Morning Report
Negatively influenced by the overbought sign of Keltner channel mentioned in our yesterday's reports, the pair has moved to the downside as seen on the provided daily chart. Now, Stochastic is on its way to print a potential negative divergence that may bring further losses but stability above the key support levels of 1.3240-1.3230 prevents us from suggesting bearish scenario over intraday basis. We will remain neutral today until the pair takes 1.3230 or 1.3415 to follow it.
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 | 1.3295 | 1.3250 | 1.3230 | 1.3200 | 1.3180 |
| 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)
Morning Report
A huge shooting star candlestick pattern was formed yesterday after re-testing the high recorded in previous February at 1.5995 as seen on the provided daily graph. In the interim, Stochastic started to reflect weakness but stability above the key support levels of 1.5925 prevents us from suggesting additional bearishness today. We are obliged to stay aside due to the sensitivity of the current technical situation; noting that, a break above 1.5995 will ease the path towards 1.6165 areas while penetrating 1.5925 will bring the bearish picture back into focus.
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 | 1.5925 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5995 | 1.6025 | 1.6075 | 1.6125 | 1.6165 |
| 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)
Morning Report
The pair couldn’t hit the pivotal resistance areas between 83.20 and 83.35 where it moved to the downside once again. The contrarian between signs continues appearing on momentum indicators as seen on the provided daily chart. One more technical attempt to clear 83.35 will clear the path towards 84.15 followed by 85.00 later; whilst a break below 82.50 will bring a confirmed retest of 81.50.
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)
Morning Report
Despite proposing a potential downside move yesterday but the potential overlap sign on Stochastic which contradicts with the negativity On RVI 14 indicator offers unclear directional bias. We should watch out the price behaviors very well around 0.9080 if the pair succeeds in reaching it as a break above it may actuate traders to take long positions. Conversely breaching 0.9000 levels will negate the oversold sign appearing on Stochastic.
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)
Morning Report
The pair rebounded yesterday after testing areas around the breached wedge pattern, momentum indicators have turned positive, while price is attempting to settle above 0.9950 level. In general, we will continue to hold onto our bullish expectations, while stability above 0.9950-0.9960 is required for the bullish bias to continue.
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 | 0.9920 | 0.9900 | 0.9870 | 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 0.9920 targeting 1.0020 and 1.0150. Stop loss four-hour closing below 0.9840. | ||||
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