Midday Report
Affected by touching the upper line of Keltner channel and the strong resistance areas of 38.2% Fibonacci level, the pair has moved to the downside once again as seen on the provided daily chart. We are still looking for more convenient technical factors to enter the market but we should know that a break below 1.3125 zones will classically ease the path towards 1.3005 zones again, while taking 1.3320 will be a very positive indication.
The trading range for today is among key support at 1.3005 and key resistance at 1.3460.
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 | 1.3125 | 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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Great British Pound (GBP)
Midday Report
The solidity of 1.5890 resistance has sent the pair lower during the previous session as seen on the provided daily chart. Stochastic didn’t give off the required sign that bring the bearish picture -discussed in the weekly report- back into focus. We will remain neutral for the rest of the day; noting that a break below 1.5785 will bring additional losses over intraday basis.
The trading range for today is among key support at 1.5640 and key resistance at 1.6075.
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 | 1.5785 | 1.5720 | 1.5680 | 1.5630 |
| Resistance | 1.5890 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| 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 continues to overlook the bearishness on RSI 14 and Stochastic as seen on the provided daily chart. It is currently attacking our morning detected important level around 83.70 but the conflict between indicators force us to stay aside for the rest of the day.
The trading range for today is among key support at 82.00 and key resistance now at 85.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 83.50 | 83.20 | 83.00 | 82.80 | 82.50 |
| Resistance | 83.70 | 83.90 | 84.15 | 84.50 | 85.00 |
| 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 is steadily moving upwards after touching the potential entry territories around 0.9105 as seen on the provided daily chart. A break above 0.9200 will accelerate and confirm the bullishness and could negate the bearishness on RVI. On the downside, taking 0.8980-0.8965 will give us a reason for pause.
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 | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair rallied sharply to trade above 0.9900 level, where it found resistance at the descending trend line shown on the image, Stochastic and RSI remain pretty neutral. Holding above the breached ascending support is worrisome, thus we look for a push below the 0.9900 again for the morning scenario to remain valid.
The trading range for the day is expected among the key support at 0.9840 and the key 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 | 0.9930 | 0.9950 | 0.9990 | 1.0020 | 1.0050 |
| Recommendation | Our morning expectations remain valid. | ||||
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