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Technical Major Currencies
Written by article default Friday, 14 January 2011 02:54
EuroMidday Report
The pair touched the awaited support level around 1.3080, with a minor difference pushing above 1.3100. Momentum indicators are negative that may cause a minor bearish movement and therefore our morning scenario remain valid, as long stability remains above 1.3080.
The trading range for today is among the key support at 1.2920 and the key resistance at 1.3365.
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 | 1.3080 | 1.3035 | 1.2975 | 1.2895 | 1.2850 |
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| Resistance | 1.3150 | 1.3200 | 1.3245 | 1.3300 | 1.3365 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.3080 targeting 1.3245 and stop loss below 1.2975, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair is moving within a narrow range since this morning, with the rate decision from the BOE. From here, our morning scenario will prevail if stability is above 1.5660.
The trading range for today is among the key support at 1.5620 and the key resistance at 1.5910.
| Support | 1.5715 | 1.5660 | 1.5595 | 1.5510 | 1.5455 |
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| Resistance | 1.5775 | 1.5815 | 1.5870 | 1.5910 | 1.5945 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.5660 targeting 1.5800 and stop loss below 1.5595, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
Over four-hour basis, trading is currently within a narrow range stabilizing below the pivotal resistance at 83.15. Signs of a minor bearish intraday direction are seen above supporting our morning expectations.
The trading range for today is among the key support at 81.05 and the key resistance at 84.25.
| Support | 82.50 | 81.95 | 81.05 | 80.80 | 80.35 |
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| Resistance | 83.15 | 83.70 | 84.25 | 85.00 | 85.95 |
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| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair strongly rushed to the upside to retest the breached rising wedge’s support level highlighted in our morning report, while stochastic is gradually losing bullish momentum. Hence, we still expected a bearish move for today over intraday basis, which requires stability below 0.9785.
The trading range for today is among the key support at 0.9460 and the key resistance at 0.9810.
| Support | 0.9625 | 0.9555 | 0.9505 | 0.9460 | 0.9380 |
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| Resistance | 0.9720 | 0.9785 | 0.9810 | 0.9875 | 0.9945 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9785 targeting 0.9625 and stop loss above 0.9875, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is biased to the upside in an attempt to retest the breached critical support level at 0.9920. No evident change is witnessed on the pair’s movement since this morning; thereby our scenario remains valid as long as stability is below 1.0000.
The trading range for today is among the key support at 0.9700 and the key resistance at 1.0000.
| Support | 0.9815 | 0.9750 | 0.9700 | 0.9650 | 0.9600 |
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| Resistance | 0.9875 | 0.9920 | 1.0000 | 1.0075 | 1.0090 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9920 targeting 0.9815 and stop loss above 1.0000, might be appropriate. | ||||