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Technical Major Currencies
Written by article default Saturday, 22 January 2011 09:45
EuroMidday Report
The pair rushed past 1.3500 stabilizing above it, signaling that the chances for the expected intrday bullishness to prevail. Stochastic is nearing overbought areas and thereby could cause some fluctuation before resuming towards suggested targets.
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 | 1.3500 | 1.3425 | 1.3365 | 1.3310 | 1.3260 |
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| Resistance | 1.3570 | 1.3625 | 1.3665 | 1.3710 | 1.3760 |
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| 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 is mixed manner with ongoing fluctuations around the critical 1.5910; we still recommend keeping an eye on the pair and especially the daily closing around critical levels between 1.5910 and 1.5845 to insure the upcoming direction.
The trading range for today is among the key support at 1.5810 and the key resistance at 1.6250.
| Support | 1.5870 | 1.5845 | 1.5770 | 1.5700 | 1.5660 |
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| Resistance | 1.5910 | 1.6000 | 1.6060 | 1.6100 | 1.6145 |
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| Recommendation | Based on the charts and explanation above our opinion is observing the pair’s movement around critical levels shown above to insure its upcoming direction. | ||||
Japanese Yen (JPY)
Midday Report
The pair touched the retest level for the bearish trend’s resistance that has been breached, supported by this negativity on Stochastic. As pointed out this morning, we need to observe the daily closing around those levels that will insure the pair’s upcoming direction around 82.75 and 83.20.
The trading range for today is among the key support at 81.05 and the key resistance at 84.25.
| Support | 82.75 | 82.55 | 81.80 | 81.05 | 80.80 |
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| Resistance | 83.20 | 83.70 | 84.25 | 85.00 | 85.95 |
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| Recommendation | Based on the charts and explanation above our opinion is observing the pair’s movement around critical levels shown above to insure its upcoming direction. | ||||
Swiss Franc (CHF)
Midday Report
The pair started the downside move mentioned this morning and currently facing difficulty in surpassing the SMA 50 that is forming strong support. Stochastic is providing negative signs that support our morning expectations, which will prevail as long as stability is below 0.9685.
The trading range for today is among the key support at 0.9460 and the key resistance at 0.9820.
| Support | 0.9625 | 0.9555 | 0.9505 | 0.9460 | 0.9380 |
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| Resistance | 0.9685 | 0.9740 | 0.9785 | 0.9820 | 0.9875 |
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| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair continues trading near the breached psychological barrier around 1.0000, while stochastic inches closer to overbought areas. Hence, our morning expectations will prevail as long as it stabilizes below 1.0000 – 1.0065.
The trading range for today is among the key support at 0.9700 and the key resistance at 1.0065.
| Support | 0.9920 | 0.9875 | 0.9815 | 0.9750 | 0.9700 |
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| Resistance | 1.0000 | 1.0065 | 1.0125 | 1.0200 | 1.0245 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.0000 targeting 0.9815 and stop loss above 1.0075, might be appropriate. | ||||