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Technical Major Currencies
Written by article default Monday, 11 April 2011 15:46
EuroMidday Report
The pair reached the awaited support at 1.4440 and consolidating above those levels and accordingly the suggested weekly scenario was activated and remains valid with support from the SMA 50. The negativity of momentum indicators keeps the downside pressures on the pair valid.
The trading range for this week is among the major support at 1.4280 and the major resistance at 1.4725.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4440 | 1.4400 | 1.4350 | 1.4280 | 1.4220 |
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| Resistance | 1.4500 | 1.4580 | 1.4625 | 1.4725 | 1.4800 |
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| Recommendation | Our weekly expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair carried a quick attempt to breach the support at 1.6340 yet the four hour closing was above this level as the secondary image shows. Therefore, our morning expectations remain valid awaiting a clear breach of 1.6400 to ease the move towards the suggested targets.
The trading range for this week is among the major support at 1.6240 and the major resistance at 1.6700.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6340 | 1.6300 | 1.6240 | 1.6200 | 1.6150 |
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| Resistance | 1.6400 | 1.6450 | 1.6500 | 1.6585 | 1.6650 |
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| Recommendation | Our weekly expectations remain valid | ||||
Japanese Yen (JPY)
Midday Report
The pair has been trading in a tight range since this morning with a slight downside bias in an attempt to unload the negative momentum over daily basis. In general, the morning suggested weekly scenario remains valid as far as areas of 83.50 remain intact.
The trading range for this week is among the major support at 83.50 and the major 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 | 84.50 | 83.90 | 83.50 | 83.00 | 82.15 |
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| Resistance | 85.00 | 85.65 | 85.95 | 86.30 | 86.90 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with four-hour closing above 85.65 targeting 87.35 and stop loss below 84.50 might be appropriate this week | ||||
Swiss Franc (CHF)
Midday Report
The pair is stable below the 23.6% Fibonacci correction as shown above amid tight ranged trading since morning. Momentum indicators are oversold that might pressure the pair to retest 0.9125 before resuming the expected bearishness towards the targets set this morning in the weekly report.
The trading range for this week is among the major support at 0.8800 and the major resistance at 0.9235.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.9025 | 0.9000 | 0.8950 | 0.8885 | 0.8800 |
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| Resistance | 0.9105 | 0.9190 | 0.8235 | 0.9290 | 0.9330 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9125 targeting 0.8950 and stop loss above 0.9235 might be appropriate this week | ||||
Canadian Dollar (CAD)
Midday Report
The pair is attempting to move higher eyeing the resistance for the descending channel over intraday basis at 0.9605, which is protected by the SMA 50. Therefore, we expect the downside move to prevail as far as the resistance areas mentioned remain intact where a breach of which will delay the morning set targets.
The trading range for this week is among the major support at 0.9300 and the major resistance at 0.9745.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9550 | 0.9495 | 0.9470 | 0.9400 | 0.9350 |
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| Resistance | 0.9605 | 0.9665 | 0.9700 | 0.9745 | 0.9795 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9605 targeting 0.9400 and stop loss above 0.9745 might be appropriate this week | ||||