Midday Report
The psychological level of 1.3000 still acts as a good support for the pair as it succeeded in preventing the pair from a collapse during the previous session. But, the negative sign on Stochastic in addition to stability below moving averages may assist bears to penetrate the aforesaid support level. To conclude, our outlook remains unchanged for the rest of the day.
The trading range for today is among key support at 1.2860 and key resistance at 1.3195.
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 | 1.3005 | 1.2975 | 1.2930 | 1.2900 | 1.2860 |
| Resistance | 1.3055 | 1.3080 | 1.3110 | 1.3140 | 1.3175 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3055 targeting 1.2825 and stop loss above 1.3230 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair is mildly correcting Friday's aggressive decline but trading remains trapped within tight range. Stochastic and the bearish engulfing candlestick pattern may assist bears to continue dominating the market direction over upcoming session. A sustained breakout below 1.5780 -key support- will confirm and accelerate the bearishness supported by coverage from Parabolic SAR.
The trading range for today is among key support at 1.5680 and key resistance at 1.6000.
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 | 1.5820 | 1.5780 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5880 | 1.5900 | 1.5925 | 1.5975 | 1.6000 |
| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The contradiction between momentum and trend indicators remains unchanged; whilst the pair remains trapped within the same narrow range despite retracing quickly from 80.50 zones. Thereby, the neutrality is still favored as we need a decisive 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 82.00.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 80.65 | 80.50 | 80.20 | 80.00 | 79.80 |
| Resistance | 81.00 | 81.25 | 81.50 | 81.80 | 82.00 |
| 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
According to the weekly scenario, the pair started to achieve some kind of correction due to the following two reasons:
- Drawing the internal corrective wave of Friday's impulsive actions.
- Relieving RSI 14.
Our count suggests that the bigger third wave is still in progress and thus we keep our bullish scenario intact for the rest of the day; a break above 0.9250 will ease the path towards 0.9335-0.9355 zones.
The trading range for today is among key support at 0.9125 and key resistance at 0.9355.
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 | 0.9200 | 0.9175 | 0.9145 | 0.9105 | 0.9080 |
| Resistance | 0.9260 | 0.9310 | 0.9355 | 0.9385 | 0.9400 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9200 targeting 0.9470 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair retested the awaited resistance at 1.0005 to reverse again, thus our weekly expectations remain valid supported by the negativity seen on Stochastic over the four-hour time frame.
The trading range for this week is expected among the key support at 0.9780 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9960 | 0.9900 | 0.9865 | 0.9845 | 0.9815 |
| Resistance | 1.0005 | 1.0030 | 1.0070 | 1.0100 | 1.0180 |
| Recommendation | Our morning expectations remain valid. | ||||
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