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Technical Major Currencies
Written by article default Monday, 14 February 2011 18:50
EuroMidday Report
The pair strongly moved to the upside with a minor distance from the highlighted morning retest level around 1.3575, as it nears critical levels starting around 1.3400. We hold onto our suggested weekly scenario, supported by the negative crossover appearing on Stochastic.
The trading range for this week is among the key support at 1.3260 and the key resistance at 1.3715.
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 | 1.3425 | 1.3365 | 1.3310 | 1.3260 | 1.3240 |
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| Resistance | 1.3500 | 1.3575 | 1.3615 | 1.3680 | 1.3715 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.3575 targeting 1.3400 and stop loss above 1.3680, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair stabilized around 1.6075 with a minor distance from the awaited 1.6090, where it sharply reversed after SMA 50 proved its stability in front of the pair. Stochastic continues showing negative signs that make us hold onto expected bearish movement towards highlighted targets from this morning. Note that the breach of 1.6090 and stabilizing above it could weaken resuming expectations.
The trading range for this week is among the key support at 1.5770 and the key resistance at 1.6300.
| Support | 1.5990 | 1.5965 | 1.5905 | 1.5855 | 1.5810 |
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| Resistance | 1.6055 | 1.6090 | 1.6180 | 1.6250 | 1.6300 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.6090 targeting 1.5860 and stop loss above 1.6180, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair gradually inched closer to the awaited key resistance level around 83.55 supporting this present upside trend as positive momentum is showing through stochastic. Meanwhile, our suggested weekly scenario remains valid until a daily closing is resumed above 83.55.
The trading range for this week is among the key support at 81.05 and the key resistance at 84.25.
| Support | 82.90 | 82.50 | 82.20 | 81.85 | 81.05 |
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| Resistance | 83.55 | 84.25 | 85.00 | 85.95 | 86.25 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 83.55 targeting 81.05 and stop loss above 84.50, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading within a wedged symmetrical triangle showing in the image above, where this pattern continues moving naturally and thereby supporting awaited bullish expectations appearing on additional support through stochastic; alongside SMA 50. Meanwhile, stabilizing above 0.9675 – 0.9655 is vital to resume expectations.
The trading range for this week is among the key support at 0.9555 and the key resistance at 1.0000.
| Support | 0.9675 | 0.9605 | 0.9555 | 0.9525 | 0.9440 |
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| Resistance | 0.9785 | 0.9820 | 0.9875 | 0.9945 | 1.0000 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.9675 targeting 0.9900 and stop loss below 0.9555, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair found support around the critical level mentioned this morning around 0.9840 and thus pushing the pair to the downside. Stochastic is still showing negative signs that make us hold onto expected bearish intraday movement, according to the suggested morning weekly scenario.
The trading range for this week is among the key support at 0.9600 and the key resistance at 1.0055.
| Support | 0.9840 | 0.9815 | 0.9750 | 0.9700 | 0.9650 |
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| Resistance | 0.9920 | 0.9960 | 1.0000 | 1.0055 | 1.0115 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 0.9840 targeting 0.9650 and stop loss above 0.9960, might be appropriate. | ||||