Members login
Technical Major Currencies
Written by article default Wednesday, 12 January 2011 05:27
Euro
The pair touched the awaited resistance level around 1.2955, accompanied by clear negativity on Stochastic; therefore, our suggested morning scenario was activated, as long as we keep in mind the importance of stability below the mentioned level for our expectations to prevail.
The trading range for today is among the key support at 1.2745 and the key resistance at 1.3080.
The short term trend is to the upside as far as the daily closing is above 1.2795 remains intact with targets at 1.5135.
| Support | 1.2890 | 1.2850 | 1.2795 | 1.2745 | 1.2695 |
|
|
|||||
| Resistance | 1.2955 | 1.3035 | 1.3080 | 1.3110 | 1.3150 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair retested the pivotal support 1.5510 which held again the bearishness, where it represents the 38.2% Fibonacci correction with the SMA 50. We hold onto our morning expectations, as long as trading remains within the descending channel highlighted above, alongside the bearish signal on Stochastic.
The trading range for today is among the key support at 1.5315 and the key resistance at 1.5640.
| Support | 1.5510 | 1.5455 | 1.5400 | 1.5345 | 1.5265 |
|
|
|||||
| Resistance | 1.5595 | 1.5625 | 1.5700 | 1.5775 | 1.5810 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.5625 targeting 1.5400 and stop loss above 1.5775, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading within a narrow range since this morning near the key resistance at 83.20, while Stochastic is approaching overbought areas. This encourages us to maintain our suggested morning scenario as long as stability is below 83.20.
The trading range for today is among the key support at 81.05 and the key resistance at 84.25.
| Support | 83.05 | 82.50 | 81.95 | 81.05 | 80.80 |
|
|
|||||
| Resistance | 83.20 | 83.70 | 84.25 | 85.00 | 85.95 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 83.20 targeting 81.95 and stop loss above 84.25, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading around the critical level at 0.9700 with a slight upside bias. Momentum indicators are still providing negative signals that might force the pair to retest 0.9625 before resuming the expected bullish intraday move that targets 0.9800.
The trading range for today is among the key support at 0.9460 and the key resistance at 0.9875.
| Support | 0.9625 | 0.9555 | 0.9505 | 0.9460 | 0.9380 |
|
|
|||||
| Resistance | 0.9700 | 0.9735 | 0.9800 | 0.9875 | 0.9945 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.9625 targeting 0.9800 and stop loss below 0.9505, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair continues trading around the pivotal support at 0.9920, alongside difficulties arising in reaching the retest level for the previously breached psychological barrier at 1.0000. No key change is witnessed on the pair’s movement since this morning, which will prevail if stability remains below 1.0000.
The trading range for today is among the key support at 0.9700 and the key resistance at 1.0110.
| Support | 0.9920 | 0.9875 | 0.9815 | 0.9750 | 0.9700 |
|
|
|||||
| Resistance | 1.0000 | 1.0075 | 1.0110 | 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 1.0110, might be appropriate. | ||||