Midday Report
The pair didn’t confirm the ability to clear the wide resistance areas between 1.3380 and 1.3415 as trading has been trapped within tight range since morning. In the interim, Stochastic didn’t give of the confirmed signal; thus, we will remain on the sidelines for the rest of the day. Carefully note that a break below 1.3295 will bring additional bearish pressures.
The trading range for today is among key support at 1.3140 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)
Midday Report
As we discussed this morning, the pair was on its way to attack the psychological level of 1.6000 and it succeeded to reach 1.6030 areas. Now, the question is, shall we witness a confirmed breakout above it with the quarterly closing? Actually, we are not completely sure due to the negativity on Stochastic over four-hour interval. But, if it succeeds in taking the aforesaid level, we should classically follow bulls targeting 1.6165 zones. Let us wait and see to confirm the next big move.
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 | 1.5975 | 1.5925 | 1.5880 | 1.5820 | 1.5780 |
| Resistance | 1.6025 | 1.6075 | 1.6125 | 1.6165 | 1.6215 |
| 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)
Midday Report
The pair didn’t show any big move since morning but the current choppy trading is required to take Stochastic and RSI 14 gradually towards oversold areas and that may meet the suggested entry point for bulls at 81.50 zones. To conclude, we hold onto our bullish anticipations for the rest of the day; note that a break above 82.30 will bring more buying interest.
The trading range for today is among key support at 80.50 and key resistance now at 83.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.90 | 81.50 | 81.25 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.50 targeting 83.00 and stop loss below 80.95 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The zig zag (5-3-5) scenario of the reactionary waves that started at 0.9335 remains valid and thus, areas between 0.8975 0.8960 could be the base for the next Impulsive (IM) wave of the suggested Elliott count. The last defensive level for this count resides at 0.8925 but for now, risk versus reward ratio for bears is very high since RSI continues approaching the value of 30.00 while a break above 0.9080 is required to confirm the upside rebound. Consequently, we will remain neutral for the rest of the day.
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 | 0.9015 | 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 is trading within the same tight range since morning, trying to resume the downside bias after 0.9950 managed to halt the downside pressure. However in general, we prefer to remain aside for this week as price is near the middle of the range bound.
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 | 0.9950 | 0.9900 | 0.9870 | 0.9850 | 0.9800 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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