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Technical Major Currencies
Written by article default Friday, 04 March 2011 18:43
EuroMidday Report
The pair is trading within a narrow range since this morning, while we await for the US to release the jobs data. Our suggested morning scenario remains valid for today, and we advise caution at the time the data release as of 13:30 GMT.
The trading range for today is among the key support at 1.3860 and the key resistance at 1.4160.
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 | 1.3925 | 1.3860 | 1.3800 | 1.3765 | 1.3715 |
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| Resistance | 1.3980 | 1.4000 | 1.4050 | 1.4085 | 1.4160 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.3925 targeting 1.4085 and stop loss below 1.3860, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair descended to touch the upside channel’s support above, while noting the fast rebound after touching this level supported by the SMA 50, alongside positive momentum indicators. Our expectations remain intact as long as we keep in mind the importance of stability above this upside channel’s support level, in order to maintain the suggested scenario.
The trading range for today is among the key support at 1.6100 and the key resistance at 1.6500.
| Support | 1.6235 | 1.6200 | 1.6165 | 1.6100 | 1.6070 |
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| Resistance | 1.6275 | 1.6345 | 1.6415 | 1.6450 | 1.6500 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading to the upside since this morning stabilizing on the SMA 50 and heading towards the symmetrical triangle’s resistance level around 83.15; Stochastic continues showing negative signs supporting the pair to continue the expected bearish trend. The breach of 83.15 will fail the suggested bearish direction.
The trading range for today is among the key support at 80.35 and the key resistance at 83.15.
| Support | 82.15 | 81.60 | 80.80 | 80.35 | 79.60 |
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| Resistance | 82.95 | 83.15 | 83.70 | 84.25 | 85.00 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 81.60 targeting 80.35 and stop loss above 82.20, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading slightly to the upside since this morning, while the SMA 50 continues negatively pressuring the pair. Stochastic is showing clear negativity encouraging us to hold onto the morning expectations as long as stability is below 0.9330.
The trading range for today is among the key support at 0.9100 and the key resistance at 0.9430.
| Support | 0.9260 | 0.9200 | 0.9150 | 0.9100 | 0.9070 |
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| Resistance | 0.9330 | 0.9360 | 0.9430 | 0.9525 | 0.9575 |
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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 is trading in a narrow range from this morning, where we still await the pair to consolidate at 0.9760 – 0.9785 levels in order to start the expected bearish trend. Our morning report highlights the awaited targets and factors that protect our suggested scenario.
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. | ||||