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Technical Major Currencies
Written by article default Wednesday, 16 February 2011 11:54
EuroMorning Report
The pair rebounded after nearing the minor downside channel support level appearing above, which are considered signs since some expected intraday upside to revisit this channel’s resistance around 1.3645 before insuring that trading continues within the channel or breach the bullish trend on the short term. We continue observing that pair’s trading today over intraday letters as we receive signs that insure the upcoming direction.
The trading range for today is among the key support at 1.3365 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 | 1.3500 | 1.3455 | 1.3425 | 1.3365 | 1.3310 |
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| Resistance | 1.3575 | 1.3645 | 1.3680 | 1.3715 | 1.3755 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with the intraday closing above 1.3530 targeting 1.3645 and stop loss below 1.3455, might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair pushed strongly to the upside yesterday resuming stability within the upside channel that has been breached due to support to attempt some bearish correction and note that it has halted around 38.2% Fibonacci appearing in the image above. This stability above support is around 1.6130, alongside appearing above SMA 50 and making us expect a bullish intraday direction initially targeting 1.6275 – 1.6300. Meanwhile, note that the breach of support levels between 1.6130 – 1.6070 will help the negative pressure to return on the pair to attempt more correction.
The trading range for today is among the key support at 1.5990 and the key resistance at 1.6345.
| Support | 1.6130 | 1.6070 | 1.5990 | 1.5965 | 1.5905 |
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| Resistance | 1.6180 | 1.6250 | 1.6300 | 1.6345 | 1.6415 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6130 targeting 1.5275 and stop loss below 1.6070, might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair is trading to the upside since yesterday placing it above critical resistance levels around 83.70, specifically since this breach is considered to be a sign on that the pair is on its way to resume some bullish correction after yesterday’s daily closing above 23.6% Fibonacci shown above, supported by SMA 50; however, the negativity appearing through momentum indicators since the pair is moving towards retesting the key bearish trend once again. This conflict makes us remain neutral today and observe the pair’s movement especially around vital levels between support 83.45 and resistance 83.90.
The trading range for today is among the key support at 82.45 and the key resistance at 85.00.
| Support | 83.45 | 82.95 | 82.50 | 82.20 | 81.85 |
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| Resistance | 84.25 | 85.00 | 85.95 | 86.25 | 86.90 |
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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. | ||||
Swiss Franc (CHF)
Morning Report
On the four hour chart above, technical factors are causing a reversal on the pair as horizontal resistance halted around 0.9750 once again, as a strong barrier if the pair is not able to stabilize above it for a second technical attempt. Meanwhile, the minor bearish technical pattern forming has breached its neckline around 0.9680 and thereby we expect the pair’s mission to break the upcoming critical support level around easier 0.9640, which is considered the completion of another bearish technical pattern appearing above. These factors make us expect a bearish intraday direction starting technical targets around 0.9520 then 0.9450, but note that stability below 0.9750 is vital to maintain chances of resuming this scenario.
The trading range for today is among the key support at 0.9450 and the key resistance at 0.9750.
| Support | 0.9640 | 0.9605 | 0.9555 | 0.9520 | 0.9450 |
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| Resistance | 0.9680 | 0.9750 | 0.9785 | 0.9820 | 0.9875 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 0.9640 targeting 0.9450 and stop loss above 0.9750, might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair continued trading in a narrow range between the downside channel’s resistance around 0.9950 and the sideway range’s support around 0.9840, while SMA 50 continues its negative pressure on the pair. Hence, we hold onto expected bearish intraday movement starting initially with the breach of support that will pave the way towards 0.9700 then 0.9600, while stability below 0.9950 is vital to maintain chances of achieving these expectations.
The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.
| Support | 0.9840 | 0.9815 | 0.9750 | 0.9700 | 0.9650 |
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| Resistance | 0.9920 | 0.9950 | 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 0.9950, might be appropriate. | ||||