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Technical Major Currencies
Written by article default Thursday, 03 March 2011 11:21
EuroMorning Report
The pair is hovering around yesterday’s highlighted pivotal resistance at 1.3860, while noting the last four hour candlestick closing precisely around this level. Stochastic is preventing the pair from resuming the awaited upside move to stabilize above the mentioned level, which could cause some kind of fluctuation to unload the negativity on the indicator and continue the expected bullish intraday trend towards the upcoming key target around 1.4000. SMA 50 supports the suggested scenario that requires stability above 1.3760 – 1.3715.
The trading range for today is among the key support at 1.3715 and the key resistance at 1.4085.
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 | 1.3800 | 1.3765 | 1.3715 | 1.3680 | 1.3610 |
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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 1.3760, might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
The pair succeeded in stabilizing above 1.6275, which is considered a strong sign regarding the pair’s ongoing bullish move; SMA 50 supports trading within the upside channel appearing above. This encourages us to expect a bullish intraday direction with targets are around 1.6500, where stability above 1.6220 is vital for our expectations to prevail.
The trading range for today is among the key support at 1.6220 and the key resistance at 1.6500.
| Support | 1.6275 | 1.6220 | 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 1.6220, might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair touched the symmetrical triangle’s support level around 81.55 and rebounded due to the positivity on Stochastic, while SMA 50 continues to negatively pressure the pair. Thus, expectations of a bearish intraday move remains valid and the first step to activate this descend is a clear breach of 81.55. Breaching areas between 82.20 – 82.40 could postpone the bearish targets that start around 80.35.
The trading range for today is among the key support at 80.35 and the key resistance at 82.95.
| Support | 81.55 | 80.80 | 80.35 | 79.60 | 79.20 |
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| Resistance | 82.20 | 82.95 | 83.35 | 83.70 | 84.25 |
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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 82.20, might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair continues its downward bias ,touching 0.9200 to find good support around this level, according to the positive signs on momentum indicators. This positivity could push it to revisit the retest level, the breached support of the sideways range around 0.9330, before resuming the expected bearish intraday journey. Targets start around 0.9100 – 0.9070 and requires stability below 0.9330.
The trading range for today is among the key support at 0.9070 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)
Morning Report
The pair is trading within a narrow range since touching 0.9700, while noting the continuation of trading within the minor downside channel controlling the bearish intraday trading around 1.0055. Some fluctuation is expected and a minor bullish correction due to the positive momentum over daily basis, before resuming more bearish intraday movement towards targets around 0.9600 then 0.9500. If trading within the minor downside channel continues, it will support the expected bearish trend and breaching 0.9840 could postpone the awaited targets.
The trading range for today is among the key support at 0.9500 and the key resistance at 0.9840.
| 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 | Based on the charts and explanations above our opinion is selling the pair around 0.9760 targeting 0.9600 and stop loss above 0.9840, might be appropriate. | ||||