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Technical Major Currencies
Written by article default Friday, 08 April 2011 18:26
EuroMidday Report
The pair continues trading to the upside since this morning as it stabilized around 1.4400, while Stochastic continues offering negative signs that may cause some fluctuation. In overall, our morning scenario remains valid as we await 1.4460 to be breached.
The trading range for today is among the key support at 1.4280 and the key resistance at 1.4580.
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 | 1.4350 | 1.4280 | 1.4220 | 1.4170 | 1.4105 |
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| Resistance | 1.4460 | 1.4500 | 1.4580 | 1.4625 | 1.4710 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with an hourly closing above 1.4460 targeting 1.4625 and stop loss below 1.4350, might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair moved to the downside after touching the awaited retest level around 1.6355; therefore, our suggested morning scenario remains intact as long as stability is above 1.6355.
The trading range for today is among the key support at 1.6260 and the key resistance at 1.6555.
| Support | 1.6355 | 1.6300 | 1.6250 | 1.6200 | 1.6150 |
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| Resistance | 1.6400 | 1.6450 | 1.6500 | 1.6555 | 1.6595 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair continues trading near 50% Fibonacci correction, while momentum indicators continue showing overbought signs and thus making the pair’s mission to surpass the correction needed difficult. Meanwhile, SMA supports the present bullish wave and thereby our morning expectations remain valid, as long as stability is above 84.00.
The trading range for today is among the key support at 83.90 and the key resistance at 87.85.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 85.00 | 84.50 | 83.90 | 83.50 | 83.00 |
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| Resistance | 85.65 | 85.95 | 86.30 | 86.90 | 87.35 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with an hourly closing above 85.65 targeting 87.35 and stop loss below 84.50, might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair currently retested the previously breached pivotal support level around 0.9125, while SMA continues offering negative pressure over an intraday basis; therefore, our suggested morning scenario will prevail but requires stability below 0.9190 to continue.
The trading range for today is among the key support at 0.8885 and the key resistance at 0.9255.
| Support | 0.9105 | 0.9025 | 0.9000 | 0.8950 | 0.8885 |
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| Resistance | 0.9190 | 0.9235 | 0.9280 | 0.9330 | 0.9370 |
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| Recommendation | Our morning expectations remain valid. | ||||
Canadian Dollar (CAD)
Midday Report
The four hour chart shows that the downside channel is controlling intraday trading after it inched closer to its support level, where stochastic is showing positive signs that push towards resistance around 0.9625 before continuing its expected bearish journey. Hence, morning expectations will prevail as long as stability is below 0.9665.
The trading range for today is among the key support at 0.9350 and the key resistance at 0.9665.
| Support | 0.9550 | 0.9500 | 0.9470 | 0.9400 | 0.9350 |
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| Resistance | 0.9625 | 0.9665 | 0.9700 | 0.9750 | 0.9795 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9625 targeting 0.9450 and stop loss above 0.9750, might be appropriate. | ||||