Midday Report
Back to the four-hour chart, we can notice the solidity of the previous detected resistance areas around 1.3385 which is confirmed by the long upper shadows of the candlesticks. A break below the trend line is needed to confirm the bearishness suggested for today and RVI 14 may assist the pair to achieve the awaited breakout.
The trading range for today is among key support at 1.3140 and key resistance at 1.3500.
The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 remain intact.
| Support | 1.3320 | 1.3295 | 1.3250 | 1.3230 | 1.3200 |
| Resistance | 1.3350 | 1.3380 | 1.3415 | 1.3455 | 1.3500 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.3280 targeting 1.3080 and stop loss above 1.3435 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
Yesterday's Doji candlestick structure may change later into a bearish pattern if the pair fails to stabilize above 1.6000 support. Stochastic shows that the pair is on its way to lose upside momentum, but we prefer staying aside until the negative divergence hinted this morning confirms the current downside tendency.
The trading range for today is among key support at 1.5820 and key resistance at 1.6215.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5975 | 1.5925 | 1.5890 | 1.5855 | 1.5820 |
| Resistance | 1.6050 | 1.6075 | 1.6100 | 1.6125 | 1.6165 |
| 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)
Midday Report
The pair didn’t show any big move since morning as it continued consolidating after the sharp rebound from 81.50 that started in the Asian session. The classical continuation pattern -flag pattern- remains in progress and we need to witness a breakout above its resistance level to fix the negativity on indicators. The pivotal level for intraday traders resides at 83.20 and a break of which will actuate bulls to dominate the market.
The trading range for today is among key support at 80.50 and key resistance now at 83.50.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 81.80 | 81.50 | 81.25 | 81.00 | 80.75 |
| Resistance | 82.30 | 82.50 | 82.70 | 83.00 | 83.20 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 81.85 targeting 83.20 and stop loss below 81.00 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair continued hovering around 76.4% Fibonacci retracement of the previous caught IM -impulsive wave- from 0.8925 to 0.9335 as seen on the provided four-hour chart. The corrective Elliott zig zag structure remains favored for the time being and it may bring a huge upside move as far as 0.8925 remains intact. To recap, our bullish scenario remains valid.
The trading range for today is among key support at 0.8850 and key resistance at 0.9200.
The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 remain intact.
| Support | 0.9000 | 0.8985 | 0.8965 | 0.8925 | 0.8900 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9145 | 0.9175 |
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair has rebounded slightly after testing the breached falling wedge pattern; RSI has left oversold area while Stochastic has crossed over positively within oversold area. Therefore, we continue to hold onto our morning bullish expectations.
The trading range for the day is expected among the key support at 0.9840 resistance at 1.0050.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
| Support | 0.9900 | 0.9870 | 0.9850 | 0.9800 | 0.9770 |
| Resistance | 0.9950 | 0.9990 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 0.9870 targeting 0.9950 and 1.0025. Stop loss below 0.9825. | ||||
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