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Technical Major Currencies
Written by article default Thursday, 10 February 2011 19:00
EuroMidday Report
The pair breached the upside intraday channel’s support level highlighted above, while trading below the SMA 50 signaling that the negative pressure will continue to complete forming the bearish technical pattern seen in our previous reports. Stochastic is heading to the downside, hence we expect more bearish intraday movement while breaching 1.3575 will activate the bearish pattern and accelerate the downside move.
The trading range for today is among the key support at 1.3500 and the key resistance at 1.3890.
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 | 1.3665 | 1.3715 | 1.3755 | 1.3785 | 1.3825 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.3670 targeting 1.3575 and stop loss above 1.3745, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair touched the upside channel’s support level around 1.6040 activating the suggested morning scenario, while we await suggested targets that require stability above this upside channel’s support level.
The trading range for today is among the key support at 1.5965 and the key resistance at 1.6300.
| Support | 1.6040 | 1.6000 | 1.5965 | 1.5905 | 1.5855 |
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| Resistance | 1.6100 | 1.6155 | 1.6185 | 1.6250 | 1.6300 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading to the upside although 76.4% Fibonacci correction was strong resistance against additional upward movement. The additional negative factors support the strength of this resistance level, while Stochastic is negative along with a rising wedge pattern shown above. These factors maintain chances of a bearish intraday direction, but note that breaching 82.75 can fail these expectations and reverse the intraday move to the upside.
The trading range for today is among the key support at 81.05 and the key 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 | 82.20 | 81.85 | 81.05 | 80.80 |
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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 with the breach of 82.20 targeting 81.05 and stop loss above 82.75, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair has presently attacked the retest level for the previously breached channel, in an attempt to return to the bullish path and thereby supporting the positivity on Stochastic along with support offered by the SMA 50. These factors make us expect the bullish intraday trend to remain valid initially targeting the breach of the highlighted neckline around 0.9675. The pair’s failure to breach the critical resistance levels between 0.9635 and 0.9675 means the return to the bearishness which ended temporarily for correction.
The trading range for today is among the key support at 0.9400 and the key resistance at 0.9785.
| Support | 0.9605 | 0.9555 | 0.9525 | 0.9440 | 0.9365 |
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| Resistance | 0.9635 | 0.9675 | 0.9720 | 0.9785 | 0.9820 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with an hourly closing above 0.9675 targeting 0.9785 and stop loss below 0.9605, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair gradually inched close to the pivotal resistance 0.9990 and reverse due to negative factors highlighted in our morning report. Our morning expectations remain valid, if a strong breach of the previously mentioned resistance level is not witnessed.
The trading range for today is among the key support at 0.9700 and the key resistance at 1.0055.
| Support | 0.9920 | 0.9850 | 0.9815 | 0.9750 | 0.9700 |
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| Resistance | 0.9990 | 1.0055 | 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 0.9990 targeting 0.9815 and stop loss above 1.0115, might be appropriate. | ||||