Midday Report
After testing the key resistance levels between 1.3180 and 1.3170, the pair moved mildly to the downside re-attacking 38.2% Fibonacci level once more. We will continue relying on coverage from SMA 50 and the negativity of Stochastic to suggest further losses over coming hours.
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 | 1.3140 | 1.3110 | 1.3070 | 1.3055 | 1.3025 |
| 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)
Midday Report
The pair continued rallying towards the 7-month high at 1.6165 while Stochastic enters overbought territories and that may assist it to form the PRZ of the potential bearish harmonic butterfly pattern. In result, we hold onto our bearish scenario for the rest of the day; noting that, a break below 1.6100 followed by 1.6060 will be a negative indication for short term traders.
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 | 1.6125 | 1.6100 | 1.6060 | 1.6025 | 1.6000 |
| 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)
Midday Report
The pair succeeded in moving upwards and is currently taking the proposed entry point around 81.20-81.25 as seen on the provided four-hour graph. Meanwhile, RSI 14 has created a support line supporting the technical idea of forming the third wave of our proposed Elliott count. A break above 81.50 will actuate bulls to support their long positions.
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 | 81.00 | 80.75 | 80.50 | 80.20 | 80.00 |
| Resistance | 81.50 | 81.80 | 82.00 | 82.10 | 82.50 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair remains trapped within a very tight range consolidating above the proposed entry point of 0.9125 zones as seen on the provided daily chart. Stochastic is positive and that may bring additional gains for the rest of the day; noting that a breakout above 0.9175 will accelerate the move.
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 | 0.9125 | 0.9105 | 0.9080 | 0.9030 | 0.9000 |
| Resistance | 0.9175 | 0.9200 | 0.9230 | 0.9260 | 0.9310 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair barely moved since morning, however due to some economic releases within the upcoming hours; if we witness a dip towards the bottom of the range we will count on the main support of the range bound from 0.9870 to 0.9840 to anticipate another upside rebound, where Stochastic has entered oversold territory as well.
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 0.9900.
| 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 buying the pair around 0.9865 targeting 0.9900 and 0.9975. Stop loss below 0.9840. | ||||
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