Morning Report
The pair has re-tested the underside of the previous broken support line that carried the movements from 1.2625 to 1.3485 where it meet SMA 50 as seen o the provided daily chart. The secondary image of the four-hour interval shows that a bearish candlestick formation has been already formed and it may push the pair lower once again over intraday basis. But, we need to witness a breakout below 1.3080 to confirm the classical bearish scenario and to change the sign on Stochastic.
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 | 1.3180 | 1.3200 | 1.3230 | 1.3250 | 1.3290 |
| 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)
Morning Report
Yesterday's bullish attempts to stabilize above 1.5925 zones have been limited below the critical psychological level of 1.6000 where the pair started to decline again as seen on the provided daily chart. It seems that Stochastic is losing its upside steam while Parabolic SAR is covering the entire upside recovery from 1.5800 zones. Stability above 1.5890-1.5925 contradicts with the aforesaid negative technical signs on momentum and trend indicators. Thereby, we hold onto our neutrality over intraday basis.
The trading range for today is among key support at 1.5730 and key resistance at 1.6125.
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 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5975 | 1.6000 | 1.6025 | 1.6060 | 1.6075 |
| 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)
Morning Report
The pair remains trapped within a very narrow range after as seen on the provided daily chart. Stochastic and RSI 14 may started to show positive signs that may cause an upside recovery but trading below 81.50 resistance and the negativity on Vortex indicator -trend indicator- are reasons that force us to stay aside over intraday basis. Note that break below 80.50 followed by 80.00 will bring additional bearish pressures.
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)
Morning Report
The pair has moved to the downside re-testing 61.8% Fibonacci retracement of the entire upside rally from 0.8925 to the peak of 0.9335 where it found a very good support. Now, we believe that the last wave (c) of the internal second wave has been placed after drawing five waves from b point. RSI 14 started to be positive as we anticipated yesterday but we need to witness a breakout above SMA 20 and SMA 50 to confirm our bullish scenario based on the above seen Elliott count.
The trading range for today is among key support at 0.8965 and key resistance at 0.9260.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9105 targeting 0.9260 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
A possible bearish butterfly harmonic pattern could be developing; price now is trading below the 61.8% Fibonacci for the CD leg of the pattern, and this level at 0.9960 has turned into a resistance, where stability below it favors a retest of the 78.6% level at 0.9935, if breached we may see an extension of the move towards the 127.2% level at 0.9865. Taking into consideration that stability below 0.9995 is required for the negativity to remain intact.
The trading range for today is expected among the key support at 0.9815 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9935 | 0.9900 | 0.9865 | 0.9845 | 0.9815 |
| Resistance | 0.9960 | 0.9995 | 1.0000 | 1.0030 | 1.0070 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 0.9960 targeting 0.9905 and 0.9865 and stop loss above 0.9995. | ||||
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