Midday Report
The pair declined sharply attempting to take the detected pivotal support of 1.3080 negatively influenced by the solidity of 38.2% Fibonacci hinted this morning. More downside pressure is awaited mainly targeting 1.3000 zones once again; whilst a break of which will trigger a panic sell-off action for the rest of the day. For more details about the risk limit over short term basis, we recommend reviewing the morning report.
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 | 1.3055 | 1.3025 | 1.3005 | 1.2975 | 1.2930 |
| Resistance | 1.3110 | 1.3140 | 1.3180 | 1.3200 | 1.3250 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The morning discussed positive sign on Stochastic has pushed the pair upwards in an attempt to clear the upper line of the recently drawn descending channel. It is all about today’s closing as the sensitivity of the psychological level of 1.6000 prevents us from suggesting further gain while Parabolic SAR continues covering the price. To conclude, we remain neutral 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 areas remain intact.
| Support | 1.5950 | 1.5925 | 1.5900 | 1.5880 | 1.5840 |
| Resistance | 1.6000 | 1.6025 | 1.6075 | 1.6100 | 1.6125 |
| 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 pair continued the upside move during the previous session and is currently attacking the initial resistance level of 81.50 as we predicted earlier. The suggested Elliott count continues proving its accuracy; whilst Stochastic over daily basis remains positive. Therefore, the bullishness is still in favor for the rest of the day and a break above 81.50 will bring strong buying interests.
The trading range for today is among key support at 80.00 and key resistance now at 83.20.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.25 | 81.00 | 80.75 | 80.50 | 80.20 |
| Resistance | 81.80 | 82.00 | 82.20 | 82.50 | 82.90 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
With a four-hour closing above the key level of 0.9175, moving averages have overlapped positively once again. Accordingly, our bullish scenario of resuming the upside actions which started at the bigger second wave becomes active. A break above 0.9230 will be a very positive indication for short term traders.
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 | 0.9145 | 0.9125 | 0.9105 | 0.9080 | 0.9030 |
| Resistance | 0.9200 | 0.9230 | 0.9260 | 0.9310 | 0.9355 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trying to retest the breached support which turns into resistance now at 0.9900 and 0.9935. Stochastic is within overbought area thus may delay the awaited downside move, however trading below 1.000 and 1.0030 keeps the bearish bias intact supported the continuation technical pattern.
The trading range for today is expected among the key support at 0.9730 and resistance at 1.0030.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
| Support | 0.9865 | 0.9840 | 0.9815 | 0.9785 | 0.9730 |
| Resistance | 0.9900 | 0.9935 | 0.9960 | 1.0000 | 1.0030 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.9900, and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0000 might be appropriate | ||||
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