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Technical Major Currencies
Written by article default Friday, 25 March 2011 13:12
EuroMidday Report
The pair is trading within a narrow range since this morning as Stochastic unloads the negative momentum; therefore, our morning expectations remains valid for the rest of the day.
The trading range for today is among the key support at 1.4050 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 | 1.4135 | 1.4090 | 1.4050 | 1.4000 | 1.3950 |
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| Resistance | 1.4215 | 1.4240 | 1.4280 | 1.4350 | 1.4420 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.4090 targeting 1.4240 and stop loss below 1.4000, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair continues trading around 23.6% Fibonacci correction, while momentum indicators are still oversold while the SMA 50 pressures the pair negatively. The conflict between technical factors is still prevailing which maintains our neutral stance for today.
The trading range for today is among the key support at 1.5960 and the key resistance at 1.6450.
| Support | 1.6075 | 1.6040 | 1.6000 | 1.5960 | 1.5905 |
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| Resistance | 1.6105 | 1.6135 | 1.6200 | 1.6275 | 1.6325 |
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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 ascended to touch the minor resistance around 81.15, while Stochastic continues offering clear bearish signs. We expect to witness a bearish intraday movement for the rest of the day, while the breach of 81.80 could postpone the awaited targets.
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 | 81.80 | 82.25 | 82.65 | 83.25 | 83.75 |
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| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair moved upwards to breach the downside channel’s resistance highlighted in the image above, while we can notice the bearish reversal attempts to return to stabilize below the broken resistance level. Stochastic entered overbought areas and thereby chances for a bearish intraday move remain valid.
The trading range for today is among the key support at 0.8885 and the key resistance at 0.9180.
| Support | 0.9125 | 0.9070 | 0.9000 | 0.8950 | 0.9885 |
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| Resistance | 0.9180 | 0.9245 | 0.9270 | 0.9330 | 0.9355 |
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| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair touched this morning’s retest level around 0.9760 and reversed to the downside; therefore, our suggested morning scenario was activated as we await bearish targets that require daily stability below 0.9815 to prevail.
The trading range for today is among the key support at 0.9550 and the key resistance at 0.9915.
| Support | 0.9700 | 0.9665 | 0.9615 | 0.9550 | 0.9500 |
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| Resistance | 0.9760 | 0.9815 | 0.9840 | 0.9915 | 0.9960 |
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| Recommendation | Our morning expectations remain valid. | ||||