Morning Report
The pair continued consolidating between 38.2% and 50% Fibonacci levels of the upside wave from 1.2625 to the peak of 1.3485 after finding a good support around 1.3050 zones. We can notice that trading remains below the previous broken support line which carried the aforesaid wave while SMA 100 serves as a solid resistance for the previous five days. We hold onto our classical bearish overview but we need another breakout below the pivotal support of 1.3080 to confirm and accelerate.
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 | 1.3080 | 1.3060 | 1.3025 | 1.3005 | 1.2975 |
| 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 1.2900 and stop loss above 1.3320 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
SMA 200 has provided the pair with good support yesterday assisting it to achieve a daily closing above the level which is described as a clue for intraday traders at 1.5890 as seen on the provided daily graph. Stochastic remains positive but it is gradually approaching the overbought territory very quickly compared with the tight range dominating the movements since the indicator achieved a positive crossover. We will stay aside today until the chart offers convenient signals to clarify the upcoming direction.
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 remain intact.
| Support | 1.5900 | 1.5880 | 1.5820 | 1.5780 | 1.5730 |
| Resistance | 1.5950 | 1.6000 | 1.6025 | 1.6075 | 1.6100 |
| 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
The pair has been trading within a very tight range after Tuesday's collapse as seen on the provided daily chart. Stochastic and RSI 14 may cause an upside recovery but trading below 81.50 resistance and the negativity on Vortex indicator -trend indicator- are reasons that force us to stay aside over intraday basis. A break below 80.50 followed by 80.00 will bring additional bearish pressures, but on the other side, clearing 81.50 decisively will invigorate bulls.
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 | 80.50 | 80.20 | 80.00 | 79.80 | 79.55 |
| 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)
Morning Report
The descending channel –recently drawn on the chart- proves that the pair is still forming the internal c wave of the suggested second wave of our proposed Elliott count. Re-visiting 0.9125-0.9080 zones may assist RSI 14 to give off the required bullish signal to start moving higher again in order to draw the IM -impulsive- third wave. Consequently, we keep our bullish scenario intact over intraday basis; noting that a break above 0.9180 will accelerate the awaited upside wave.
The trading range for today is among key support at 0.9000 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 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 around 0.9125 targeting 0.9260 and stop loss below 0.9030 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
There is a possibility that price is forming a double top pattern; which will be confirmed with steady trading back below the neckline of the pattern at 1.0010 which coincides with the 20-exponential moving average. Stochastic has turned negative, while RSI is heading to test 50.0 level. These factors favor a bearish move today; which remains valid so long as 1.0075 remains intact.
The trading range for today is expected among the key support at 0.9900 and resistance at 1.0150.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9990 | 0.9950 | 0.9900 | 0.9870 | 0.9850 |
| Resistance | 1.0030 | 1.0050 | 1.0075 | 1.0120 | 1.0150 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.0030, and take profit in stages at (0.9950 and 0.9900) and stop loss above 1.0070 might be appropriate | ||||
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