Midday Report
Nothing changed except achieving an attempt to fix the negative sign on Stochastic as seen on the provided daily chart. The overall trajectory appears directionless since the pair is still trapped within the same trading range but we will continue to depend on the solidity of the wide resistance areas between 1.3415 and 1.3435 to suggest potential downside movement over intraday basis. A break below 1.3295 is required to confirm the bearishness.
The trading range for today is among key support at 1.3180 and key resistance at 1.3500.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3320 | 1.3295 | 1.3250 | 1.3230 | 1.3200 |
| Resistance | 1.3350 | 1.3380 | 1.3415 | 1.3455 | 1.3500 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3295 targeting 1.3080 and stop loss above 1.3455 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
Positively affected by the positive signs on Stochastic over daily studies, the pair has moved upwards as seen on our provided image. Shall this bearish signal on daily studies beat the negativity on the four-hour interval where RSI 14 is diverging? We will see during the upcoming hours to pinpoint the correct direction. Of note, a daily closing above the psychological level of 1.6000 will actuate bulls to dominate the market.
The trading range for today is among key support at 1.5820 and key resistance at 1.6165.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6025 | 1.6000 | 1.5975 | 1.5925 | 1.5890 |
| Resistance | 1.6075 | 1.6100 | 1.6125 | 1.6165 | 1.6215 |
| 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 pair is presently hovering around the suggested entry point as it mildly retraced affected by touching the upper line of our captured flag pattern. Meanwhile, momentum indicators remain positive solidifying our technical perspective of resuming the uptrend towards the previous recorded high at 84.15 followed by 85.00 later. Of note, one more technical attempt to take 83.20 will ease the path towards the aforementioned targets.
The trading range for today is among key support at 81.90 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 | 81.90 | 81.75 |
| Resistance | 82.90 | 83.20 | 83.50 | 83.70 | 83.90 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair continued consolidating above the psychological level of 0.9000, while the probability of forming a positive divergence increased as seen on the provided four-hour graph. The corrective Elliott zig zag structure remains favored for the time being and it may bring a huge upside move as far as 0.8925 remains intact. Thereby, we hold onto our bullish scenario for the rest of the day.
The trading range for today is among key support at 0.8900 and key resistance at 0.9175.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9015 | 0.9000 | 0.8985 | 0.8965 | 0.8925 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9145 | 0.9175 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The falling wedge pattern that completed recently hints a bullish move, on the other hand; the pennant formation is a continuation pattern per se. Thus the contradiction between these two patterns in addition to the neutral stance seen on momentum indicators push us to remain neutral for today, and maybe for the coming short period, awaiting a directional breach either sides to confirm one of the patterns.
The trading range for the week is expected among the key support at 0.9840 resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9920 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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