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Technical Major Currencies

Written by article default Monday, 14 March 2011 18:54

Euro

Midday Report

EUR

The pair was able to cover the opening gap where it was able to stabilize around 1.3900 to rush to the upside, according to the chart above. The SMA continues supporting the pair from below, while momentum indicators are negative that could maintain the pressure for some time. Overall, our suggested weekly scenario remains valid as long as stability is above 1.3825.

The trading range for this week is among the key support at 1.3755 and the key resistance at 1.4280.

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.

Weekly Report



Support 1.3900 1.3860 1.3825 1.3755 1.3715
Resistance 1.3980 1.4035 1.4100 1.4195 1.4240
Recommendation Based on the charts and explanations above our opinion is buying the pair around 1.3860 targeting 1.4100 and stop loss below 1.3755, might be appropriate.


Great British Pound (GBP)

Midday Report

GBP

The pair is trading in a bullish manner since this morning, in an attempt to surpass 23.6% Fibonacci that has turned into resistance. The current uptrend is a vital signal that the bearish correction the pair had started by breaching the upside channel’s support level settled for 38.2% Fibonacci; thus, further confirming the chances for the pair to return to the upside. Overall, we await for further confirmations for the upcoming direction by observing the critical levels highlighted this morning.

The trading range for this week is among the key support at 1.5855 and the key resistance at 1.6345.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.
Weekly Report


Support 1.6040 1.5975 1.5905 1.5855 1.5810
Resistance 1.6120 1.6150 1.6220 1.6250 1.6345
Recommendation Based on the charts and explanation above our opinion is observing the pair’s movement around critical levels, highlighted above, to insure its upcoming direction.


Japanese Yen (JPY)

Midday Report

JPY

The pair is trading within a narrow range since this morning with some bearish bias in an attempt to near the pivotal support awaited to be breached around 81.70. Stochastic is on the edge of overbought areas, encouraging us to maintain our morning expectations as long as stability is below 83.00.

The trading range for this week is among the key support at 79.60 and the key resistance at 83.70.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
Weekly Report


Support 82.00 81.70 80.80 80.35 79.60
Resistance 82.40 83.00 83.75 84.25 85.00
Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 81.70 targeting 79.60 and stop loss above 83.00, might be appropriate.


Swiss Franc (CHF)

Midday Report

CHF

The pair moved upwards, although the SMA 50 prevented any further movement to the upside pushing the pair to stabilize trading below the minor upside channel’s support level, inline with our expectations. The weekly scenario was activated as we await targets that require daily closing stability below 0.9355-30 to prevail.

The trading range for this week is among the key support at 0.9000 and the key resistance at 0.9415.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.
Weekly Report


Support 0.9200 0.9150 0.9100 0.9070 0.9000
Resistance 0.9295 0.9330 0.9355 0.9415 0.9465
Recommendation Our weekly expectations remain valid.


Canadian Dollar (CAD)

Midday Report

CAD

The pair is trading within a narrow range since this morning, while noting the slight downside bias and stability below the SMA 50. The sideways trading will prevail for some time until momentum indicators lose some of the positivity. We still expect an overall bearish move with daily stability below 0.9835 to prevail.

The trading range for this week is among the key support at 0.9500 and the key resistance at 0.9850.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.
Weekly Report


Support 0.9700 0.9665 0.9615 0.9550 0.9500
Resistance 0.9790 0.9835 0.9900 0.9960 1.0000
Recommendation Based on the charts and explanations above our opinion is selling the pair around 0.9790 targeting 0.9595 and stop loss above 0.9900, might be appropriate.