Midday Report
The pair has been trading within a narrow range since morning and the consolidation is still seen between 38.2% and 50% Fibonacci levels. A break below 1.3080 is needed to confirm the suggested bearishness which is based in the coverage provided by SMA 50 and SMA 100. Stochastic is to cause fluctuation during the next sessions.
The trading range for today is among key support at 1.2975 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 | 1.3125 | 1.3080 | 1.3060 | 1.3025 | 1.3005 |
| Resistance | 1.3150 | 1.3180 | 1.3200 | 1.3230 | 1.3250 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2900 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair continued its bullish attempts to stabilize above the initial resistance levels between 1.5890 and 1.5925 as seen on the provided daily chart. Parabolic SAR continues covering the bearishness that started at 1.6060 zones despite the positivity appearing on Stochastic. Risk versus reward ratio is too high and thus, we are forced to stay aside for the rest of the day.
The trading range for today is among key support at 1.5730 and key resistance at 1.6100.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5925 | 1.5900 | 1.5880 | 1.5820 | 1.5780 |
| Resistance | 1.5975 | 1.6000 | 1.6025 | 1.6075 | 1.6100 |
| 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 technical situation remains unchanged since our morning report was published as the pair remains trapped within a very tight range. Meanwhile, Stochastic started to be positive; whilst Vortex is negative; thus, we will continue watching out the price behaviors until the breaches 81.50 or 80.00 to define the next move.
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 | 80.75 | 80.50 | 80.20 | 80.00 | 79.80 |
| Resistance | 81.25 | 81.50 | 81.80 | 82.20 | 82.50 |
| 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
Between SMA 20 and SMA 50 the pair is still restrained while RSI 14 needs more downside actions to enter the oversold territories as projected. Anyway, our proposed Elliott count remains in favor and we may witness a price explosion sooner. A break above 0.9175 will invigorate bulls' attempts to resume the rally they started at 0.9000 zones.
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 | 0.9125 | 0.9105 | 0.9080 | 0.9030 | 0.9000 |
| Resistance | 0.9175 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9260 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair has broken the neckline of the double top pattern, and now we can see attempts to breach the ascending support shown on image. Now, if price manages to settle below the 50 EMA at 0.9980, we may see an extension of the downside move rapidly. Taking into consideration that steady trading below 1.0070 is required for the negativity to remain intact.
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 | 0.9980 | 0.9950 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 1.0030 | 1.0050 | 1.0070 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.0030, and take profit in stages at (0.9950 and 0.9900) and stop loss above 1.0070 might be appropriate | ||||
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