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Technical Major Currencies
Written by article default Wednesday, 27 April 2011 17:41
EuroMidday Report
The pair is trading in a tight range since this morning with the continued negative signals from momentum indicators, and accordingly we expect a slight downside move towards 1.4600. In general, our morning expectations remain valid with stability above 1.4600.
The trading range for today is among the major support at 1.4580 and the major resistance at 1.4900.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4650 | 1.4600 | 1.4580 | 1.4520 | 1.4470 |
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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 1.4600 targeting 1.4725 and stop loss below 1.4520 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
The pair moved inline with the morning scenario to rush higher approaching the first main target around 1.6630. The negativity on momentum indicators might cause some volatility yet in general the morning scenario remains valid with stability above 1.6450.
The trading range for today is among the major support at 1.6360 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 | 1.6505 | 1.6450 | 1.6400 | 1.6360 | 1.6285 |
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| Resistance | 1.6585 | 1.6650 | 1.6700 | 1.6740 | 1.6825 |
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| Recommendation | Our morning expectations remain valid and we recommend moving the stop loss to the entry point | ||||
Japanese Yen (JPY)
Midday Report
The pair rebounded higher after approaching the retest areas at 81.05 affected by the positivity on Stochastic evident over daily basis. The SMA 50 is a strong resistance ahead of intraday trading and accordingly the breach is required for the intraday bullishness to continue for today as far as stability is above 81.05. The morning report provides further details on the suggested bullishness.
The trading range for today is among the major support at 80.75 and the major resistance at 83.50.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 81.50 | 81.05 | 80.75 | 80.20 | 80.00 |
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| Resistance | 82.25 | 82.55 | 83.00 | 83.50 | 83.90 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 81.05 targeting 82.55 and stop loss below 80.25 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
The pair is gradually approaching the awaited correction level at 0.8795 supported by the positivity on momentum indicators. The morning scenario remains valid for the rest of the day with the stability below 0.8900 for our expectations to prevail.
The trading range for today is among the major support at 0.8500 and the major resistance at 0.8900.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8700 | 0.8670 | 0.8600 | 0.8545 | 0.8500 |
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| Resistance | 0.8795 | 0.8850 | 0.8900 | 0.8950 | 0.9005 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8795 targeting 0.8600 and stop loss above 0.8900 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair moved gradually to the upside towards the resistance at 0.9555 which meets with the SMA 50 which adds more strength to the 38.2% correction shown above. In general, the morning scenario remains valid for the rest of the day with stability below 0.9555 to ensure the targets will not be postponed.
The trading range for today is among the major support at 0.9300 and the major resistance at 0.9665.
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 | 0.9515 | 0.9555 | 0.9615 | 0.9665 | 0.9700 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9555 targeting 0.9400 and stop loss above 0.9665 might be appropriate | ||||