Midday Report
The pair has achieved the first technical attempt to breach through our detected technical support around 1.3200 as seen on the provided daily chart. Trading remains choppy while the classical probability of forming a bearish pattern remains intact. Stochastic supports the technical prospective. To summarize this, the bearishness remains favored as far as 1.3375 holds.
The trading range for today is among key support at 1.3025 and key resistance at 1.3415.
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 | 1.3170 | 1.3140 | 1.3110 |
| Resistance | 1.3295 | 1.3320 | 1.3355 | 1.3380 | 1.3415 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair has moved to the downside approaching our detected technical support of 1.5780 where it rebounded to the upside once again. Anyway, trading remains trapped below the initial confluence of resistances between 1.5880 and 1.5925 offering the probability of moving lower once more affected by the weak momentum on Stochastic.
The trading range for today is among key support at 1.5630 and key resistance at 1.6025.
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 | 1.5750 | 1.5730 | 1.5680 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
We are currently witnessing upside tendency contradicting with the weakness on momentum indicators. We can notice that Stochastic is on the way to unload this negativity completely and all what we need is to witness an affirmative crossover to go long with the major upside trend after approaching our previous suggested target of the correction from 84.15. Now, we will remain on the sidelines for the rest of the day to 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)
Midday Report
The pair continued hovering around the key support levels of 0.9080 after trying to clear 0.9145 zones. This fluctuation was expected due to the contrarian between momentum indicators and the sensitivity of the current levels. We will remain neutral for the rest of the day until the pair braches above 0.9145 or below 0.9030 with a daily closing to pinpoint the next big move.
The trading range for today is among key support at 0.8965 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 | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9105 | 0.9130 | 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
We can see how breaching the descending wedge pattern (colored in black) pushed the pair higher towards the top of the range-bound; however price retreated one more from this key resistance area among 1.0025-1.0050. Now another attempt to the downside grabs the pair near the horizontal support at 0.9950 and maybe a retest of the breached wedge, thus we will continue to count on this pattern and consider this downside move as a correction eying another bullish move to 1.0050.
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 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9940 targeting 1.0050 and 1.0150. Stop loss below 0.9850. | ||||
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