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Technical Major Currencies
Written by article default Monday, 18 April 2011 18:08
EuroMidday Report
The pair declined approaching the critical support at 1.4280, while clear oversold signs are seen on momentum indicators. Our weekly scenario remains valid with stability above the aforementioned support.
The trading range for this week is among the major support at 1.4200 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 | 1.4280 | 1.4200 | 1.4170 | 1.4105 | 1.4050 |
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| Resistance | 1.4365 | 1.4395 | 1.4470 | 1.4500 | 1.4580 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4280 and taking profit in two stages at 1.4395 then 1.4470 and stop loss below 1.4170 might be appropriate this week | ||||
Great British Pound (GBP)
Midday Report
The pair reached 1.6250 and rebounded higher supported by the positivity on Stochastic. Therefore, our morning scenario was activated and remains valid with stability above 1.6250.
The trading range for this week is among the major support at 1.6110 and the major resistance at 1.6690.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6250 | 1.6200 | 1.6175 | 1.6110 | 1.6060 |
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| Resistance | 1.6300 | 1.6350 | 1.6400 | 1.6450 | 1.6500 |
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| Recommendation | Our weekly expectations remain valid | ||||
Japanese Yen (JPY)
Midday Report
The pair is still fluctuating around the SMA 50 which is strong support and strengthened by the signs on Stochastic. We remain neutral on the pair and will observe the movement over the coming period especially around the critical levels mentioned this morning in search of more confirmations.
The trading range for this week is among the major support at 80.60 and the major resistance at 85.65.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 82.75 | 82.15 | 81.45 | 80.80 | 80.00 |
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| Resistance | 83.50 | 83.90 | 84.50 | 85.00 | 85.65 |
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| Recommendation | Based on the charts and explanations above our opinion is observing the pair for more confirmations | ||||
Swiss Franc (CHF)
Midday Report
The pair moved higher this morning affected by the positive momentum, while the SMA 50 is still a strong resistance against further upside movement. Therefore, we still see the likelihood for the downside move to prevail and require the breach and stability below 0.8900.
The trading range for this week is among the major support at 0.8670 and the major resistance at 0.9105.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8950 | 0.8900 | 0.8810 | 0.8750 | 0.8700 |
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| Resistance | 0.9015 | 0.9075 | 0.9105 | 0.9190 | 0.9235 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with four-hour closing below 0.8900 targeting 0.8700 and stop loss above 0.9015 might be appropriate this week | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading with an upside bias in an attempt to retest 0.9665 areas, where the pair is expected to consolidate at this level to start the expected move for the week. The SMA 50 and Stochastic support our expectations which require stability below 0.9740.
The trading range for this week is among the major support at 0.9400 and the major resistance at 0.9740.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9615 | 0.9560 | 0.9495 | 0.9470 | 0.9400 |
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| Resistance | 0.9665 | 0.9715 | 0.9740 | 0.9795 | 0.9865 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9665 targeting 0.9560 and stop loss above 0.9740 might be appropriate this week | ||||