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Technical Major Currencies
Written by article default Thursday, 21 April 2011 12:40
EuroMidday Report
The pair rushed to the upside to break through 1.4600 while momentum indicators continue providing oversold signs. Further intraday bullishness is expected supported by the SMA 50. Stability above 1.4520 is essential for our expectations to prevail.
The trading range for today is among the major support at 1.4400 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 | 1.4575 | 1.4520 | 1.4470 | 1.4400 | 1.4335 |
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| Resistance | 1.4725 | 1.4800 | 1.4850 | 1.4900 | 1.4995 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4575 targeting 1.4725 and stop loss below 1.4470 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
The pair rushed higher as shown above approaching the main target around 1.6585. We might witness some volatility due to the negativity on momentum indicators, yet in general, we expect the intraday upside move to prevail with stability above 1.6400.
The trading range for today is among the major support at 1.6310 and the major resistance at 1.6650.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6470 | 1.6400 | 1.6310 | 1.6280 | 1.6250 |
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| Resistance | 1.6585 | 1.6650 | 1.6700 | 1.6740 | 1.6825 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6470 targeting 1.6585 and stop loss below 1.6400 might be appropriate | ||||
Japanese Yen (JPY)
Midday Report
The pair is gradually approaching the retest level awaited at 81.35 while Stochastic is moving within oversold area. Therefore, our morning expectations remain valid for the rest of the day.
The trading range for today is among the major support at 81.35 and the major resistance at 84.50.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 81.35 | 80.75 | 80.20 | 80.00 | 79.00 |
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| Resistance | 82.15 | 82.70 | 83.50 | 83.90 | 84.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 81.35 targeting 82.70 and stop loss below 80.20 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
The pair declined and approaching 0.8800 while momentum indicators have entered oversold areas, keeping the possibility for an upside move to retest 0.8900 valid to activate the morning suggested scenario which remains valid with stability below 0.8980. The SMA 50 supports the awaited downside move.
The trading range for today is among the major support at 0.8700 and the major resistance at 0.8980.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8810 | 0.8750 | 0.8700 | 0.8670 | 0.8600 |
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| Resistance | 0.8900 | 0.8950 | 0.8980 | 0.9075 | 0.9105 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8900 targeting 0.8750 and stop loss above 0.9005 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading with a downside bias with the downside trend on Stochastic. Tight ranged trading has been seen since morning and accordingly no change is evident on our morning expectations as far as stability is below 0.9525.
The trading range for today is among the major support at 0.9270 and the major resistance at 0.9600.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9470 | 0.9400 | 0.9350 | 0.9300 | 0.9270 |
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| Resistance | 0.9525 | 0.9600 | 0.9665 | 0.9695 | 0.9715 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9525 targeting 0.9350 and stop loss above 0.9600 might be appropriate | ||||