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Technical Major Currencies
Written by article default Monday, 07 February 2011 15:55
EuroMidday Report
The pair is attempting to breach the mentioned critical support around 1.3575, while the SMA 50 continues the negative pressure on the pair. We still need confirmations for the coming trend by observing today's closing around 1.3575 and 1.3680.
The trading range for today is among the key support at 1.3425 and the key resistance at 1.3960.
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 | 1.3575 | 1.3500 | 1.3425 | 1.3365 | 1.3310 |
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| Resistance | 1.3650 | 1.3680 | 1.3715 | 1.3775 | 1.3825 |
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| Recommendation | Based on the charts and explanation above our opinion is observing the daily closing around highlighted levels above to insure its upcoming direction. | ||||
Great British Pound (GBP)
Midday Report
The pair provided a four-hour closing above 1.6130 and therefore activating the suggested weekly scenario. Note the bearish bias due to the negativity on momentum indicators, where the breach of 1.6055 that could postpone the suggested scenario.
The trading range for today is among the key support at 1.5965 and the key resistance at 1.6500.
| Support | 1.6090 | 1.6055 | 1.5990 | 1.5965 | 1.5905 |
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| Resistance | 1.6130 | 1.6185 | 1.6250 | 1.6300 | 1.6345 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair touched the awaited resistance level around 82.40 activating the suggested weekly scenario, while the expected bearish trend remains valid on clear support from Stochastic. Note the importance of daily closing below 82.40 for our expectations to prevail.
The trading range for today is among the key support at 80.35 and the key resistance at 83.70.
| Support | 81.85 | 81.05 | 80.80 | 80.35 | 79.60 |
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| Resistance | 82.40 | 83.20 | 83.70 | 84.25 | 85.00 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair strongly moved to the upside breaching the downside channel’s resistance level and inching closer to 61.8% Fibonacci correction for the full decline from 0.9782 to 0.605. The suggested bearish scenario remains valid as far as the pair does not stabilize above 0.9605.
The trading range for today is among the key support at 0.9270 and the key resistance at 0.9720.
| Support | 0.9540 | 0.9500 | 0.9440 | 0.9365 | 0.9320 |
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| Resistance | 0.9605 | 0.9670 | 0.9720 | 0.9785 | 0.9820 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is gradually approaching the awaited resistance level -retest areas– around 0.9920, supported by Stochastic’s positivity; hence, our expectations remain intact supported by the SMA 50.Stability below 1.0000 is required for our expectations to remain valid.
The trading range for today is among the key support at 0.9600 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 0.9700 and stop loss above 1.0000, might be appropriate this week | ||||