Midday Report
The pair has moved violently to the downside after touching our proposed entry point around 1.3180 zones as seen on the provided chart. The secondary image reflects the bearish effect of SMA 50 over four-hour interval. A break below 1.3090 will accelerate and confirm the bearish scenario suggested for the rest of the day.
The trading range for today is among key support at 1.2930 and key resistance at 1.3375.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3080 | 1.3025 | 1.3005 | 1.2975 | 1.2930 |
| Resistance | 1.3140 | 1.3180 | 1.3200 | 1.3230 | 1.3250 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair is presently hovering around the important levels of 1.5650 as seen on the provided daily chart. We can't overlook the negativity on Stochastic that may send the pair lower once again for the rest of the day. SMA 50 and SMA 100 are covering the bearishness as well and a break below 1.5585 will confirm and accelerate the awaited descending actions.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5615 | 1.5585 | 1.5555 | 1.5515 | 1.5460 |
| Resistance | 1.5680 | 1.5730 | 1.5750 | 1.5780 | 1.5820 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
A new high at 82.78 was recorded during the previous session after testing areas of 82.00 this morning as seen on the provided daily chart. We still see chances for a mild downside correction to relieve momentum indicators before resuming the strong uptrend which appears clearly on Vortex -trend indicator- and we modified our suggested entry point to use any bearish attempts to join bulls' journey towards 83.50 followed by 84.00 zones.
The trading range for today is among key support at 81.25 and key resistance now at 83.30.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.20 | 82.00 | 81.80 | 81.50 | 81.25 |
| Resistance | 82.70 | 83.00 | 83.20 | 83.50 | 84.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 82.25 targeting 84.00 and stop loss below 81.30 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
As we mentioned in our technical message, the pair has formed series of bullish candlesticks formations over smaller time frames suggesting that the pivotal resistance of 0.9200 will fall sooner. The bullishness remains favored for the rest of the day supported by the positivity appearing on Stochastic and RVI 14 indicators. Taking 0.9260 later will accelerate the bullish actions.
The trading range for today is among key support at 0.8965 and key resistance at 0.9360.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9175 | 0.9145 | 0.9105 | 0.9080 | 0.9030 |
| Resistance | 0.9210 | 0.9230 | 0.9260 | 0.9310 | 0.9365 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9310 and stop loss below 0.8985 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair dropped to test just above our awaited level at 0.9890. In general, we hold onto our morning expectations unchanged for the rest of the day.
The trading range for the week is expected among the key support at 0.9850 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 | 0.9890 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9940 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9890 targeting 1.0000 and 1.0080. Stop loss below 0.9835. | ||||
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