Morning Report
The pair is still struggling around 50% Fibonacci retracement of the entire upside wave from 1.2625 to the significant peak of 1.3485 as seen on the provided daily chart. Classically, we will continue relying on the breakout below the uptrend line, in addition to the negativity of candlesticks formation to suggest more downside actions and another breakout below the aforesaid 50% level. Of note, the oversold signal on Stochastic may cause fluctuation and a re-test of SMA 100 before resuming the projected bearishness.
The trading range for today is among key support at 1.2825 and key resistance at 1.3250.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3060 | 1.3025 | 1.2975 | 1.2940 | 1.2890 |
| Resistance | 1.3110 | 1.3140 | 1.3180 | 1.3200 | 1.3250 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3125 targeting 1.2940 and stop loss above 1.3260 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
One more time, the combination of SMA 50 and SMA 100 forced the pair to retrace after clear bearish actions in the morning session yesterday. But, the closing was achieved obviously below the wide resistance levels between 1.5890 and 1.5925 as seen on the provided daily graph. Momentum indicator -Stochastic- may cause fluctuation but the bearish candlestick formation and the aforementioned closing argue us to keep our negative scenario intact over intraday basis. A break below 1.5820 will confirm and accelerate it; whilst breaching through 1.6060-1.6075 will give a reason for concern.
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 | 1.5690 | 1.5630 |
| Resistance | 1.5900 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5900 targeting 1.5700 and stop loss above 1.6030 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The breakout below 81.50 support -turned into resistance- has caused impressive declines yesterday as seen on the provided daily chart. Classically, we should focus on the initial support of 79.55, but we can notice how momentum indicators are on their way to draw a potential oversold sign. Additionally, we have a psychological level at 80.00 which makes risk versus reward ratio very high. Thereby, we will stay aside today; noting that 81.50 serves as a pivot point for intraday traders.
The trading range for today is among key support at 79.55 and key resistance now at 82.20.
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 | 80.20 | 80.00 | 79.80 | 79.55 |
| Resistance | 81.00 | 81.25 | 81.50 | 81.80 | 82.20 |
| 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)
Morning Report
The consecutive failures to take 0.9175-0.9180 decisively yesterday may indicate that the internal second wave of the bigger third wave is still in progress. In this case, the area between 0.9130 and 0.9080 could be re-visited before moving higher. But if the internal second wave was already placed when the pair touched 0.9140 zones; then impressive bullish movements could be seen sooner. In both cases, the internal third wave of the bigger third wave is under preparation and we hold onto our bullish predictions over intraday basis supported by our caught Elliott sequence.
The trading range for today is among key support at 0.9000 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 | 0.9145 | 0.9105 | 0.9080 | 0.9030 | 0.9000 |
| Resistance | 0.9200 | 0.9230 | 0.9260 | 0.9310 | 0.9355 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9150 targeting 0.9310 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
Loonie rallied to reach the top of the range bound shown on the chart, where it found resistance to reverse slightly this morning. Stochastic has crossed over negatively within overbought area, while RSI has crossed back below 70 threshold. Thus we prefer to wait and see if the pair manages to take this resistance level and breakout of the range.
The trading range for today is expected among the key support at 0.9900 and resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 1.0020 | 0.9990 | 0.9950 | 0.9900 | 0.9870 |
| Resistance | 1.0050 | 1.0080 | 1.0120 | 1.0150 | 1.0200 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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