Morning Report
The pair failed to maintain stability above the key 1.3220 resistance level, where it retreated to end yesterday’s trading session below the level. Thus increasing the possibilities for the awaited downside move, we look for another test of the bottom of the range-bound around 1.3000. Stochastic on the brick of leaving overbought area, supporting the bearish momentum.
The trading range for today is among key support at 1.3005 and key resistance at 1.3385.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3170 | 1.3140 | 1.3100 | 1.3065 | 1.3025 |
| Resistance | 1.3200 | 1.3225 | 1.3250 | 1.3290 | 1.3320 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3220 targeting 1.3170 and 1.3100 stop loss above 1.3280 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Price continues to hover above the key level at 1.6170 level, where it printed a daily closing above the level, on the other hand the rising wedge pattern suggests a downside reversal, while Stochastic crossed over negatively. Accordingly we prefer to be a bit more cautious today and stay aside awaiting further developments.
The trading range for today is among key support at 1.5880 and key resistance at 1.6300.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6100 | 1.6060 | 1.6025 | 1.6000 | 1.5975 |
| Resistance | 1.6170 | 1.6200 | 1.6250 | 1.6270 | 1.6300 |
| 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)
Morning Report
The pair started the day with heavy fluctuations, where trading remains confined within the short term descending channel; meanwhile, momentum indicators are providing conflicting signals, as RSI remains steady below 50 while Stochastic has crossed over positively, thus we prefer to see further confirmations on the next possible direction.
The trading range for today is among key support at 80.00 and key resistance now at 82.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.75 | 80.50 | 80.20 | 80.00 | 79.75 |
| Resistance | 81.00 | 81.25 | 81.50 | 81.80 | 82.00 |
| 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)
Morning Report
The pair maintained the rebound; currently testing the 50-days SMA; meanwhile, Stochastic crossed over positively and attempting to leave oversold area, thus we hold onto our bullish expectations for the pair within the upcoming period as long as the symmetrical triangle pattern continues to halt downside attempts.
The trading range for today is among key support at 0.8965 and key resistance at 0.9260.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| 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 0.9075 targeting 0.9150 and 0.9300 stop loss below 0.9000 | ||||
Canadian Dollar (CAD)
Morning Report
The pair provided an upside correction in attempts to retest the previously breached support level, which turned into resistance now at 0.9885. Consolidation below this support drives us to consider the current bullishness as a correction before resuming the downside movement. Stochastic is within overbought areas which supports our negative expectations.
The trading range for today is among the key support at 0.9750 and key resistance now at 0.9900.
The short-term trend is to the upside as far as 0.9900 remains intact, targeting 1.0650.
| Support | 0.9840 | 0.9815 | 0.9785 | 0.9720 | 0.9700 |
| Resistance | 0.9885 | 0.9900 | 0.9920 | 0.9960 | 0.9995 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair below 0.9885, targeting 0.9800, and 0.9750 and stop loss above 0.9900 might be appropriate. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment