Midday Report
The pair has moved upwards touching the upper line of Keltner channel as seen on the provided daily chart. Stochastic remains negative and we will continue depending on it to suggest potential downside move for the rest of the day. Coming back below 1.3200 areas is required to solidify our constructive bearish outlook.
The trading range for today is among key support at 1.3005 and key resistance at 1.3415.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3200 | 1.3170 | 1.3140 | 1.3110 | 1.3080 |
| Resistance | 1.3295 | 1.3320 | 1.3375 | 1.3415 | 1.3455 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair has tested 1.5925 once more but it failed to maintain areas above this confluence of resistances. Stochastic continued offering a bearish crossover suggesting that the pair was gathering the required momentum to move lower over upcoming hours. A break of 1.5820 will confirm and accelerate the awaited wave.
The trading range for today is among key support at 1.5615 and key resistance at 1.6000.
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 | 1.5780 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair continues to show the bearish tendency assisting Vortex indicator -trend indicator- to show the tendency of forming a bearish crossover. Meanwhile, momentum indicators remain negative; thus, the bearishness is still in favor for the rest of the day. A break below 82.25 will help the pair to attain the awaited target around 81.50.
The trading range for today is among key support at 81.25 and key resistance now at 84.15.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.50 | 82.25 | 82.00 | 81.75 | 81.25 |
| Resistance | 82.90 | 83.20 | 83.50 | 83.70 | 83.90 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 83.00 targeting 81.20 and stop loss above 84.15 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
Despite achieving bearish actions during the previous session that caused a failure to the head and shoulders pattern over four-hour interval, but the solidity of the 0.9080 -50% Fib.- in addition to the positivity of Stochastic make us suggest a potential rebound over upcoming hours. A break above 0.9105 followed by 0.9145 is urgently required to keep our positive scenario active as well.
The trading range for today is among key support at 0.8925 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 | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9105 | 0.9145 | 0.9175 | 0.9200 | 0.9230 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
Loonie resumed the bullish move, breaching the recent high at 1.0007 and heading to retest the resistance area starting from 1.0025 to 1.0050. The expected bullish move could be materializing however we still need the pair to stabilize above the aforementioned area to confirm the continuation of the bullish rally, otherwise we will remain among the range bound shown on the image.
The trading range for the day is expected among the key support at 0.9900 resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9990 | 0.9940 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 0.9950 targeting 1.0000 and 1.0050. Stop loss below 0.9900 | ||||
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