Morning Report
The pair has reversed from 2 month low after achieving an attempt to take the psychological level of 1.3000 yesterday as seen on the provided daily chart. But, the secondary image shows that the closing was achieved as well below Ribbons lines -EMA10 to 80- thus, we may witness another technical attempt on the aforesaid support level over intraday basis. Additionally, Stochastic remains negative supporting bears.
The trading range for today is among key support at 1.2930 and key resistance at 1.3290.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3080 | 1.3025 | 1.3005 | 1.2975 | 1.2930 |
| Resistance | 1.3140 | 1.3180 | 1.3200 | 1.3250 | 1.3290 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3080 targeting 1.2975 and stop loss above 1.3235 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Yesterday's upside recovery from the support line -uptrend line- that carried the movements from the significant low of 1.5230 could be seen as a positive indication. But, the recently established descending channel and the negative sign on Stochastic are factors that argue us to hold onto our bearish predictions over intraday basis. A break below 1.5840 -SMA 200- is required to reinforce our outlook.
The trading range for today is among key support at 1.5680 and key resistance at 1.6075.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5850 | 1.5820 | 1.5780 | 1.5730 | 1.5680 |
| Resistance | 1.5900 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5840 targeting 1.5630 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Having a look at the four-hour interval proves that the pair is currently correcting the entire upside move from the trough of 75.50. The proposed Elliott sequence suggests a potential Impulsive structure (IM) from the aforesaid low to the significant peak of 84.15 followed by 2 confirmed corrective waves. Thereby, we believe that the pair is presently forming the last reactionary wave of the bigger second wave and we may witness an impressive upside move over upcoming period to form the bigger third wave. Potential positive divergence is currently under preparation supporting our positive scenario.
The trading range for today is among key support at 79.55 and key resistance now at 82.00.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.20 | 80.00 | 79.80 | 79.55 | 79.20 |
| Resistance | 80.70 | 81.00 | 81.25 | 81.50 | 81.80 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 80.20 targeting 82.25 and stop loss below 78.85 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
In line with yesterday's proposed downside recovery to relieve RSI 14, the pair has moved to the downside approaching the important support of 0.9125 as seen on the provided daily graph. This decline might have formed the internal second wave of the bigger third and thus, we hold onto our bullish scenario but we need to witness a sustained breakout above 0.9175-0.9180 to confirm and accelerate the move. Coming below 0.9080 will threaten the count.
The trading range for today is among key support at 0.9000 and key resistance at 0.9335.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 areas 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 | Based on the charts and explanations above our opinion is, buying the pair above 0.9180 targeting 0.9400 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair settles below the main previously breached ascending support, and below the recently formed descending resistance; this resistance at 1.0030 forms the main barrier and protection for the intraday downside bias today. Trading below the aforementioned resistance could push the pair to settle below the exponential moving averages 20, and 50, hinting further negativity, while breaching 1.0070 to the upside shall threaten the negative bias.
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 0.9900.
| Support | 0.9960 | 0.9935 | 0.9900 | 0.9865 | 0.9815 |
| Resistance | 1.0000 | 1.0030 | 1.0070 | 1.0100 | 1.0120 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0000, and take profit in stages at (0.9905 and 0.9865) and stop loss above 1.0070 might be appropriate | ||||
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