Morning Report
The pair settled below the ascending trend line in addition to the horizontal support which turns into resistance now around 1.3180. This is a negative sign that suggest we may see a retest of the majow swing low around 1.3000 area. The pair is currently correcting some of its losses before probably heading to resume the downside move today.
The trading range for the day is expected among key support at 1.2975 and key resistance at 1.3300.
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 | 1.3070 | 1.3030 | 1.2975 | 1.2950 |
| Resistance | 1.3160 | 1.3180 | 1.3240 | 1.3280 | 1.3320 |
| Recommendation | Based on the charts and explanations above we recommend, selling the pair below 1.3170 targeting 1.3110 and 1.3030. Stop loss above 1.3245. | ||||
Great British Pound (GBP)
Morning Report
The pair completed our suggested scenario by breaching the neckline of the head and shoulders pattern in addition to the main ascending trend line shown on the image. In general we expect the downside pressure to remain dominant today, for a possible retest of the major support around 1.5650, but for now and due to the inappropriate risk to reward ratio, we will wait for the pair to reach the aforementioned support to look for an intraday rebound .
The trading range for the day is expected among key support at 1.5600 and key resistance at 1.5900.
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 | 1.5675 | 1.5640 | 1.5600 | 1.5550 |
| Resistance | 1.5770 | 1.5850 | 1.5880 | 1.5925 | 1.5970 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 1.5645 targeting 1.5700 and 1.5750. Stop loss four-hour closing below 1.5620. | ||||
Japanese Yen (JPY)
Morning Report
The bearish divergence on momentum indicators turned to be reliable, as the pair fell to breach the short term ascending trend line (dashed line) in an attempt to test the main support region and another trend line around 80.00 mark. Therefore, we expect the bullishness to resume from this key technical support.
The trading range for the day is expected among key support at 80.00 and key resistance now at 83.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.50 | 80.25 | 80.00 | 79.75 | 79.50 |
| Resistance | 80.80 | 81.10 | 81.50 | 81.80 | 82.00 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair above 79.60 targeting 81.50 and 84.00. Stop loss below 79.00. | ||||
Swiss Franc (CHF)
Morning Report
The pair rallied to successfully settle above the key resistance and the main descending trend line around 0.9150. We may see a retest of the breached resistance area which should act as a support now for a probable resumption of the bullish wave targeting areas around 0.9300.
The trading range for the day is expected among key support at 0.9000 and key resistance at 0.9300.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9150 | 0.9125 | 0.9100 | 0.9080 | 0.9050 |
| Resistance | 0.9200 | 0.9240 | 0.9270 | 0.9300 | 0.9330 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 0.9150 targeting 0.9200 and 0.9260. Stop loss below 0.9100. | ||||
Canadian Dollar (CAD)
Morning Report
CAD has reached very close the to ceiling of this falling wedge formation, in addition to the pivotal horizontal resistance around 1.0050. Meanwhile, the pair ended yesterday’s session above the 200-days average, while momentum indicators are pointing upwards. Thus we anticipate a breach above the aforementioned resistance level around 1.0050 to look for a continuation of the rally.
The trading range for the day is expected among the key support at 0.9900 and the key resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9985 | 0.9960 | 0.9950 | 0.9925 | 0.9900 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair with hourly closing above 1.0055 targeting 1.0145 and 1.0250. Stop loss below 0.9980. | ||||
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