Midday Report
Adding Pitchfork channel for the same daily chart discussed this morning proves that the pair is finding a solid resistance which meets 38.2% Fibonacci of the wave from 1.2625 to 1.3485. Stochastic remains negative and that may bring a new downside attempt over intraday basis. A break below 1.3080 is required to reaffirm our negative scenario.
The trading range for today is among key support at 1.2930 and key resistance at 1.3290.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3110 | 1.3080 | 1.3025 | 1.3005 | 1.2975 |
| Resistance | 1.3180 | 1.3200 | 1.3250 | 1.3290 | 1.3320 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2975 and stop loss above 1.3235 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair has inclined and is currently touching the resistance line of the recently created bearish channel as seen on the provided daily chart. We will not make sure that the bearishness will come back unless it clears 1.5850-1.5840 zones. Coverage from Parabolic SAR and Stochastic may bring the negativity back into focus. Finally, a daily closing above 1.6000 will give us a reason for pause.
The trading range for today is among key support at 1.5680 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 areas remain intact.
| Support | 1.5925 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5975 | 1.6000 | 1.6025 | 1.6075 | 1.6125 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5840 targeting 1.5630 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair started to incline proving the solidity of the support levels between 80.00 and 80.20 as seen on the provided four-hour chart. The suggested Elliott count shows that there is a room up to form the grand third wave discussed in details this morning while the positive divergence on RSI reinforces our scenario.
The trading range for today is among key support at 79.55 and key resistance now at 82.00.
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 | 80.70 | 81.00 | 81.25 | 81.50 | 81.80 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 80.20 targeting 82.25 and stop loss below 78.85 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair continues finding good support around 50% Fibonacci of the wave from 0.8925 to 0.9335 while RSI 14 continues approaching the oversold areas. We still see chances for placing the internal second wave sooner where a base will be built for the third wave. Only a break below 0.9080 will threaten our proposed Elliott count.
The trading range for today is among key support at 0.9000 and key resistance at 0.9335.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9125 | 0.9105 | 0.9080 | 0.9030 | 0.9000 |
| 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 above 0.9180 targeting 0.9400 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
A strong bearish move was seen after touching areas among 1.000-1.0030 resistance, pushing the pair to trade back below the 20 and 50 exponential moving averages. Momentum indicators have turned negative, thus all support further bearishness today.
The trading range for today is among key support at 0.9000 and key resistance at 0.9335.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9935 | 0.9900 | 0.9865 | 0.9845 | 0.9815 |
| Resistance | 1.0000 | 1.0030 | 1.0070 | 1.0100 | 1.0120 |
| Recommendation | Our morning expectations remain valid. | ||||
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