shooting star candlestick pattern will continue. A break below 1.5890 is required to activate the negative divergence probability on Stochastic. To conclude, we change our neutral stance for the rest of the day; noting that a break above the psychological level of 1.6000 will negate this suggested bearishness.
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 | 1.5890 | 1.5820 | 1.5780 | 1.5730 | 1.5680 |
| Resistance | 1.5925 | 1.5975 | 1.5995 | 1.6025 | 1.6075 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5890 targeting 1.5700 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The conflict between the negativity on RSI 14 and the positivity of Stochastic is still seen obviously on the daily chart. Only a break below 82.50 will bring more downside actions while clearing 83.30 zones will weaken 83.70 on the way towards 84.15 followed by 85.00. We recommend reviewing the morning report for more details about the reasons that force us to stay aside over intraday basis.
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 | 82.70 | 82.50 | 82.25 | 82.00 | 81.90 |
| Resistance | 83.20 | 83.50 | 83.70 | 83.90 | 84.15 |
| 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)
Midday Report
The pair has been trapped within a very narrow range since morning while RVI 14 continued showing directionless bias for the momentum. Stochastic also didn’t confirm the previous caught overlap sign. Therefore, we will stay aside for the rest of the day. A break below 0.9000 will bring more downside pressure while taking 0.9080 may change the direction to the upside. Risk vs. reward ratio remains too high.
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 | 0.9015 | 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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Canadian Dollar (CAD)
Midday Report
The pair continues to move higher this morning to test 0.9975 resistance before retreating towards 0.9950 support once more. No major changes have been seen since morning and accordingly we hold onto our morning expectations.
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 daily closing above 0.9900.
| Support | 0.9950 | 0.9920 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 0.9990 | 1.0020 | 1.0080 | 1.0120 | 1.0200 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9920 targeting 1.0020 and 1.0150. Stop loss four-hour closing below 0.9840. | ||||
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