Midday Report
The pair is currently attempting to take the pivotal resistance areas between 1.3200 and 1.3230 as seen on the provided chart. We are not completely sure whether it will succeed or not since Stochastic remains negative. Thus, we will continue depending on momentum indicator to suggest possible downside actions for the rest of the day but not before stabilizing again below 1.3200 and preferably below 1.3155.
The trading range for today is among key support at 1.3005 and key resistance at 1.3385.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3200 | 1.3180 | 1.3140 | 1.3110 | 1.3070 |
| Resistance | 1.3230 | 1.3250 | 1.3290 | 1.3320 | 1.3360 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3325 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair has plummeted sharply from our detected reversal zones around 7-month high around 1.6165 as seen on the provided chart. The PRZ of the bearish harmonic butterfly pattern have been activated as well, while Stochastic reflects the obvious negativity. Hence, our constructive bearish overview which we started with the beginning of this week remains valid. A break below 1.6060 will accelerate the decline.
The trading range for today is among key support at 1.5880 and key resistance at 1.6300.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6060 | 1.6025 | 1.6000 | 1.5975 | 1.5925 |
| Resistance | 1.6125 | 1.6165 | 1.6200 | 1.6230 | 1.6270 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
Back to the daily studies, we can see how the pair found solid resistance around 81.50 zones which forced the pair to move mildly downwards. Momentum indicators may need more fluctuation to fix their signs but Vortex -trend indicator- remains positive and thus, we believe that the pair may gather the bullish momentum it needs to surpass the sensitive areas around 81.50 over upcoming hours. A break below 80.00 will give us a reason for pause.
The trading range for today is among key support at 80.00 and key resistance now at 82.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.00 | 80.75 | 80.50 | 80.20 | 80.00 |
| Resistance | 81.50 | 81.80 | 82.00 | 82.10 | 82.50 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair is presently retesting the key support level of 0.9080 which represents a cluster support level as the pair meets the lower line of Keltner channel again. We hold onto our morning predictions but we need a breakout above 0.9125-0.9130 to confirm the outlook. Stability below 0.9000 will postpone the scenario and will give us a reason for concern.
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 | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9125 | 0.9145 | 0.9175 | 0.9200 | 0.9230 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.9125 targeting 0.9300 and stop loss below 0.9000 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair retested the awaited support zone among 0.9870-0.9840, and currently trading above 0.9870, while Stochastic is about to complete a bullish crossover. Accordingly, we still hold onto our expectations for an intraday upside rebound.
The trading range for today is expected among the key support at 0.9830 and resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
| Support | 0.9850 | 0.9800 | 0.9770 | 0.9750 | 0.9725 |
| Resistance | 0.9870 | 0.9900 | 0.9950 | 0.9990 | 1.0020 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair above 0.9840 targeting 1.0000 and 1.0050. Stop loss below 0.9830. | ||||
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