Midday Report
The pair started to act in response to the negativity on Stochastic hinted this morning in the weekly report. We will not follow this signal unless it clears the pivotal support areas between 1.3200 and 1.3180 and preferably below 38.2% Fibonacci at 1.3155 zones. Bears should be well covered by 1.3320 over intraday basis.
The trading range for today is among key support at 1.3070 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 | 1.3180 | 1.3155 | 1.3140 | 1.3110 |
| Resistance | 1.3250 | 1.3290 | 1.3320 | 1.3360 | 1.3385 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3180 targeting 1.3000 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The previous hinted fluctuation started to be seen on the price behaviors and the pair is approaching the entry point of our weekly technical comment at 1.6230 as seen on the provided chart. Stability above 1.6165 should continue as a break of which will threaten our bullish scenario which targets 1.6390 zones.
The trading range for today is among key support at 1.6165 and key resistance at 1.6400.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6230 | 1.6200 | 1.6180 | 1.6165 | 1.6125 |
| Resistance | 1.6270 | 1.6300 | 1.6325 | 1.6350 | 1.6390 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 1.6230 targeting 1.6390 and stop loss below 1.6120 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair didn’t show any big move since the opening of the week while stability remains above the psychological level of 80.00. In the interim, the negative pressure from the bearish channel is still seen while SMA 100 is a good floor for bulls. To recap, we remain neutral waiting for considerable technical setup to define the next move.
The trading range for today is among key support at 79.25 and key resistance now at 81.20.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.00 | 79.80 | 79.55 | 79.25 | 79.10 |
| Resistance | 80.30 | 80.50 | 80.75 | 81.00 | 81.25 |
| 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
Moving within oversold territories and the support line of the above seen pattern assisted the pair to grind higher as seen on the provided graph. We may follow this reversal probability once the pair takes 0.9130-0.9145 zones as Stochastic still has room up to get outside oversold zones.
The trading range for today is among key support at 0.8965 and key resistance at 0.9175.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9070 | 0.9030 | 0.9015 | 0.9000 | 0.8985 |
| Resistance | 0.9105 | 0.9130 | 0.9145 | 0.9175 | 0.9200 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.9130 targeting 0.9260 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is attempting to gather the bullish momentum again, however the short term bearish resumption scenario remains intact for the rest of the day, and now we anticipate the pullback to grab price towards our awaited resistance level at 0.9860.
The trading range for this week is expected among the key support at 0.9650 and resistance at 0.9950.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0070.
| Support | 0.9800 | 0.9770 | 0.9750 | 0.9720 | 0.9700 |
| Resistance | 0.9840 | 0.9865 | 0.9900 | 0.9930 | 0.9980 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair below 0.9865 targeting 0.9800 and 0.9750. Stop loss above 0.9950 | ||||
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