Midday Report
Tranquility dominated the market movements during the previous session while the pair is still trapped below 200-Day SMA and below the key resistance levels of 1.3230 as seen on the provided daily chart. Accordingly, we hold onto our bearish predictions for the rest of the day; noting that areas 1.3320-1.3325 should object buying attempts. Of note, a daily closing below SMA 50 -red- will trigger a panic sell-off.
The trading range for today is among key support at 1.3005 and key resistance at 1.3320.
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 | 1.3110 | 1.3080 | 1.3025 | 1.3005 |
| Resistance | 1.3200 | 1.3230 | 1.3230 | 1.3250 | 1.3295 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3005 and stop loss above 1.3325 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
Now, we will move to the classical outlook after discussing the harmonic possibility in our weekly report; we can find how the solid resistance consisting of SMA 200 and Parabolic SAR continued pressuring the pair negatively. Thus, we keep our bearish outlook intact for the rest of the day supported by the recently drawn resistance line for the wave from 1.5995. A break below 1.5785-1.5780 will accelerate the decline.
The trading range for today is among key support at 1.5680 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 | 1.5785 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5900 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5860 targeting 1.5640 and stop loss above 1.5990 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair has moved bearishly during the previous session but the trading range remains very tight as seen on the provided daily chart. In the interim, the conflict between the positivity on Vortex and the negativity of momentum indicators remains unchanged. Thereby, we are obliged to keep our neutral stance intact for the rest of the day. A break below 82.80 will accelerate the decline; whilst breaching through 83.90 will accelerate incline towards 85.00 zones. Remember that sometimes staying aside is a position.
The trading range for today is among key support at 82.00 and key resistance now at 84.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.80 | 82.50 | 82.20 | 82.00 | 81.80 |
| Resistance | 83.50 | 83.75 | 84.00 | 84.25 | 84.50 |
| 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 didn’t show any big move since morning and that is very clear on the chart. The negativity on Stochastic may send the pair to the initial support of 0.9105 as we discussed earlier, from where we might witness an upside move. Anyway, we hold onto our bullish predictions for the rest of the day as far as 0.8980-0.8960 areas remain intact.
The trading range for today is among key support at 0.9030 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 | 0.9140 | 0.9105 | 0.9080 | 0.9030 | 0.9000 |
| 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 0.9105 targeting 0.9310 and stop loss below 0.8965 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The four-hour chart above clearly illustrates the choppy ranging market, where price is confined within the short term ascending trend line and the horizontal resistance level at 0.9950, while Stochastic and RSI momentum indicators are neutral. A breach above 0.9950 may provide a short term opportunity to the upside; on the other hand, breaking below the ascending support could lead to another test of 0.9850 area.
The trading range for this week is expected among the key support at 0.9840 and the key resistance at 1.0150.
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 | 0.9850 | 0.9770 |
| Resistance | 0.9945 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair with four-hour closing above 0.9950 targeting 1.0000 and 1.0050 , stop loss below 0.9900 OR selling the pair with four-hour closing below 0.9900 targeting 0.9840 stop loss above 0.9945. | ||||
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