Midday Report
The pair has been trading narrowly but we can notice some kind of bearish tendency on the graph after re-testing the underside of the broken uptrend line. We expect downside pressures for the rest of the day supported by the coverage from SMA 50 but not before taking 1.3080 support.
The trading range for today is among key support at 1.2975 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 | 1.3125 | 1.3080 | 1.3060 | 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 1.3080 targeting 1.2900 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair has moved to the downside while Stochastic was on the way to confirm losing its upside steam. Parabolic SAR covers the bearishness but the pair is still stable above moving averages and above 1.5890; thus, we will remain neutral. Remember, staying aside is a position in similar cases.
The trading range for today is among key support at 1.5730 and key resistance at 1.6125.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5900 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5950 | 1.5975 | 1.6000 | 1.6025 | 1.6060 |
| 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 contradiction between momentum and trend indicators remains unchanged; whilst the pair remains trapped within same narrow range. Thereby, the neutrality is still favored ahead of the week's closing and we need a sustained breakout above 81.50 or below 80.00 to define the direction clearly.
The trading range for today is among key support at 79.55 and key resistance now at 82.20.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.75 | 80.50 | 80.20 | 80.00 | 79.80 |
| Resistance | 81.25 | 81.50 | 81.80 | 82.20 | 82.50 |
| 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
The pair succeeded in achieving a positive closing above 50% Fibonacci of the above seen bullish wave and that confirms the strength of yesterday's pullback from 61.8%. But, we still need a breakout above the level of 0.9155 –moving averages meeting point- to confirm the bullishness suggested for today's trading. Setbacks should be supported at 0.9025.
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 | 0.9105 | 0.9080 | 0.9030 | 0.9000 | 0.8985 |
| 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 around 0.9105 targeting 0.9260 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
Pressure has increased on the pair, where the pair is trading around the 78.6% Fibonacci level of the CD leg of the harmonic butterfly pattern. Despite Stochastic's positive attempts, RSI remains bearishly biased, while also price settles below the exponential moving averages 20 and 50. Thus we still think the bearishness is favored, and with stability below 0.9935 we may see further downside towards the bottom of point C and maybe lower.
The trading range for today is expected among the key support at 0.9815 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9900 | 0.9865 | 0.9845 | 0.9815 | 0.9770 |
| Resistance | 0.9960 | 0.9995 | 1.0030 | 1.0070 | 1.0100 |
| Recommendation | Our morning expectations remain valid. | ||||
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