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Technical Major Currencies
Written by article default Tuesday, 22 March 2011 20:18
EuroMidday Report
The pair is trading within a narrow range with a bullish bias, as momentum indicators continue offering negative signs that could cause a minor bearish correction. Our morning expectations remain valid.
The trading range for today is among the key support at 1.4050 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 | 1.4200 | 1.4150 | 1.4095 | 1.4050 | 1.4000 |
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| Resistance | 1.4240 | 1.4280 | 1.4365 | 1.4420 | 1.4470 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.4150 targeting 1.4280 and stop loss below 1.4095, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair breached this morning’s resistance level around 1.6325 signaling the end of the downside correction and returning to the upside trend; therefore, our suggested morning scenario was activated and requires stability above 1.6325.
The trading range for today is among the key support at 1.6195 and the key resistance at 1.6500.
| Support | 1.6325 | 1.6265 | 1.6225 | 1.6195 | 1.6135 |
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| Resistance | 1.6415 | 1.6450 | 1.6500 | 1.6595 | 1.6650 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading within a narrow range since this morning around 81.00, while Stochastic inched closer towards overbought areas. Hence, our morning expectations remain valid as long as stability is below 81.75.
The trading range for today is among the key support at 79.00 and the key resistance at 81.75.
| 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 slightly ascended due to the positive pressure from Stochastic, while we await the pair to stabilize at 0.9070 before resuming the expected bearish intraday direction depending on the negative factors highlighted in our morning report. The SMA 50 supports our expectations.
The trading range for today is among the key support at 0.8800 and the key resistance at 0.9125.
| 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 0.9070 targeting 0.8885 and stop loss above 0.9180, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair continues moving to the downside pressured by the SMA 50, supporting expectations for more bearish intraday movement; breaching 0.9745 will accelerate the awaited bearishness paving the way initially towards 0.9600. Our expectations require stability below 0.9830 to prevail.
The trading range for today is among the key support at 0.9600 and the key resistance at 0.9960.
| Support | 0.9740 | 0.9700 | 0.9665 | 0.9615 | 0.9550 |
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| Resistance | 0.9805 | 0.9830 | 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 0.9805 targeting 0.9615 and stop loss above 0.9915, might be appropriate. | ||||