Morning Report
Moving to the daily studies, we can see how the pair has been affected by the oversold signals from Keltner channel and Stochastic indicators. Thereby, we are witnessing a mild upside recovery but stability below 38.2% Fibonacci retracement of the entire downside wave from 1.4245 to 1.2625 and bellow 100-Day SMA encourages us to keep our bearish outlook intact over intraday basis. Of note, a break below 1.3080 will weaken the psychological level of 1.3000.
The trading range for today is among key support at 1.2975 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 | 1.3110 | 1.3080 | 1.3025 | 1.3000 | 1.2927 |
| Resistance | 1.3200 | 1.3230 | 1.3250 | 1.3295 | 1.3320 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3005 and stop loss above 1.3330 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
SMA 50 -red- and SMA 100 -blue- have provided the pair with some kind of support and thus, Cable started to show signs of slight recovery. The long black candlestick pattern formed on Tuesday reflects the strength of the bearish trend seen since the opening of the week and we expect to witness a retest of the resistance areas between 1.5785 and 1.5820 before resuming the downside rally. Classically, eyes should be on 1.5650 zones followed by 1.5585; whilst upside attempts should be well-capped below 1.5925-1.5975 areas.
The trading range for today is among key support at 1.5515 and key resistance at 1.5925.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5720 | 1.5680 | 1.5630 | 1.5585 | 1.5555 |
| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5925 | 1.5960 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5780 targeting 1.5555 and stop loss above 1.5930 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The daily studies shows that the pair succeeded in forming two candlesticks with long lower wicks on Tuesday and Wednesday pushing the pair to the upside during the Asian session. In the interim, Stochastic and RSI 14 suggest setbacks but Vortex remains positive. Due to the sensitivity of the current levels and the contrarian between momentum and trend indicators, we may witness sideways consolidation before achieving obvious directional move. The key levels to watch and put under our technical microscope are 80.75 and 82.05. Ultimately, a daily closing above 82.00 zones will be a very positive indication for short term traders.
The trading range for today is among key support at 80.00 and key resistance now at 82.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.00 | 80.75 | 80.50 | 80.20 | 80.00 |
| Resistance | 81.50 | 81.65 | 82.05 | 82.35 | 82.50 |
| 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)
Morning Report
Fibonacci levels played a big role during the previous sessions as we can see how the pair has moved violently upwards from 61.8% Fibonacci level reaching our previous detected technical objective at 0.9200 -38.2% Fibonacci- of the wave from 0.8565 to the significant high of 0.9590 as seen on the provided daily graph. Now, Stochastic has overlapped negatively and it needs relief before resuming the bullishness supported by stability above the initial support of zones between 0.9105 and 0.9080. Carefully note that beating 0.9200 levels will actuate buyers to test 0.9310 areas.
The trading range for today is among key support at 0.8985 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 | 0.9125 | 0.9100 | 0.9080 | 0.9030 | 0.9000 |
| Resistance | 0.9175 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9105 targeting 0.9300 and stop loss below 0.8985 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair reverses again from below 1.0500 resistance, and the main descending resistance of the falling wedge formation. As trading continue to be confined within the narrow range, we will try to benefit from the current downside attempt over intraday basis. Looking for a retest of 0.9900 level again.
The trading range for the day is expected among the key support at 0.9850 and the key resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.8850 | 0.8820 | 0.9890 | 0.9870 | 0.9850 |
| Resistance | 0.9970 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair below 1.0000 targeting 0.9950 and 0.9900, stop loss above 1.0050. | ||||
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