Midday Report
The pair has moved upwards re-testing one of the most important resistance levels around 1.3200 zones. SMA 50 still represents a hard technical obstacle despite taking the upper line of the descending channel since the entire price actions are stable below the major broken support line which carried the wave from 1.2625 zones. The sensitivity of the current levels forces us to hold onto our neutrality over intraday basis.
The trading range for today is among key support at 1.2930 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 areas remain intact.
| Support | 1.3140 | 1.3110 | 1.3080 | 1.3055 | 1.3025 |
| Resistance | 1.3200 | 1.3230 | 1.3250 | 1.3290 | 1.3320 |
| 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. | ||||
Great British Pound (GBP)
Midday Report
Cable continued approaching the technical objective detected since yesterday morning while Stochastic is running behind the price as well. Our objective around 1.6165 represents the high of October, 2011 where a cluster resistance level exists. Thereby, we are currently content with the profits of our yesterday’s morning recommendation and will watch out the price behaviors for the rest of the day.
The trading range for today is among key support at 1.5840 and key resistance at 1.6200.
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 | 1.6080 | 1.6025 | 1.6000 | 1.5975 | 1.5925 |
| Resistance | 1.6125 | 1.6165 | 1.6200 | 1.6230 | 1.6270 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside for the rest of the day as risk versus reward ratio increases. | ||||
Japanese Yen (JPY)
Midday Report
The pair started to hit the last line of Ribbons studies over daily basis as seen on the secondary image. Furthermore, it succeeded in taking 81.50 areas suggesting additional gains. Therefore, the awaited mild correction might have been postponed and a break of 82.10 will accelerate the bullishness.
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 | 81.50 | 81.25 | 81.00 | 80.75 | 80.50 |
| Resistance | 82.00 | 82.20 | 82.50 | 82.70 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.20 targeting 83.20 and stop loss below 79.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
Despite achieving downside actions during the previous session but the pair is still well supported by Parabolic SAR from below. Taking the last defensive line of Ribbons lines may bring additional losses but the technical situation is too sensitive forcing us to stay aside for the rest of the day. A break below 0.9000 levels will be a very negative indication for short term traders while our suggested Elliott count over four-hour interval discussed earlier will be damaged completely.
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 | 0.9105 | 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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Canadian Dollar (CAD)
Midday Report
The pair reversed to the downside affected by 0.9960 resistance level, and now we can see that price is testing the main support of the upside biased channel. Breaching this support around 0.9900 may lead to further downside pressure. Meanwhile, Stochastic and RSI tend to be negative.
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 0.9900.
| Support | 0.9900 | 0.9865 | 0.9840 | 0.9815 | 0.9785 |
| Resistance | 0.9960 | 0.9995 | 1.0030 | 1.0070 | 1.0100 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.9960, and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0030 might be appropriate | ||||
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