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Forex Daily Reports: Currency Update 11/10/2010
Written by article default Monday, 11 October 2010 07:33
Great British Pound vs. Japanese Yen (GBP / YEN)Midday Report
After touching the pivotal support levels around 130.50, the pair started to show some kind of upside movements. In the interim, Stochastic is attempting to overlap positively and thus we believe that the upper line of the descending channel could be tested. A break of which will bring additional bullishness over intraday basis while a break of 131.60 will suggested that the correction for the rally from 127.60 to 135.00 has been limited earlier.
The trading range for today is among key support at 128.60 and key resistance at 133.15.
The general trend over short term basis is to the downside targeting 118.80 as far as areas of 150.75 areas remain intact.
Support 130.50 130.00 129.40 128.60 127.60
Resistance 131.00 131.60 132.00 132.50 133.15
Recommendation Our weekly expectations remain valid.
Euro vs. Japanese Yen (EUR / YEN)
Midday Report
The upside channel is still carrying the EURYEN pair as seen on the provided daily chart. Actually, the pair didn’t show any big move since morning and thus we hold onto our positive anticipations which are based on resuming the CD leg of the suggested harmonic crab pattern.
The trading range for today is among key support at 112.80 and key resistance now at 116.35.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Support 114.30 113.60 113.15 112.80 112.10
Resistance 114.70 115.00 115.75 116.00 116.35
Recommendation Our weekly expectations remain valid.
Euro vs. Great British Pound (EUR / GBP)
Midday Report
As we discussed this morning, the weekly closing was very positive above 61.8% Fibonacci for the CD leg of the duplicated harmonic pattern and therefore, the pair is presently building a technical base to be able to reach 76.4% Fibonacci at 0.8890, supported by AROON indicator. To recap, our weekly speculations remain valid.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8890.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8730 0.8700 08670 0.8630 0.8605
Resistance 0.8770 0.8800 0.8820 0.8890 0.8910
Recommendation Our weekly expectations remain valid.