Midday Report
The pair has been trading within a narrow range during the previous session as seen on the provided graph. The contrarian between the negativity of SMA 50 and the positivity of Stochastic remains unchanged. Thereby, we hold onto our neutral stance; noting that a break below 1.3005 will bring the bearish picture back into focus.
The trading range for today is among key support at 1.2860 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 | 1.3025 | 1.3005 | 1.2975 | 1.2930 | 1.2860 |
| Resistance | 1.3110 | 1.3140 | 1.3180 | 1.3200 | 1.3230 |
| 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)
Midday Report
The pair didn’t show any big move since morning while the struggle continues around the pivotal resistance areas around SMA 50 as seen on the provided daily chart. Accordingly, we are obliged to stay aside until an actionable setup presents itself as the neutral stance appears clearly on the four-hour chart.
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 | 1.5680 | 1.5660 | 1.5630 | 1.5585 | 1.5555 |
| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5925 | 1.5975 |
| 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)
Midday Report
The volatile movements are still seen on the smaller time scales while the daily chart continues offering a sign of a potential downside correction. Actually, we can see a contradiction between the positive sign on Vortex -trend indicators- and the bearish signals on momentum indicators. Thereby, we will continue watching the price behaviors and the daily closing before suggesting the next direction. Of note, a break above 84.00 will be a positive indication.
The trading range for today is among key support at 82.20 and key resistance now at 85.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 83.20 | 83.00 | 82.80 | 82.50 | 82.00 |
| Resistance | 83.90 | 84.30 | 84.50 | 85.00 | 85.50 |
| 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
Nothing changed since the pair's movements were limited within a very tight range above SMA 100 and 38.2% Fibonacci retracement level while Stochastic remains negative. The sensitivity of the current technical situation makes the risk versus reward ratio too high. Thus, we remain neutral for the rest of the day.
The trading range for today is among key support at 0.9030 and key resistance at 0.9445.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9210 | 0.9175 | 0.9145 | 0.9105 | 0.9080 |
| Resistance | 0.9260 | 0.9310 | 0.9365 | 0.9400 | 0.9445 |
| 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)
Midday Report
Very narrow trading this morning, adding another day of tight fluctuations and slow trading. Thus, no changes to our previously suggested scenario.
The trading range for the day 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 0.9825. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment