Members login
Technical Major Currencies
Written by article default Tuesday, 08 March 2011 18:37
EuroMidday Report
The pair has been trading with negativity since this morning as it breached the minor support around 1.3925. Stochastic is clearly oversold maintaining our suggested morning scenario intact as long as stability is above 1.3860.
The trading range for today is among the key support at 1.3860 and the key resistance at 1.4195.
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 | 1.3860 | 1.3775 | 1.3715 | 1.3680 | 1.3610 |
|
|
|||||
| Resistance | 1.3925 | 1.3980 | 1.4035 | 1.4085 | 1.4195 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair is trading around highlighted overbought areas in our morning report as seen on the chart above, while Stochastic continues to provide positive signs supporting our morning expectations that remain intact =as long as stability is above the downside channel’s support level shown above.
The trading range for today is among the key support at 1.6145 and the key resistance at 1.6415.
| Support | 1.6145 | 1.6090 | 1.6000 | 1.5960 | 1.5905 |
|
|
|||||
| Resistance | 1.6230 | 1.6275 | 1.6345 | 1.6415 | 1.6450 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading with an upside bias since this morning, where it seems to be heading once again towards the symmetrical triangle’s resistance level; however, Stochastic entered overbought areas and we hold onto our expected bearish intraday movement that essentially depends on the breach of the pivotal support around 81.65. Stability below 83.10 is vital for our expectations to prevail.
The trading range for today is among the key support at 80.35 and the key resistance at 83.10.
| Support | 82.25 | 81.65 | 80.80 | 80.35 | 79.60 |
|
|
|||||
| Resistance | 83.10 | 83.75 | 84.25 | 85.00 | 85.95 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 81.65 targeting 80.35 and stop loss above 82.25, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair strongly rushed to the upside in an attempt to surpass the retest level around 0.9330, but returned to stabilize below this level. The pair is under negative pressure from momentum indicators and thus we hold onto our morning expectations, if we do not witness stability above 0.9330.
The trading range for today is among the key support at 0.9100 and the key resistance at 0.9330.
| Support | 0.9300 | 0.9260 | 0.9200 | 0.9150 | 0.9100 |
|
|
|||||
| Resistance | 0.9330 | 0.9360 | 0.9430 | 0.9525 | 0.9575 |
|
|
|||||
| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair moved to the upside approaching the awaited minor resistance level around 0.9760 reversing lower to continue trading within a narrow sideways range as provided on the chart. Overall, our suggested morning scenario will prevail if the pair does not breach 0.9865.
The trading range for this week is among the key support at 0.9500 and the key resistance at 0.9865.
| Support | 0.9700 | 0.9665 | 0.9615 | 0.9550 | 0.9500 |
|
|
|||||
| Resistance | 0.9760 | 0.9830 | 0.9865 | 0.9910 | 1.0000 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9760 targeting 0.9600 and stop loss above 0.9865, might be appropriate. | ||||