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Technical Major Currencies
Written by article default Saturday, 05 February 2011 10:29
EuroMidday Report
The pair is trading within a narrow range since this morning as we await for US jobs data today, where it is expected to cause volatile trading for the pair and overall market. We recommend observing the pair’s trading around the highlighted levels in the morning report to confirm the coming direction.
The trading range for today is among the key support at 1.3455 and the key resistance at 1.3860.
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 | 1.3605 | 1.3575 | 1.3500 | 1.3425 | 1.3365 |
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| Resistance | 1.3675 | 1.3715 | 1.3775 | 1.3825 | 1.3860 |
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| Recommendation | Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction. | ||||
Great British Pound (GBP)
Midday Report
The pair is trading to the downside initially breaching the critical support at 1.6125, but Stochastic is still oversold and thereby maintaining chances of resuming the suggested morning scenario for the remainder of trading today. It is vital that stability is above 1.6040 to protect the expected scenario.
The trading range for today is among the key support at 1.5955 and the key resistance at 1.6415.
| Support | 1.6090 | 1.6040 | 1.5990 | 1.5955 | 1.5905 |
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| Resistance | 1.6125 | 1.6185 | 1.6250 | 1.6300 | 1.6345 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is calmly heading towards the awaited retest level around 81.85 due to the positivity on Stochastic, while the SMA 50 resides with the previously highlighted retest level. Our morning expectations remain valid today as long as stability is below 81.85.
The trading range for today is among the key support at 80.35 and the key resistance at 82.45.
| Support | 81.05 | 80.80 | 80.35 | 79.60 | 79.20 |
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| Resistance | 81.85 | 82.45 | 83.20 | 83.70 | 84.25 |
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| 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 gradually moving to the upside in an attempt to retest 0.9520, where trading is within the minor rising wedge that is supporting the bearish intraday scenario, highlighted this morning. Note the importance of stability below 0.9520 – 0.9555 for our expectations to prevail.
The trading range for today is among the key support at 0.9270 and the key resistance at 0.9615.
| Support | 0.9440 | 0.9365 | 0.9320 | 0.9270 | 0.9200 |
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| Resistance | 0.9520 | 0.9555 | 0.9615 | 0.9670 | 0.9720 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9520 targeting 0.9320 and stop loss above 0.9615, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading within a narrow range since this morning as we await vital economic data today, starting off with the unemployment reports from Canada and the US. We still hold onto morning expectations, while cautiously tracking volatile trading that is expected due to data.
The trading range for today is among the key support at 0.9700 and the key resistance at 1.0000.
| Support | 0.9850 | 0.9815 | 0.9750 | 0.9700 | 0.9650 |
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| Resistance | 0.9920 | 1.0000 | 1.0055 | 1.0115 | 1.0200 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9920 targeting 0.9750 and stop loss above 1.0000, might be appropriate. | ||||