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Technical Major Currencies
Written by article default Thursday, 24 March 2011 13:42
EuroMidday Report
The pair stabilized around 1.4075 as trading rebounded to the upside, due to support from SMA 50; therefore, morning expectations remains valid.
The trading range for today is among the key support at 1.3940 and the key resistance at 1.4365.
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 | 1.4075 | 1.4000 | 1.3940 | 1.3900 | 1.3860 |
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| Resistance | 1.4135 | 1.4215 | 1.4240 | 1.4280 | 1.4365 |
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| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair continues its negative pressure, where trading is below SMA 50. These factors add more bearish pressure on the pair that in role pushes it towards 38.2% Fibonacci correction, although Stochastic shows otherwise. We hold onto our neutrality for intraday trading, awaiting the daily closing to insure the upcoming direction.
The trading range for today is among the key support at 1.6105 and the key resistance at 1.6450.
| Support | 1.6170 | 1.6135 | 1.6105 | 1.6075 | 1.6040 |
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| Resistance | 1.6215 | 1.6275 | 1.6325 | 1.6360 | 1.6415 |
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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 continues trading within a narrow range and thereby our morning expectations remain intact.
The trading range for today is among the key support at 79.00 and the key resistance at 81.80.
| Support | 80.60 | 79.80 | 79.00 | 78.40 | 78.00 |
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| Resistance | 81.15 | 81.80 | 82.25 | 82.65 | 83.25 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 81.15 targeting 79.80 and stop loss above 81.80, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair reversed to the downside after reaching 50% Fibonacci correction around 0.9125, supported by the negativity on Stochastic over four-hour basis. Our morning scenario has been activated and remains intact.
The trading range for today is among the key support at 0.8885 and the key resistance at 0.9180.
| Support | 0.9070 | 0.9000 | 0.8950 | 0.8885 | 0.8800 |
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| Resistance | 0.9125 | 0.9180 | 0.9245 | 0.9270 | 0.9330 |
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| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair reversed after reaching the downside channel’s resistance level shown this morning around 0.9820, while the pair targets the minor support at 0.9760 where breaching it will accelerate the bearishness towards target according to our morning report. Our expectations remain valid and require stability below 0.9820.
The trading range for today is among the key support at 0.9600 and the key resistance at 0.9960.
| Support | 0.9760 | 0.9700 | 0.9665 | 0.9615 | 0.9550 |
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| Resistance | 0.9820 | 0.9915 | 0.9960 | 1.0000 | 1.0055 |
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| Recommendation | Our morning expectations remain valid. | ||||