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Technical Major Currencies
Written by article default Wednesday, 02 March 2011 18:06
EuroMidday Report
The pair rushed upwards consolidating on the SMA 50 and approaching the critical resistance around 1.3860, while Stochastic is positive and accordingly we expect the bullish intraday direction to prevail. Note that the breach of the highlighted resistance level will accelerate the move towards the awaited targets.
The trading range for today is among the key support at 1.3610 and the key resistance at 1.4000.
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 | 1.3765 | 1.3715 | 1.3680 | 1.3610 | 1.3540 |
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| Resistance | 1.3860 | 1.3890 | 1.3980 | 1.4000 | 1.4050 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with an hourly closing above 1.3860 targeting 1.4000 and stop loss below 1.3765, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair moved strongly to the upside to surpass the previously recorded top around 1.6275, while attempting to stabilize above it. Stochastic is positive pointing to more bullish movement today targeting next 1.6450; stability above 1.6190 keeps our expectations valid.
The trading range for today is among the key support at 1.6070 and the key resistance at 1.6450.
| Support | 1.6275 | 1.6190 | 1.6165 | 1.6100 | 1.6070 |
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| Resistance | 1.6345 | 1.6415 | 1.6450 | 1.6500 | 1.6595 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6275 targeting 1.6415 and stop loss below 1.6190, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The narrow range trading continues dominating the pair since this morning, where there is no notable change witnessed on our suggested scenario that remains valid as long as stability is below 82.40.
The trading range for today is among the key support at 80.35 and the key resistance at 83.35.
| Support | 81.55 | 80.80 | 80.35 | 79.60 | 79.20 |
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| Resistance | 82.05 | 82.40 | 82.95 | 83.35 | 83.70 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach around 81.55 targeting 80.35 and stop loss above 82.40, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading to the downside since this morning, accompanied by Stochastic entering oversold areas and thus may cause some fluctuation and a bullish correction to retest 0.9330, before resuming the expected bearish journey. The morning scenario remains intact supported by the offered resistance from the SMA 50.
The trading range for today is among the key support at 0.9100 and the key resistance at 0.9360.
| Support | 0.9200 | 0.9150 | 0.9100 | 0.9070 | 0.9000 |
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| Resistance | 0.9260 | 0.9330 | 0.9360 | 0.9430 | 0.9525 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9330 targeting 0.9200 and stop loss above 0.9430, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair has been bullishly correcting since this morning and now reversed to the downside to continue the bearish trend. Our expectations will prevail as long as stability is below 0.9840.
The trading range for today is among the key support at 0.9500 and the key resistance at 0.9895.
| Support | 0.9700 | 0.9665 | 0.9600 | 0.9550 | 0.9500 |
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| Resistance | 0.9785 | 0.9840 | 0.9895 | 0.9920 | 1.0000 |
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| Recommendation | Our morning expectations remain valid. | ||||