Midday Report
The pair has inclined retesting yesterday's high territory around 1.3150 where we believe that it will be able to gather the momentum in needs to move lower again. Furthermore, Stochastic over daily studies was in need for a relief but when we look at the four-hour graph, we can see another probability for testing SMA 50 where Stochastic may enter overbought areas. Anyway, we hold onto our bearish predictions as far as 1.3250 remains intact.
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 | 1.3125 | 1.3080 | 1.3060 | 1.3025 | 1.3005 |
| Resistance | 1.3180 | 1.3200 | 1.3250 | 1.3290 | 1.3320 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair is currently re-testing the pivotal resistance around 1.5925 while the four-hour interval shows how a correctional ascending channel was formed successfully. Stochastic shows signs of additional strength but it is on the way to enter overbought territory. Thereby, the bearishness may start sooner and a break below 1.5820 will actuate traders to support their short positions.
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 | 1.5900 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5950 | 1.6000 | 1.6025 | 1.6075 | 1.6100 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
Following yesterday's sharp decline, the pair didn’t show any big move today while Stochastic and RSI 14 are on the way towards oversold areas. Moreover, Vortex shows the strength of the bearish wave and thus, there is a contrarian between momentum and trend indicators that argues us to stay aside for the rest of the day. A break below the psychological level of 80.00 will be a very negative indicator.
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)
Midday Report
The decline seen during the morning session explains why we added a question mark on the morning chart as there is a probability for extending the current correction towards 0.9080 zones to complete C wave of the internal second wave discussed earlier. RSI 14 may touch the oversold areas when the pair touches areas between 0.9105 and 0.9080. To recap, the allover structure remains bullish as we look at the present price actions as a correction.
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 | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| Resistance | 0.9175 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair remained under downside pressure after testing the key resistance at 1.0050. Momentum indicators have reversed direction as well; thus we expect the current range bound to hold and look for an intraday downside attempt towards 0.9950 level again.
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 | 0.9990 | 0.9950 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 1.0020 | 1.0050 | 1.0080 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0040 targeting 0.9950, and stop loss above 1.0080. | ||||
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