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Technical Major Currencies
Written by article default Tuesday, 19 April 2011 11:58
EuroMidday Report
The pair is trading with an upside bias since morning and approaching the retest the breached support for the ascending channel that turned into resistance at 1.4300. Momentum indicators are positive supporting further upside movement while the SMA 50 turned into resistance over intraday basis.
The trading range for today is among the major support at 1.4135 and the major resistance at 1.4365.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4200 | 1.4170 | 1.4135 | 1.4105 | 1.4050 |
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| Resistance | 1.4300 | 1.4365 | 1.4400 | 1.4470 | 1.4500 |
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| Recommendation | Based on the charts and explanations above our opinion is observing the pair for more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair rushed to the upside with an hourly closing above 1.6250, and accordingly the morning suggested scenario was activated and reminding you of the importance of stability above 1.6250 for our expectations to prevail.
The trading range for today is among the major support at 1.6110 and the major resistance at 1.6500.
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 | 1.6085 |
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| Resistance | 1.6280 | 1.6350 | 1.6400 | 1.6450 | 1.6500 |
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| Recommendation | Our morning expectations remain valid | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading in a tight range since this morning with stability below the SMA 50. Therefore, no change is seen on our morning expectations that remain valid for today as we need to observe the awaited support mentioned this morning.
The trading range for today is among the major support at 81.40 and the major resistance at 84.00.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 82.15 | 81.40 | 80.75 | 80.00 | 79.00 |
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| Resistance | 82.75 | 83.50 | 83.90 | 84.50 | 85.00 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 81.40 targeting 82.75 and stop loss below 80.75 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading with an upside bias since this morning, yet the SMA 50 is strong resistance preventing the pair from further upside movement. Stochastic is overbought and accordingly our morning expectations remain valid with stability below 0.9005.
The trading range for today is among the major support at 0.8700 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 | 0.9005 | 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 hourly closing below 0.8900 targeting 0.8750 and stop loss above 0.9005 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair reached 0.9665 and rebounded lower as shown above, while Stochastic is still negative over four-hour basis. Our morning scenario was activated and remains valid for the rest of the day.
The trading range for today is among the major support at 0.9500 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 | 0.9705 | 0.9735 | 0.9795 | 0.9865 |
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| Recommendation | Our morning expectations remain valid | ||||