Midday Report
The pair is presently achieving some kind of consolidation following Friday's collapse mentioned this morning. SMA 50 is the main reason that prevents the pair from acceleration but the allover trajectory appears bearish after taking 38.2% Fibonacci of the wave from 1.4245 to 1.2625. A break below 1.3000 will trigger a panic sell-off.
The trading range for today is among key support at 1.2860 and key resistance at 1.3250.
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 | 1.2940 |
| Resistance | 1.3135 | 1.3160 | 1.3200 | 1.3230 | 1.3250 |
| Recommendation | Our weekly expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair started to show bearish tendency after touching our suggested entry point around 1.5680 zones; whilst the classical image of the daily studies supports the harmonic scenario proposed in the weekly report since the bearish engulfing candlestick pattern that formed on Friday still has downside targets to be reached. Moreover, stability is seen below SMA 50 and SMA 100 and eyes now is on 1.5585 and clearing it will confirm the negative scenario.
The trading range for today is among key support at 1.5420 and key resistance at 1.5820.
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 weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
Trading remains choppy within a very narrow range since momentum indicators are still in need for relief as we discussed this morning. The weekly chart reinforced the bullishness and it may beat smaller time frames and we recommend reviewing the weekly report for more details. Soft technical targets reside at 83.20 followed by 84.00 as far as 80.20-80.00 areas remain intact.
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 | 82.50 | 82.70 | 83.00 | 83.20 | 83.65 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.75 targeting 84.00 and stop loss below 80.20 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair continues battling the key resistance levels around 0.9200 zones where 38.2% Fibonacci of the rally from 0.8565 to 0.9590 exists as seen on the provided daily chart. We hold onto our bullish scenario for the rest of the day supported by the technical catalysts discussed this morning on our weekly report. A break of 0.9200 will bring more buying interests towards 0.9310 followed by 0.9350 areas.
The trading range for today is among key support at 0.9030 and key resistance at 0.9400.
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 | Our weekly expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair didn’t show any big move since the opening of the week but it is stable above the key support around 0.9890-0.9895 as seen on the provided daily graph. We keep our bullish scenario unchanged for the rest of the day supported by the classical probability of forming a falling wedge pattern. A break above the psychological level of 1.0000 will weaken 1.0040-1.0050 zones this time.
The trading range for today 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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