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Technical Major Currencies
Written by article default Friday, 01 April 2011 18:13
EuroMidday Report
The pair is still trading around the retesting level for the broken downside channel’s resistance around 1.4145, while Stochastic enters oversold areas. Our morning scenario remains valid for today; while remaining cautious in intraday trading, which will occur at the same time as the US releases unemployment data as of 12:30 GMT.
The trading range for today is among the key support at 1.3970 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 | 1.4145 | 1.4110 | 1.4050 | 1.4005 | 1.3970 |
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| Resistance | 1.4220 | 1.4280 | 1.4350 | 1.4420 | 1.4470 |
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| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair is trading in a narrow range since this morning below SMA and above 38.2% Fibonacci correction according to the image above. Stochastic appears to be negative that could contribute to more upside movement, but we remain neutral today until signs that insure the coming direction appear through critical levels highlighted this morning.
The trading range for today is among the key support at 1.5870 and the key resistance at 1.6275.
| Support | 1.5995 | 1.5955 | 1.5870 | 1.5810 | 1.5770 |
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| Resistance | 1.6060 | 1.6090 | 1.6150 | 1.6200 | 1.6245 |
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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 within the narrow range since this morning, while gradually heading towards critical resistance level 84.00; whereas momentum indicators are offering negative signs on the four hour time frame. Morning expectations remain valid as long as stability remains above 82.35.
The trading range for today is among the key support at 82.35 and the key resistance at 86.00.
| Support | 83.00 | 82.35 | 81.80 | 81.15 | 80.60 |
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| Resistance | 84.00 | 84.25 | 85.00 | 85.95 | 86.25 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with an hourly closing above 84.00 targeting 86.00 and stop loss below 83.00, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair gradually moved closer to the retest level awaited around 0.9245, accompanied by clear overbought signs on Stochastic. Our morning scenario remains intact, as long as stability is below 0.9245.
The trading range for today is among the key support at 0.9000 and the key resistance at 0.9330.
| Support | 0.9155 | 0.9105 | 0.9040 | 0.9000 | 0.8950 |
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| Resistance | 0.9245 | 0.9280 | 0.9330 | 0.9370 | 0.9415 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9245 targeting 0.9105 and stop loss above 0.9330, might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair has been moving to the downside since this morning from critical support 0.9665, while stochastic is showing major oversold signs that are impeding the breach of the mentioned level. In overall, we still expect a bearish trend over an intraday basis as long as stability is below 0.9775 and is supported by trading within the key downside channel, and below SMA.
The trading range for today is among the key support at 0.9550 and the key resistance at 0.9840.
| Support | 0.9665 | 0.9615 | 0.9550 | 0.9500 | 0.9470 |
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| Resistance | 0.9700 | 0.9755 | 0.9775 | 0.9840 | 0.9915 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9755 targeting 0.9600 and stop loss above 0.9840, might be appropriate. | ||||