Morning Report
The pair continues hovering around SMA 50 after achieving a daily closing below it and below 1.3200 zones as seen on the provided daily graph. The previously anticipated negative sign on Stochastic became clearer and it may send the pair lower over intraday basis. A break below 1.3155 -38.2% Fibonacci- will accelerate and confirm the awaited downside wave.
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 | 1.3140 | 1.3110 | 1.3070 | 1.3055 | 1.3025 |
| Resistance | 1.3230 | 1.3250 | 1.3290 | 1.3320 | 1.3360 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3325 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
We are facing three obvious technical factors as follows:
- The pair has touched 7-month high at 1.6165 yesterday as we anticipated earlier and it represents a hard technical obstacle.
- Stochastic becomes negative as projected.
- A negative divergence appears on RSI 14 over four-hour interval.
Therefore, the PRZ of the bearish harmonic butterfly pattern might be activated; thus, potential downside move might be seen today. A break below 1.6060 will accelerate the bearishness while our risk limit resides at 1.6250 zones.
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 | 1.6165 | 1.6200 | 1.6230 | 1.6270 | 1.6300 |
| 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
After taking yesterday’s detected hard resistance -turned into support- at 81.25, the pair moved steadily upwards and is currently attacking the important resistance of 81.50 as seen on the provided four-hour chart. Additionally, RSI 14 stabilized above the value of 50 suggesting further gains over intraday basis. Ultimately, our proposed Elliott count remains favored and we believe that the bigger third wave is in progress.
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 | 81.25 | 81.00 | 80.75 | 80.50 | 80.20 |
| Resistance | 81.80 | 82.00 | 82.10 | 82.50 | 82.70 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 81.30 targeting 83.20 and stop loss below 80.00 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair didn’t show any big move since yesterday as it continued consolidating above the key support levels between 0.9080 and 0.9105 as seen on the provided daily chart. Stochastic has confirmed yesterday’s positivity via overlapping bullishly. Henceforth, we hold onto our bullish predictions over intraday basis protected by the psychological level of 0.9000. A break above 0.9145 followed by 0.9175 will be a very positive indication for short term traders.
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 0.9125 targeting 0.9300 and stop loss below 0.9000 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
Loonie reached the support area among 0.9870-0.9840, meanwhile stochastic has dipped deeply within oversold area, while the overall ranging market continues to be intact. Therefore, another upside rebound from this area is likely; otherwise a break below 0.9840 could signal a major breakout.
The trading range for today is expected among the key support at 0.9830 and resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
| Support | 0.9870 | 0.9840 | 0.9800 | 0.9770 | 0.9750 |
| Resistance | 0.9900 | 0.9950 | 0.9990 | 1.0020 | 1.0050 |
| Recommendation | Based on the charts and explanations above we recommend, buying the pair above 0.9840 targeting 1.0000 and 1.0050. Stop loss below 0.9830. | ||||
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