Morning Report
With a new daily closing below SMA 100 Pitchfork channel's resistance has proved its accuracy. Fibonacci level of 38.2% also has played a big role sending the pair to the downside. Now, we need to witness a sustained breakout below the pivotal support of 1.3080 to negate the moderate positive sign on Stochastic. The intraday basis remains bearish as far as 1.3250 hold; whilst short term traders' protection resides around 1.3380.
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 | 1.3110 | 1.3080 | 1.3025 | 1.3005 | 1.2975 |
| Resistance | 1.3150 | 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
The upper line of the recently established descending channel and the coverage from Parabolic SAR have pushed the pair mildly to the downside as seen on the provided daily chart. But, the positivity of Stochastic and closing above 1.5890 are reasons that force us to stay aside today. Of note, breaching the uptrend line that carried the movements from 1.5230 will bring the negative picture back into focus.
The trading range for today is among key support at 1.5730 and key resistance at 1.6100.
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 | 1.5880 | 1.5820 | 1.5780 | 1.5730 | 1.5680 |
| Resistance | 1.5950 | 1.5975 | 1.6000 | 1.6025 | 1.6075 |
| 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)
Morning Report
It seems that we have caught the starting point of the bigger third wave in the proper time as we changed our neutral stance into positive one yesterday. The pair has respected the positive divergence on RSI 14 over four-hour interval inclining violently as seen on the provided graph. The bullish sign on Stochastic over daily studies is another technical catalyst that encourages us to keep our bullish predictions intact over intraday basis. A break above 81.50 will accelerate and confirm.
The trading range for today is among key support at 80.00 and key resistance now at 83.20.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.00 | 80.75 | 80.50 | 80.20 | 80.00 |
| Resistance | 81.50 | 81.80 | 82.00 | 82.20 | 82.50 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.20 targeting 83.25 and stop loss below 79.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair remains locked in consolidation areas above 50% Fibonacci retracement of the entire upside rally from 0.8925 to 0.9335 zones as seen on the provided four-hour graph. Momentum indicator also has found a good support above oversold zones. Thereby, we still see chances for upside actions over intraday basis to form the internal third wave of the suggested Elliott count but not before clearing the key resistance level around 0.9175-0.9180. Conversely, 0.9080 should protect bulls; otherwise, our Elliott count should be reconsidered.
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 moved sharply lower and breached another important support for a potential continuation pattern shown on image that support resides at 0.9900 and turns into resistance now. Any trading below this level could be a reason for further bearishness supported by the continuation pattern, while stability below the main descending resistance at 1.0030 is required for the downside potential to remain intact.
The trading range for today is expected among the key support at 0.9730 and resistance at 1.0030.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
| Support | 0.9865 | 0.9840 | 0.9815 | 0.9785 | 0.9730 |
| Resistance | 0.9900 | 0.9935 | 0.9960 | 0.9995 | 1.0030 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.9900 , and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0000 might be appropriate | ||||
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