Midday Report
Moving to the four-hour graph where we can notice the solidity of the resistance level around 1.3290-1.3295 which pushed the pair lower. Additionally, the negative divergence is clear on momentum indicators; thus, we keep our bearish anticipations intact for the rest of the day and a break below 1.3240 will confirm and accelerate the move.
The trading range for today is among key support at 1.3025 and key resistance at 1.3460.
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 | 1.3170 | 0.3140 | 1.3080 |
| Resistance | 1.3295 | 1.3320 | 1.3375 | 1.3415 | 1.3455 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3240 targeting 1.3050 and stop loss above 1.3375 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The initial resistance levels around 1.5925 proved its strength during the previous session as it forced Cable to move sharply lower. But, we will remain neutral for the rest of the day until a breakout occurs below 1.5785 to make sure that the weakness on Stochastic is not a false signal.
The trading range for today is among key support at 1.5640 and key resistance at 1.6075.
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 | 1.5785 | 1.5720 | 1.5680 | 1.5630 |
| Resistance | 1.5890 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| 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
Overlooking the negativity of momentum indicators, the pair has moved to the upside clearing the first detected resistance around 83.70 and is now threatening the key point of 84.15. Thereby, we will change our neutral stance and predicate more upside actions for the rest of the day chiefly targeting 85.00 zones followed by the high recorded on April, 2011 at 85.50. A stable move above 84.15 is needed to confirm the bullish scenario.
The trading range for today is among key support at 82.00 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 | 83.70 | 83.50 | 83.20 | 83.00 | 82.80 |
| Resistance | 84.15 | 84.50 | 85.00 | 85.50 | 86.10 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 84.15 targeting 85.50 and stop loss below 83.00 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
As we discussed several times before, Fibonacci levels played a big role in determining the direction for the pair during the previous sessions. Now, we can see a rebound from 50% Fibonacci level while Stochastic is on its way to draw a positive crossover. Thereby, we hold onto our bullish predications for the rest of the day; noting that a break above 0.9145 will confirm and breaching through 0.9200 will accelerate inclines.
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 | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.9105 targeting 0.9310 and stop loss below 0.8965 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
We will try to benefit from the current ranging stance and use a short term range-trading approach since the pair has been trading within bound among 1.0050-0.9840. We look for a bounce to the upside as price has approached near the bottom of the range and the main support area.
The trading range for the day is expected among the key support at 0.9840 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 | 0.9860 | 0.9840 | 0.9800 | 0.9770 | 0.9750 |
| Resistance | 0.9900 | 0.9940 | 0.9990 | 1.0020 | 1.0050 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair around 0.9860 targeting 0.9940 and 1.0050. 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