Morning Report
Yesterday's violent decline has proved the strength of the solid resistance around 1.3385 as the pair was taken easily towards 38.2% Fibonacci of the entire downside rally from 1.4245 to 1.2625 as seen on the provided daily chart. Stability below 38.2% level –turned into resistance- in addition to the negativity appearing on the candlesticks structure and the bearishness on Stochastic are reasons that argue us to suggest further losses over intraday basis. Ultimately, a break below SMA 100 will accelerate and confirm the bearish scenario.
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 | 1.3140 | 1.3110 | 1.3080 | 1.3025 | 1.3005 |
| Resistance | 1.3230 | 1.3250 | 1.3295 | 1.3320 | 1.3375 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3220 targeting 1.3005 and stop loss above 1.3380 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Cable has plummeted forming a confirmed reversal candlestick formation- evening doji star- as seen on the provided daily chart. Furthermore, Stochastic has overlapped negatively confirming the negative divergence discussed in yesterday's reports .Now, the pair is hitting very solid support at 1.5890 opening the door towards the most important support levels for bears at 1.5785-1.5780. We will follow the reversal pattern proposing additional bearish actions over intraday basis.
The trading range for today is among key support at 1.5630 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 | 1.5780 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5925 | 1.5975 | 1.6000 | 1.6025 | 1.6075 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5925 targeting 1.5730 and stop loss above 1.6060 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The USD/JPY pair has soared adopting a favorable reaction to our yesterday's suggested positive scenario as seen on the provided daily chart. Stochastic also succeeded in achieving a confirmed bullish signal which may assist the pair to breach through the upper line of our previous captured flag pattern. More upside actions might be seen today and a break above 83.20 will be a good indication for extending the upside rally beyond 2012 high around 84.15.
The trading range for today is among key support at 81.00 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 | 81.50 |
| Resistance | 83.00 | 83.20 | 83.50 | 83.90 | 84.15 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 82.50 targeting 84.15 and stop loss below 81.40 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
It seems as if we have drawn the market move yesterday before it is interpreted on the graph-click on the previous report to compare- as the pair has moved sharply upwards. This previous expected incline reflects the nature of the IM-impulsive wave- as we do believe that the bigger third wave of the above seen Elliott sequence has started; noting that a potential correction might be seen first before resuming the upside rally. Of note, a break above 0.9175 will postpone the internal corrections and will pave the path towards 0.9240 followed by 0.9335 later.
The trading range for today is among key support at 0.0.8925 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 | 0.9015 | 0.9000 | 0.8985 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9080 targeting 0.9260 and stop loss below 0.8950 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair continued consolidating above the key support levels of 0.9895 as seen on the provided daily chart. SMA 50 is a technical obstacle and it should be taken decisively to confirm the bullishness appearing on Chaikin oscillator. We hold onto our bullish expectations based on the major falling wedge pattern and stability above the previous broken upper line of this wedge. A break above 0.9950 will weaken the psychological level of 1.0000.
The trading range for the day is expected among the key support at 0.9820 and resistance at 1.0045.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9900 | 0.9870 | 0.9850 | 0.9830 | 0.9800 |
| Resistance | 0.9950 | 0.9990 | 1.0020 | 1.0045 | 1.0080 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9900 targeting 1.0045 and stop loss below 0.9830might be appropriate. | ||||
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