Morning Report
The pair has mildly retraced from the intraday support around 1.3110 during the Asian session after achieving a negative daily closing below SMA 50 and below SMA 100 as seen on the provided daily chart. Adding Fibonacci retracement tool for the wave from the significant low around 1.2625 to the peak of 1.3485 will proved that 38.2% has been already taken opening the door towards 50% Fibonacci at 1.3055 followed by 1.3005 once again. The bearishness may continue today supported by the candlesticks formation and the negativity on Stochastic while a break below 1.3110 will confirm and accelerate.
The trading range for today is among key support at 1.2860 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 remain intact.
| Support | 1.3110 | 1.3080 | 1.3025 | 1.3005 | 1.2940 |
| Resistance | 1.3180 | 1.3200 | 1.3230 | 1.3250 | 1.3295 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3180 targeting 1.3005 and stop loss above 1.3300 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Cable has retraced slightly from 1.5820 zones after closing negatively below the daily chart clue at 1.5890 as seen on the provided daily chart. Parabolic SAR becomes negative supporting the bearish effect of the evening doji star pattern while Stochastic reflects the present bearish. Over four-hour interval, we can notice the breakout below the uptrend line carrying the short term trading; thus, we still see chances for achieving further losses over intraday basis and a break below 1.5820 will confirm and accelerate.
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 | 1.5820 | 1.5780 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5925 | 1.5975 | 1.6000 | 1.6025 | 1.6075 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5925 targeting 1.5730 and stop loss above 1.6075 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair is still locked in consolidation within the previous suggested flag pattern-continuation classical pattern- as seen on the provided daily chart. Stochastic remains positive suggesting that, the bullishness may continue over intraday basis but we need to witness a sustained breakout above the upper line of the aforementioned classical pattern. A break below 81.50 will slow down the upside journey while breaching through 81.00 will give us a reason for concern.
The trading range for today is among key support at 81.00 and key resistance now at 83.70.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.00 | 81.75 | 81.50 | 81.20 | 81.00 |
| Resistance | 82.50 | 82.70 | 83.00 | 83.20 | 83.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 82.50 targeting 84.15 and stop loss below 81.25 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
Finally, the pair has found the level that may cause some kind of correction as we anticipated yesterday as 0.9175-pivotal resistance- has force it to retrace. We believe that 0.9125-0.9130 will provide the pair with a good support to resume the upside rally based on our efficient Elliott count. The subsidiary image shows that daily candlestick has closed above Ribbons lines-EMA 10 to 80- supporting the bullish scenario proposed for intraday traders.
The trading range for today is among key support at 0.0.8985 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 | 0.9120 | 0.9105 | 0.9080 | 0.9030 | 0.9015 |
| Resistance | 0.9175 | 0.9200 | 0.9260 | 0.9310 | 0.9355 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9310 and stop loss below 0.8985 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair pushed to the upside yesterday after completing a retest of the breached resistance of falling wedge pattern, thus ending the trading session above the 50-days SMA and 0.9935 level, and RSI has crossed into the positive territory. We still see some upside potential initially towards the resistance of the pennant formation, but an extended bullish move should be confirmed by trading steadily above the formation.
The trading range for the day is expected among the key support at 0.9850 and resistance at 1.0080.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9900 | 0.9870 | 0.9850 | 0.9800 |
| Resistance | 0.9990 | 1.0020 | 1.0050 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9930 targeting 1.0050 and stop loss below 0.9870 might be appropriate. | ||||
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