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Technical Major Currencies

Written by article default Monday, 10 January 2011 17:07

Euro

Midday Report

EUR

The pair is still trading below the descending channel’s resistance level with ongoing positive momentum over the four-hour basis above. No evident change has been seen since this morning, thereby the suggested weekly scenario remains valid as long as stability is below 1.2980.

The trading range for this week is among the key support at 1.2650 and the key resistance at 1.3080.

The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.

Weekly Report



Support 1.2890 1.2850 1.2795 1.2745 1.2695
Resistance 1.2980 1.3050 1.3110 1.3150 1.3200
Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.2980 targeting 1.2800 and stop loss above 1.3080, might be appropriate this week


Great British Pound (GBP)

Midday Report

GBP

The negative momentum on Stochastic started to pressure the pair to currently trade below 1.5510. We still expect more bearish movement for today, keeping in mind the importance of stability below 1.5640 for our weekly expectations to remain valid.

The trading range for this week is among the key support at 1.5200 and the key resistance at 1.5775.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.
Weekly Report


Support 1.5455 1.5400 1.5345 1.5265 1.5200
Resistance 1.5510 1.5590 1.5605 1.5640 1.5700
Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.5640 targeting 1.5400 and stop loss above 1.5775, might be appropriate.


Japanese Yen (JPY)

Midday Report

jpy

The pair is trading within a narrow range since this morning after touching the bearish trend’s resistance level at 83.30; therefore, our weekly scenario was activated as we await for the targets which require stability below the aforesaid resistance.

The trading range for this week is among the key support at 81.05 and the key resistance at 84.25.

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


Support 83.05 82.50 81.95 81.05 80.80
Resistance 83.30 83.70 84.25 85.00 85.95
Recommendation Our weekly expectations remain valid.


Swiss Franc (CHF)

Midday Report

chf

The pair continues to fluctuate near the retest level highlighted this morning, while the negative pressure continues from momentum indicators. The MA 50 supports the pair from the below and thereby we expect a bullish move for the rest of the day, which will not fail unless a clear breach of 0.9625 was seen. The weekly report provides more details for the scenario and the expected targets.

The trading range for this week is among the key support at 0.9460 and the key resistance at 0.9900.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.
Weekly Report


Support 0.9625 0.9555 0.9505 0.9460 0.9380
Resistance 0.9700 0.9735 0.9795 0.9875 0.9945
Recommendation Our weekly expectations remain valid.


Canadian Dollar (CAD)

Midday Report

cad

The pair gradually approached the retest level at 1.0000, while Stochastic slowly lost the bullish momentum. The MA 50 continues to protect the descending short term channel; thus, we expect a downside move for the rest of the day targeting areas from 0.9815. Our expectations remain valid with stability below 1.0000.

The trading range for this week is among the key support at 0.9700 and the key resistance at 1.0120.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.
Weekly Report


Support 0.9920 0.9875 0.9815 0.9750 0.9700
Resistance 1.0000 1.0075 1.0120 1.0200 1.0245
Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0120, might be appropriate.