Members login
Technical Major Currencies
Written by article default Wednesday, 19 January 2011 15:34
EuroMidday Report
The moved lower to retest the breached critical level at 1.3425; therefore, our expectations remain valid which requires stability above 1.3425 to prevail.
The trading range for today is among the key support at 1.3260 and the key resistance at 1.3700.
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 | 1.3425 | 1.3365 | 1.3310 | 1.3260 | 1.3240 |
|
|
|||||
| Resistance | 1.3500 | 1.3570 | 1.3625 | 1.3665 | 1.3710 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.3425 targeting 1.3625 and stop loss below 1.3310, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair touched the awaited support around 1.5960 in an attempt to breach it, although the pair maintained stability above this support highlighted above. The suggested morning scenario remains valid and requires stability above 1.5910.
The trading range for today is among the key support at 1.5910 and the key resistance at 1.6250.
| Support | 1.5975 | 1.5910 | 1.5870 | 1.5810 | 1.5770 |
|
|
|||||
| Resistance | 1.6060 | 1.6100 | 1.6145 | 1.6185 | 1.6250 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair attempted to breach the minor descending channel’s support, where it rebounded due to the positivity on Stochastic. We await the retest of 82.65 before the awaited bearish intraday move expected for today, which requires stability below 82.65.
The trading range for today is among the key support at 80.80 and the key resistance at 82.90.
| Support | 82.15 | 81.80 | 81.05 | 80.80 | 80.35 |
|
|
|||||
| Resistance | 82.65 | 82.90 | 83.70 | 84.25 | 85.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 82.65 targeting 81.05 and stop loss above 83.70, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading within a narrow range since this morning leaning to the downside due to the negativity on Stochastic over four-hour basis. We await the retest of the breached 0.9625 followed by resuming the bearish intraday direction towards highlighted targets this morning.
The trading range for today is among the key support at 0.9380 and the key resistance at 0.9740.
| Support | 0.9555 | 0.9505 | 0.9460 | 0.9380 | 0.9380 |
|
|
|||||
| Resistance | 0.9625 | 0.9675 | 0.9740 | 0.9785 | 0.9820 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9625 targeting 0.9460 and stop loss above 0.9725, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair touched the awaited level around 0.9920 and continues trading below it; accordingly our morning scenario was activated, as we await for bearish targets that require stability below 1.0000.
The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.
The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.
| Support | 0.9815 | 0.9750 | 0.9700 | 0.9650 | 0.9600 |
|
|
|||||
| Resistance | 0.9920 | 1.0000 | 1.0070 | 1.0125 | 1.0200 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||