The pair is still showing bearish tendency after taking 38.2% Fibonacci earlier as we discussed this morning and now we have a technical obstacle on our chart since SMA 100 may cause some fluctuation. But, we will continue to depend on the bearish candlesticks formation and the breakout below 38.2% Fibonacci in addition to the negativity on Stochastic to suggest additional losses for the rest of the day. A break below 1.3140 will accelerate the bearish wave.
The trading range for today is among key support at 1.3005 and key resistance at 1.3415.
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 | 1.3080 | 1.3025 | 1.3005 |
| Resistance | 1.3230 | 1.3250 | 1.3295 | 1.3320 | 1.3375 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3220 targeting 1.3005 and stop loss above 1.3380 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair was very close to the previous proposed entry point where the pivotal resistance of 1.5925 exists, and then it collapsed once again reinforcing the bearish effect of the evening doji star pattern hinted this morning. Stochastic is still negative encouraging us to keep our bearish outlook intact for the rest of the day. A break below 1.5820 will accelerate and confirm the scenario.
The trading range for today is among key support at 1.5630 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 remain intact.
| Support | 1.5820 | 1.5780 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5925 | 1.5975 | 1.6000 | 1.6025 | 1.6075 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5925 targeting 1.5730 and stop loss above 1.6060 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
Affected by touching the resistance line of our caught flag pattern, the pair started to correct yesterday's impressive inclines. We need to witness stability above the pivotal zones between 82.30 and 82.50 to make sure that 81.50 will not be re-tested. Anyway, our positive scenario remains valid while 81.00 should hold to protect it.
The trading range for today is among key support at 81.00 and key resistance now at 84.15.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 82.25 | 82.00 | 81.75 | 81.50 | 81.20 |
| Resistance | 82.50 | 82.70 | 83.00 | 83.20 | 83.50 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair continued moving higher respecting the impulsive nature of the current wave as we discussed several times before. RSI 14 may cause an internal correction but the major reversal bullishness may continue for the rest of the day. Of note, there is no sign for topping until now to say that the first internal wave of the bigger third is placed.
The trading range for today is among key support at 0.0.8925 and key resistance at 0.9310.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9120 | 0.9105 | 0.9080 | 0.9030 | 0.9015 |
| Resistance | 0.9175 | 0.9200 | 0.9260 | 0.9310 | 0.9355 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9080 targeting 0.9260 and stop loss below 0.8950 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trying to stabilize above the breached falling wedge pattern, meanwhile Stochastic remains pretty neutral, thus a push above the 50 days average could ease the way towards the top of the pennant formation. While a breach above the pennant could confirm a bullish rally.
The trading range for the day is expected among the key support at 0.9820 and resistance at 1.0045.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9950 | 0.9900 | 0.9870 | 0.9850 | 0.9830 |
| Resistance | 0.9990 | 1.0020 | 1.0045 | 1.0080 | 1.0120 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9900 targeting 1.0045 and stop loss below 0.9830 might be appropriate. | ||||
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