Morning Report
The pair has moved sharply to the downside achieving a new negative closing below 38.2% Fibonacci retracement of the entire upside rally from 1.2625 to 1.3485 zones as seen on the provided graph. SMA 100 stopped yesterday’s collapse but Stochastic turned negative. Thus, we believe that the pair may achieve a new technical attempt to clear SMA 100 while breaching through 1.3055 will confirm and accelerate the bearish actions.
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 remain intact.
| Support | 1.3110 | 1.3070 | 1.3055 | 1.3025 | 1.3005 |
| Resistance | 1.3180 | 1.3200 | 1.3230 | 1.3250 | 1.3290 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair has been trapped within a very tight range since the opening of the week; whilst Stochastic was taken deeper inside overbought areas. Cable may respond to the sign on momentum indicator as the PRZ -potential reversal zones- of the bearish harmonic butterfly pattern are under preparation. A break below 1.6060 will reaffirm the bearish scenario suggested for intraday traders. On the upside, areas of 1.6250 should protect bears.
The trading range for today is among key support at 1.5880 and key resistance at 1.6250.
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 | 1.6165 | 1.6200 | 1.6230 | 1.6250 | 1.6270 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.6165 targeting 1.5975 and stop loss above 1.6250 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The USD/JPY pair continues hovering around 38.2% Fibonacci retracement of the entire bullish rally from 75.55 to the significant peak of 84.15 as seen on the provided four-hour graph. We still classify the current price behaviors as internal corrections for the bigger third wave of our suggested Elliott count discussed several times before. Meanwhile, RSI 14 is gradually approaching oversold territories and that may bring an upside move sooner. Only a break back below 80.00-79.80 zones will negate the move and give us a reason for concern.
The trading range for today is among key support at 79.80 and key resistance now at 82.10.
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 | 79.80 |
| Resistance | 81.20 | 81.50 | 81.80 | 82.00 | 82.10 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 81.25 targeting 83.20 and stop loss below 79.85 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The daily closing above the key support levels between 0.9105 and 0.9080 confirmed the solidity of Keltner channel’s lower line. In the interim, Stochastic succeeded in achieving a bullish crossover suggesting additional gains over upcoming hours. A break above 0.9175 followed by 0.9200 will confirm the bullishness while clearing SMA 100 will be an indication that the current correction is finished and 0.9350 zones will be targeted. On the downside, a sustained breakout below 0.9000 will give us a rational reason for pause.
The trading range for today is among key support at 0.9000 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 | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| Resistance | 0.9175 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9300 and stop loss below 0.9000 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair is pushing downwards, where sharp fluctuations continue to dominate the trade, meanwhile the range bound among 1.0050 resistance and 0.9840 support has been intact since weeks. Now, the pair is attempting to the downside again, for a possible retest of the bottom of the range, however at the current level we prefer to stay aside as risk-reward is inappropriate.
The trading range for today is expected among the key support at 0.9840 and resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9850.
| Support | 0.9900 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9950 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend staying aside awaiting further confirmations | ||||
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