Midday Report
The pair declined violently after it approached our suggested entry point at 1.3180 respecting our bearish outlook and is now touching the Fibonacci level of 50% for the entire upside wave from 1.2625 to 1.3485. Today's decline is resumption for the bearish effect of breaching 38.2% level earlier and closing below SMA 50 and SMA 100. Anyway, the bearishness remains highly anticipated for the rest of the day and a break below 1.3005 will trigger panic sell-off actions.
The trading range for today is among key support at 1.2860 and key resistance at 1.3320.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3055 | 1.3025 | 1.3005 | 1.2940 | 1.2890 |
| Resistance | 1.3110 | 1.3140 | 1.3180 | 1.3200 | 1.3230 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3180 targeting 1.3005 and stop loss above 1.3300 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair was very close to the morning proposed entry point around 1.5925 where it started to decline sharply. Now, Cable is attacking the previous detected support level of 1.5820 and a break below it will open the door for violent selling interest over intraday basis. There is no sign for bottoming today at 1.5820 for intraday traders as Stochastic continues its southern trip and thus, we hold onto our bearish predictions for the rest of the day.
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 | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5925 targeting 1.5730 and stop loss above 1.6075 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair couldn’t reach the awaited resistance level around 82.50 and started to move lower approaching the pivotal support around 81.50 once more. Thereby, we prefer staying aside for the rest of the day until the pair takes the upper line of the suggested flag pattern. A break below 81.50 followed by 81.00 areas will bring focus on the psychological level of 80.00. Once the pair succeeds in clearing 82.50, the bullish picture will come back into focus.
The trading range for today is among key support at 81.00 and key resistance now at 83.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.75 | 81.50 | 81.20 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| 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. | ||||
Swiss Franc (CHF)
Midday Report
Just 15 pips separated between our awaited entry point for intraday traders at 0.9125 and the recorded low at 0.9140 where the pair soared again re-attacking the psychological level of 0.9200 as seen on the provided four-hour chart. The impulsive third bigger wave is in progress and we believe that the first internal wave of this aforesaid third is still in progress. To conclude, the bullishness remains favored for the rest of the day and a break above 0.9260 will be a very positive indication.
The trading range for today is among key support at 0.0.8985 and key resistance at 0.9355.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9175 | 0.9145 | 0.9125 | 0.9105 | 0.9080 |
| Resistance | 0.9230 | 0.9260 | 0.9310 | 0.9360 | 0.9400 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9310 and stop loss below 0.8985 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair continues the rally after settling above the 50-days SMA and 0.9950 level. we may see a slight downside pullback as price has reached a short term descending resistance while Momentum indicators are within overbought areas. However the overall intraday bullish bias remains intact.
The trading range for the day is expected among the key support at 0.9850 and resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9900 | 0.9870 | 0.9850 | 0.9800 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9950 targeting 1.0050 and stop loss below 0.9870 might be appropriate. | ||||
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