Members login
Technical Major Currencies
Written by article default Wednesday, 02 February 2011 14:12
EuroMidday Report
The pair continues trading near the pivotal resistance, the gateway to return within the bullish direction around 1.3850; however, negativity is still evident on momentum indicators impeding this uptrend. Overall, our morning expectations remain valid supported by the SMA 50.
The trading range for today is among the key support at 1.3730 and the key resistance at 1.4050.
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 | 1.3820 | 1.3760 | 1.3730 | 1.3665 | 1.3605 |
|
|
|||||
| Resistance | 1.3850 | 1.3890 | 1.3960 | 1.4000 | 1.4050 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.3760 targeting 1.3960 and stop loss below 1.3665, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair continues leaning to the upside surpassing 1.6200 bypassing the negative momentum over four-hour basis. We expect further bullish intraday movement which requires stability above 1.6120.
The trading range for today is among the key support at 1.6060 and the key resistance at 1.6345.
| Support | 1.6185 | 1.6120 | 1.6090 | 1.6060 | 1.5990 |
|
|
|||||
| Resistance | 1.6250 | 1.6300 | 1.6345 | 1.6410 | 1.6450 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6120 targeting 1.6300 and stop loss below 1.5990, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading within a narrow range since this morning, with signs of a minor bullish technical pattern that could help push the pair to retest the awaited level around 81.85. Hence, our expectations remains intact support by the SMA 50 and requires stability below 81.85.
The trading range for today is among the key support at 80.35 and the key resistance at 82.55.
| Support | 81.05 | 80.80 | 80.35 | 79.60 | 79.20 |
|
|
|||||
| Resistance | 81.85 | 82.35 | 82.55 | 83.20 | 83.70 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 81.85 targeting 80.35 and stop loss above 82.55, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is leaning to the upside and rise towards the retest level for yesterday’s breached pivotal support around 0.9400 due to the positivity on momentum. Our morning scenario remains valid as long as 0.9400 is intact and stabilizing above it could postpone this scenario.
The trading range for today is among the key support at 0.9150 and the key resistance at 0.9520.
| Support | 0.9320 | 0.9270 | 0.9200 | 0.9150 | 0.9100 |
|
|
|||||
| Resistance | 0.9400 | 0.9460 | 0.9520 | 0.9555 | 0.9615 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9400 targeting 0.9200 and stop loss above 0.9520, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading within a narrow range since this morning stabilizing below the minor support at 0.9920; however, we await for the retest of this level before resuming the expected bearish intraday move expected.
The trading range for today is among the key support at 0.9700 and the key resistance at 1.0000.
| Support | 0.9875 | 0.9815 | 0.9750 | 0.9700 | 0.9650 |
|
|
|||||
| Resistance | 0.9920 | 0.9950 | 1.0000 | 1.0055 | 1.0115 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9920 targeting 0.9750 and stop loss above 1.0010, might be appropriate. | ||||