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Technical Major Currencies
Written by article default Friday, 28 January 2011 14:13
EuroMidday Report
The pair continues to trade around the critical resistance at 1.3715 and about to provide a positive crossover on Stochastic which might push the pair to the upside to test the support for the intraday upside wave breached yesterday. We still recommend observing the pair around 1.3760 and 1.3635 to confirm the coming direction.
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 | 1.3635 | 1.3580 | 1.3540 |
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| Resistance | 1.3760 | 1.3830 | 1.3865 | 1.3900 | 1.3960 |
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| Recommendation | Based on the charts and explanations above we recommend observing the pair around the sensitive areas mentioned to further confirm the coming direction | ||||
Great British Pound (GBP)
Morning Report
The pair is fluctuating around the SMA 50 accompanied by Stochastic entering oversold areas. Therefore, the morning suggested scenario was activated which requires stability above 1.5825-10.
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 | 1.5825 | 1.5770 | 1.5730 | 1.5700 | 1.5660 |
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| Resistance | 1.5935 | 1.5990 | 1.6060 | 1.6100 | 1.6145 |
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| Recommendation | Our morning expectations remain valid | ||||
Japanese Yen (JPY)
Midday Report
The pair is moving within a tight range since this morning trapped below the main resistance for the downside wave and above the SMA 50. Therefore, our morning expectations remain valid for the rest of the day.
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 | 82.50 | 81.85 | 81.05 | 80.80 | 80.35 |
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| Resistance | 82.75 | 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 around 82.75 targeting 81.05 and stop loss above 83.70 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
The pair touched the retest level at 0.9460 once again with Stochastic starting to move to the downside. Therefore, our morning expectations remain valid for the rest of the day while breaching 0.9425 will accelerate the expected bearishness.
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 was trading in a tight range with stability below the psychological 1.0000 areas. Therefore, we hold onto our morning expectations while reiterating the importance of stability below 1.0000-25 for the proposed bearishness to prevail.
The trading range for today is among the major support at 0.9700 and the major resistance at 1.0115.
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 | ||||