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NEW YORK
18:28
LONDON
23:28
PARIS
00:28
FRANKFURT
00:28
HONG KONG
05:28
TOKYO
07:28
SYDNEY
08:28
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Technical Major Currencies

Written by ForexTraders.com
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Midday Report

EUR

The pair is trading with an upside bias since morning and approaching the recently recorded top around 1.4880. Stochastic over four-hour basis supports this upside tendency. In general, the suggested weekly scenario remains valid, noting that the breach of the mentioned top will accelerate the upside move.

The trading range for this week is among the major support at 1.4605 and the major resistance at 1.5150.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Weekly Report



Support 1.4785 1.4715 1.4630 1.4605 1.4580

Resistance 1.4880 1.4950 1.4995 1.5050 1.5100

Recommendation Based on the charts and explanations above we recommend buying the pair around 1.4715 targeting 1.4880 and stop loss below 1.4605 might be appropriate this week


Great British Pound (GBP)


Midday Report

GBP

The pair has been trading within a tight range since this morning where this range is unloading the negativity on Stochastic. Therefore, our morning expectations remain valid while breaching 1.6610 might delay it for some time.

The trading range for this week is among the major support at 1.6525 and the major resistance at 1.7000.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

Weekly Report



Support 1.6610 1.6525 1.6505 1.6455 1.6385

Resistance 1.6675 1.6700 1.6740 1.6800 1.6850

Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.6610 targeting 1.6850 and stop loss below 1.6525 might be appropriate this week


Japanese Yen (JPY)


Midday Report

JPY

The pair is trading within a tight range with a slight upside bias affected by momentum indicators. Therefore, our morning bullish expectations remain valid as far as stability is above 80.80.

The trading range for this week is among the major support at 79.80 and the major resistance at 84.50.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Weekly Report



Support 80.80 80.25 79.80 79.00 78.40

Resistance 81.50 82.35 82.50 83.00 83.50

Recommendation Based on the charts and explanations above our opinion is buying the pair around 80.80 targeting 82.50 and stop loss below 79.80 might be appropriate this week


Swiss Franc (CHF)


Midday Report

CHF

Over four-hour basis, we can see Stochastic loosing the positive momentum to trade within overbought areas. The signals support our expectations for the pair to resume the bearishness supported by the negative pressure from the SMA 50. Breaching 0.8625 will ease the awaited downside move.

The trading range for this week is among the major support at 0.8400 and the major resistance at 0.8900.

The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

Weekly Report



Support 0.8670 0.8625 0.8545 0.8485 0.8450

Resistance 0.8725 0.8775 0.8820 0.8900 0.8950

Recommendation Based on the charts and explanations above our opinion is selling the pair around 0.8725 targeting 0.8485 and stop loss above 0.8900 might be appropriate this week


Canadian Dollar (CAD)


Midday Report

CAD

The pair is moving to the upside to retest 0.9575 areas while momentum indicators provide positive signals that support trading with an upside bias. In general due to the negative factors mentioned in the weekly report, we preserve our expectations for the downside move targeting initially 0.9300 areas and require stability below 0.9650.

The trading range for this week is among the major support at 0.9270 and the major resistance at 0.9650.

The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Weekly Report



Support 0.9465 0.9400 0.9350 0.9300 0.9270

Resistance 0.9505 0.9575 0.9615 0.9650 0.9700

Recommendation Based on the charts and explanations above our opinion is selling the pair around 0.9575 targeting 0.9400 and stop loss above 0.9650 might be appropriate this week

1 comment

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