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Technical Major Currencies
Written by article default Tuesday, 22 March 2011 00:50
EuroMidday Report
The pair is trading within a narrow range since this morning, while momentum indicators are overbought that maintain chances for a minor downside movement. Overall, our weekly scenario remains valid as long as stability is above 1.4035.
The trading range for this week is among the key support at 1.3980 and the key resistance at 1.4420.
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 | 1.4100 | 1.4060 | 1.4000 | 1.3940 | 1.3900 |
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| Resistance | 1.4195 | 1.4240 | 1.4280 | 1.4365 | 1.4420 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.4060 targeting 1.4280 and stop loss below 1.3940, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair is still trading below the broken upside channel’s support level previously breached around 1.6195; therefore, we await for further confirmations to insure the upcoming direction and we need to observe the critical levels highlighted in our weekly report this morning.
The trading range for this week is among the key support at 1.5960 and the key resistance at 1.6500.
| Support | 1.6250 | 1.6195 | 1.6135 | 1.6105 | 1.6075 |
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| Resistance | 1.6305 | 1.6345 | 1.6415 | 1.6450 | 1.6500 |
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| Recommendation | Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading to the upside since this morning to retest 81.75, while Stochastic continues losing the bullish momentum. The SMA is adding further strength to the retest level. We hold onto our weekly expectations as long as stability is below 82.80.
The trading range for this week is among the key support at 78.00 and the key resistance at 82.80.
| Support | 80.60 | 79.80 | 79.00 | 78.40 | 78.00 |
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| Resistance | 81.25 | 81.75 | 82.25 | 82.80 | 83.75 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 81.75 targeting 79.80 and stop loss above 82.80, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading within a narrow range since this morning and continues moving near critical resistance level around 0.9070, 38.2% Fibonacci. We still see chances for the pair to resume the minor bullish correction before continuing the expected bearish weekly journey, which requires stability below 0.9180 as Stochastic supports our expectations.
The trading range for this week is among the key support at 0.8800 and the key resistance at 0.9245.
| Support | 0.9000 | 0.8950 | 0.8885 | 0.8800 | 0.8750 |
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| Resistance | 0.9070 | 0.9125 | 0.9180 | 0.9245 | 0.9270 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9125 targeting 0.8885 and stop loss above 0.9245, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair descended due to the bearish technical pattern over hourly basis, which is considered an additional factor in supporting the suggested weekly scenario that will prevail with further support from the negativity offered by SMA 50. Stability below the initial downside channel’s resistance level is for our expectations to prevail.
The trading range for this week is among the key support at 0.9550 and the key resistance at 1.0000.
| Support | 0.9740 | 0.9700 | 0.9665 | 0.9615 | 0.9550 |
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| Resistance | 0.9805 | 0.9835 | 0.9915 | 0.9960 | 1.0000 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9835 targeting 0.9600 and stop loss above 0.9960, might be appropriate. | ||||