The recovery was limited at the middle line of Keltner channel as seen on the provided daily graph and the pair is currently hovering around 38.2% Fibonacci retracement of the entire downside wave from 1.4245 to 1.2625 zones. We are not completely sure whether the closing above 100-Day SMA and the positive sign on Stochastic can push the pair higher or not since it showed bearish tendency during the Asian session. In result, we prefer staying aside; noting that, a break below 1.3200 will bring further losses.
The trading range for today is among key support at 1.3005 and key resistance at 1.3455.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3230 | 1.3200 | 1.3140 | 1.3110 | 1.3080 |
| Resistance | 1.3295 | 1.3320 | 1.3375 | 1.3415 | 1.3455 |
| 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
The recovery started around 1.5695 zones was limited during the Asian session and the pair showed slight bearish actions as seen on the provided daily chart. We need to witness a breakout below 1.5785 zones to make sure that the previous two days' incline is just a correction. Anyway, stability below SMA 200-colored in grey- and below the pivotal resistance areas of 1.5925-1.5935 argues us to propose potential resumption for the bearishness started at 1.5990. Of note, Stochastic may cause fluctuation.
The trading range for today is among key support at 1.5555 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 | 1.5785 | 1.5720 | 1.5680 | 1.5630 | 1.5585 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5780 targeting 1.5555 and stop loss above 1.5935 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair succeeded yesterday in achieving a positive daily closing above the key resistance level of 81.50-turned into support- as seen on the provided daily chart. Although Stochastic is very close to overbought areas but it becomes positive suggesting further gains over intraday basis. Meanwhile, Vortex continued introducing positive signal; thus, the bullishness is in favor over intraday basis. Ultimately, a break above 82.05 will actuate bulls to support their long positions over short term basis.
The trading range for today is among key support at 80.00 and key resistance now at 82.70.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.50 | 81.25 | 81.00 | 80.75 | 80.50 |
| Resistance | 82.05 | 82.35 | 82.50 | 82.70 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.50 targeting 83.00 and stop loss below 80.50 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
Yesterday's setbacks have formed a long black candlestick pattern but the bearishness stopped at the middle line of Keltner channel meeting 50% Fibonacci retracement of the entire upside wave from 0.8565 to 0.9590 zones. The technical situation isn’t clear and thus, we will stay aside over intraday basis as a break below the current levels will confirm the negative sign on Stochastic; whilst taking 0.9145 will bring the positive picture back into focus.
The trading range for today is among key support at 0.8925 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 | 0.9030 | 0.9000 | 0.8985 | 0.8965 | 0.8925 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| 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
Cad reached the targeted area and support at 0.9890 to rebound slightly this morning. In general trading remains within the short term bearish trend. However RSI and Stochastic are pretty neutral hinting the recent ranging stance below the key resistance at 1.0050, meanwhile the pair continues to trade within the bullish reversal falling wedge pattern. Therefore we prefer staying aside this morning awaiting a clearer signal.
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 | 0.9890 | 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 staying aside awaiting further confirmations | ||||
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