Midday Report
The pair has rebounded sharply to trade back above 1.3220 thus activating our suggested negative scenario this morning. Failing to maintain the downside direction and heading back above this level threatens the intraday downside bias, however we haven’t seen any daily closing above the level so we continue to hold onto our morning scenario.
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 | 1.3200 | 1.3170 | 1.3140 | 1.3100 | 1.3065 |
| Resistance | 1.3225 | 1.3250 | 1.3290 | 1.3320 | 1.3350 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair maintained the rally, where it failed to hold below 1.6170 again to trade above 1.6200 mark; meanwhile, Stochastic has gone deeply within overbought area; thus we prefer to remain aside for the rest of the day.
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 | 1.6200 | 1.6170 | 1.6100 | 1.6060 | 1.6025 |
| Resistance | 1.6250 | 1.6270 | 1.6300 | 1.6330 | 1.6350 |
| 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)
Midday Report
The pair dipped to 80.50 before rebounding slightly attempting to gather the bullish momentum again. In general, so long as trading remain among 80.00 support and the main descending resistance of the declining channel, we will remain neutral on the pair, awaiting a directional break of those two key levels.
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 | 80.50 | 80.20 | 80.00 | 79.75 | 79.50 |
| Resistance | 80.75 | 81.00 | 81.25 | 81.50 | 81.80 |
| 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)
Midday Report
After the sharp rally a sharp decline followed, where major swings dominate the trading session. The pair has tested 0.9070 area thus activating our morning scenario; which we maintain for the rest of the day.
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 | Our morning scenario remains valid. | ||||
Canadian Dollar (CAD)
Midday Report
Loonie topped at 0.9870 before reversing again to resume the downside bias, thus we maintain our bearish expectations for the pair for the rest of the day.
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 | 00.9900 | 0.9920 | 0.9960 | 0.9995 |
| Recommendation | Our morning scenario remains valid. | ||||
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