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Technical Major Currencies
Written by article default Thursday, 06 January 2011 03:47
EuroMidday Report
The pair attacked the critical areas for the intraday move at 1.3245, which could activate the bearish technical pattern shown above. Caution is recommended, specifically since the pair is attacking the mentioned level but overall our morning expectations remain valid if we do not witness a four hour closing below 1.3245, thereby pushing the pair to the downside.
The trading range for today is among the key support at 1.3080 and the key resistance at 1.3570
The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.
| Support | 1.3200 | 1.3120 | 1.3080 | 1.3000 | 1.2965 |
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| Resistance | 1.3245 | 1.3300 | 1.3365 | 1.3420 | 1.3460 |
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| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair closely neared the awaited support level at 1.5510 rebounding towards 1.5600. The 50 MA supports our morning scenario, while Stochastic provided a positive crossover and accordingly our morning expectations will prevail.
The trading range for today is among the key support at 1.5425 and the key resistance at 1.5755.
| Support | 1.5560 | 1.5510 | 1.5455 | 1.5400 | 1.5345 |
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| Resistance | 1.5605 | 1.5645 | 1.5680 | 1.5755 | 1.5810 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.5510 targeting 1.5680 and stop loss below 1.5400, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair fluctuated around the 50 MA within a very narrow range since this morning and therefore no change is witnessed on our morning expectations, as long as stability is achieved below 82.30.
The trading range for today is among the key support at 80.35 and the key resistance at 83.15.
| Support | 81.75 | 81.05 | 80.80 | 80.35 | 79.60 |
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| Resistance | 82.30 | 82.75 | 83.15 | 83.70 | 84.25 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 82.30 targeting 80.35 and stop loss above 83.15, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is boldly attempting to surpass the pivotal resistance levels starting from the descending channel’s resistance level at 0.9475, then 61.8% Fibonacci correction at 0.9510, despite of the negative signs on momentum indicators over four-hour basis. Keep an eye on the daily closing around 0.9475, where a closing above it will weaken chances of resuming the suggested morning scenario that will remain valid as long as trading returns below the previous level.
The trading range for today is among the key support at 0.9300 and the key resistance at 0.9645.
| Support | 0.9475 | 0.9380 | 0.9320 | 0.9270 | 0.9200 |
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| Resistance | 0.9510 | 0.9600 | 0.9645 | 0.9700 | 0.9735 |
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| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading around the psychological barrier of 1.0000, while momentum indicators are currently moving within neutral areas. We still expect the bearish intraday move which will prevail due to the effect of trading within the descending channel appearing above, alongside the resistance offered by the 50 MA. Keep in mind that stabilizing above 1.0000 will push the pair to the upside to revisit 1.0135.
The trading range for today is among the key support at 0.9815 and the key resistance at 1.0135.
| Support | 0.9920 | 0.9875 | 0.9815 | 0.9750 | 0.9700 |
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| Resistance | 1.0000 | 1.0075 | 1.0135 | 1.0200 | 1.0245 |
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| Recommendation | Our morning expectations remain valid. | ||||