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Technical Major Currencies
Written by article default Friday, 18 February 2011 15:44
EuroMidday Report
The pair found it difficult to surpass the downside channel’s resistance level and dropped to attack the SMA 50 in an attempt to stabilize below it; Stochastic is negatively pressuring the pair causing this downtrend. Hence, we must keep an eye on trading carefully in order to insure the upcoming direction. Our morning expectations remain valid.
The trading range for today is among the key support at 1.3425 and the key resistance at 1.3805.
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 | 1.3525 | 1.3455 | 1.3425 | 1.3365 | 1.3310 |
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| Resistance | 1.3570 | 1.3615 | 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 hourly closing above 1.3615 targeting 1.3755 and stop loss below 1.3525, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair succeeded in surpassing 1.6185 highlighted this morning and stabilize above it with the first four hour closing above it; our suggested scenario was activated as we await for targets that require stability above 1.6160.
The trading range for today is among the key support at 1.6000 and the key resistance at 1.6415.
| Support | 1.6185 | 1.6160 | 1.6100 | 1.6070 | 1.5990 |
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| Resistance | 1.6250 | 1.6300 | 1.6345 | 1.6415 | 1.6450 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair touched the awaited retest level around 83.45 and fluctuate around it in an attempt to unload some positive momentum on Stochastic. Our morning expectations remain intact, as long as stability is below the retest areas mentioned.
The trading range for today is among the key support at 81.85 and the key resistance at 85.00.
| Support | 83.15 | 82.50 | 82.20 | 81.85 | 81.35 |
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| Resistance | 83.45 | 83.70 | 84.25 | 85.00 | 85.95 |
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| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair is fluctuating around the awaited minor resistance level around 0.9625 and stabilized below it, thereby we await for the expected bearish intraday trend to start supported by the negative pressure offered by the SMA 50. Note that the breach of 0.9625 could postpone targets.
The trading range for today is among the key support at 0.9330 and the key resistance at 0.9620.
| Support | 0.9450 | 0.9365 | 0.9330 | 0.9270 | 0.9200 |
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| Resistance | 0.9525 | 0.9555 | 0.9620 | 0.9690 | 0.9750 |
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| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair started to move to the downside after breaching the sideways range support level 0.9840 due to the negative pressures highlighted this morning. Our morning expectations remain intact and require stability below 0.9840.
The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.
| Support | 0.9815 | 0.9750 | 0.9700 | 0.9650 | 0.9600 |
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| Resistance | 0.9840 | 0.9920 | 0.9950 | 1.0000 | 1.0055 |
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| Recommendation | Our morning expectations remain valid. | ||||