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Technical Major Currencies
Written by article default Monday, 04 April 2011 18:25
EuroMidday Report
The pair is trading since this morning slightly to the downside due to Stochastic’s negativity, which could impede touching SMA and levels around 1.4115. We recommend reviewing our weekly report from this morning to clear up the conflict between the mixed time frames.
The trading range for this week is among the key support at 1.4000 and the key resistance at 1.4500.
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 | 1.4115 | 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 | Based on the charts and explanation above our opinion is observing the pair’s movement and daily reports to insure its upcoming direction. | ||||
Great British Pound (GBP)
Midday Report
The pair attempted to breach 1.6150, but a four hour closing above it was not achieved. Stochastic is still showing negative signs that may impede stability above the mentioned level, until SMA offers support. Our suggested scenario in our weekly report will remain valid as we wait for seeing signs that will be insured via observing critical levels highlighted in our previous report.
The trading range for this week is among the key support at 1.5870 and the key resistance at 1.6500.
| Support | 1.6060 | 1.5995 | 1.5955 | 1.5870 | 1.5810 |
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| Resistance | 1.6150 | 1.6200 | 1.6245 | 1.6275 | 1.6325 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with a four hour closing above 1.6150 targeting 1.6350 and stop loss below 1.6060, (or) selling the pair with the four hour closing below 1.5995 targeting 1.5810 and stop loss above 1.6060, might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair descended since this morning due to the negativity appearing through momentum indicators, while we still await for stability on levels 83.50 – 83.25. Hence, previous expectations remain valid and will not fail unless support levels are breached.
The trading range for this week is among the key support at 82.35 and the key resistance at 86.30.
| Support | 83.50 | 83.00 | 82.15 | 81.80 | 81.15 |
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| Resistance | 84.25 | 85.00 | 85.65 | 85.95 | 86.30 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 83.50 targeting 85.65 and stop loss below 82.15, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading within a narrow range since this morning as is presently fluctuates around pivotal support 0.9235 – previously broken 38.2% Fibonacci correction -. In overall, we still await more bearish intraday movement due to the negativity highlighted this morning, while noting the importance of stability below 0.9330 to maintain chances of resuming expectations.
The trading range for this week is among the key support at 0.8950 and the key resistance at 0.9415.
| Support | 0.9235 | 0.9175 | 0.9105 | 0.9040 | 0.9000 |
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| Resistance | 0.9280 | 0.9330 | 0.9370 | 0.9415 | 0.9465 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading within a narrow range since this morning stabilizing below broken pivotal support around 0.9665; therefore, no changes are noted on our suggested weekly scenario from this morning that depends on stability below the level to prevail.
The trading range for this week is among the key support at 0.9325 and the key resistance at 0.9770.
| Support | 0.9615 | 0.9550 | 0.9500 | 0.9470 | 0.9400 |
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| Resistance | 0.9665 | 0.9700 | 0.9770 | 0.9810 | 0.9865 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9665 targeting 0.9400 and stop loss above 0.9770, might be appropriate. | ||||