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Technical Major Currencies
Written by article default Thursday, 27 January 2011 17:51
EuroMidday Report
The pair strongly breached the support for the intraday upside trend, but trading returned once again above this support with attempts to breach the critical resistance awaited at 1.3715. Our morning scenario was activated while reminding of the importance of stability above 1.3685 for the expectations to prevail.
The trading range for today is among the major support at 1.3540 and the major resistance at 1.3900.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3715 | 1.3685 | 1.3825 | 1.3580 | 1.3540 |
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| Resistance | 1.3760 | 1.3830 | 1.3865 | 1.3900 | 1.3960 |
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| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair consolidated at the SMA 50 and attempting to start the upside move expected for today. The negativity from Stochastic might restrict the bullishness, yet in general we hold onto our expectations for today awaiting the breach of the critical resistance at 1.5995 to activate the scenario.
The trading range for today is among the major support at 1.5730 and the major resistance at 1.6100.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.5875 | 1.5815 | 1.5770 | 1.5730 | 1.5700 |
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| Resistance | 1.5995 | 1.6060 | 1.6100 | 1.6145 | 1.6185 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with the breach of 1.5995 targeting 1.6185 and stop loss below 1.5875 might be appropriate | ||||
Japanese Yen (JPY)
Midday Report
The pair rushed to the upside breaching the downside trend’s resistance, though rapidly returned with a four-hour closing below it. This keeps our morning intraday expectations valid and requires a clear breach for 81.85 areas.
The trading range for today is among the major support at 80.35 and the major resistance at 83.70.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 82.45 | 81.85 | 81.05 | 80.80 | 80.35 |
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| Resistance | 82.80 | 83.20 | 83.70 | 84.25 | 85.00 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 81.85 targeting 80.35 and stop loss above 82.80 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
The pair retested the awaited areas between 0.9445-60 and reversed to the downside as expected. The suggested scenario was activated and we await targets set in our previous report which require stability below the aforementioned resistance.
The trading range for today is among the major support at 0.9200 and the major resistance at 0.9520.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.9380 | 0.9320 | 0.9270 | 0.9200 | 0.9150 |
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| Resistance | 0.9460 | 0.9520 | 0.9555 | 0.9615 | 0.9670 |
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| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair approached 1.000 areas which now resembles a conjunction of many resistance levels, the SMA 50 with the resistance for the short term descending channel. Therefore, our morning expectations remain valid for the rest of the day.
The trading range for today is among the major support at 0.9700 and the major resistance at 1.0050.
The short term trend is to the upside as far as 0.9925 remains intact targeting 1.1485.
| Support | 0.9920 | 0.9875 | 0.9815 | 0.9750 | 0.9700 |
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| Resistance | 1.0000 | 1.0035 | 1.0115 | 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 1.0115 might be appropriate | ||||