Morning Report
The pair is hovering just below the recent high and resistance level around 1.3220, currently settling above the 50-days SMA, however we haven’t seen a break above the level so far; meanwhile, Stochastic continues to provide a bearish divergence, thus we continue to hold onto our bearish expectations for the pair so long as 1.3220-1.3230 remains intact.
The trading range for today is among key support at 1.3005 and key resistance at 1.3385.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of1.3550 remain intact.
| Support | 1.3200 | 1.3140 | 1.3110 | 1.3070 | 1.3055 |
| Resistance | 1.3220 | 1.3250 | 1.3290 | 1.3320 | 1.3360 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3220 targeting 1.3170 and 1.3100 stop loss above 1.3280 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
Looking from a different perspective through a classical point of view, the pair is testing the major swing high alongside the ascending resistance of the potential rising edge pattern around 1.6170; meanwhile, Stochastic has deeply penetrated the overbought territory. Accordingly, due to the importance of this regions we will continue to hold onto our expectation for a downside pullback, however taking into consideration that a break above 1.6200 with steady trading could turn the short term outlook into bullish.
The trading range for today is among key support at 1.5880 and key resistance at 1.6300.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6100 | 1.6060 | 1.6025 | 1.6000 | 1.5975 |
| Resistance | 1.6170 | 1.6200 | 1.6250 | 1.6270 | 1.6300 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.6175 targeting 1.6100 and 1.6000. Stop loss above 1.6250.. | ||||
Japanese Yen (JPY)
Morning Report
The pair reversed after testing the descending resistance of the declining channel alongside the 50-days SMA. Now momentum indicators remain somehow neutral, thus we prefer to be neutral on the pair until we see confirmation of the anticipated bullish direction by a meaningful breakout above 81.80 resistance area. On the other hand, a dip below 80.80 could put the pair under pressure again.
The trading range for today is among key support at 80.00 and key resistance now at 82.70.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of75.20 remain intact.
| Support | 81.00 | 80.75 | 80.50 | 80.20 | 80.00 |
| Resistance | 81.25 | 81.50 | 81.80 | 82.00 | 82.25 |
| 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 pair maintains the fluctuations among the symmetrical triangle pattern, while hovering around the 50-days SMA; meanwhile, Stochastic has dipped within oversold area. Thus we still see the upside potential we have been suggesting in our previous reports probable.
The trading range for today is among key support at 0.8965 and key resistance at 0.9260.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of0.8850 remain intact.
| Support | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9145 | 0.9175 | 0.9200 | 0.9230 | 0.9260 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.9075 targeting 0.9150 and 0.9300 stop loss below 0.9000 | ||||
Canadian Dollar (CAD)
Morning Report
loonie maintained the bearish direction yesterday breaking below the multi week range bound, now price has gone extremely oversold as seen on momentum indciators, thus we may see an upside pullback before resuming the intraday downside direction today. 0.9900 should remain intact for the bearish bias to remain more likely.
The trading range for today is expected among the key support at 0.9750 and resistance at 0.9900.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
| Support | 0.9825 | 0.9800 | 0.9770 | 0.9750 | 0.9720 |
| Resistance | 0.9840 | 0.9865 | 0.9900 | 0.9920 | 0.9950 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 0.9860 targeting 0.9800 and 0.9750. Stop loss above 0.9900. | ||||
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