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Technical Major Currencies
Written by article default Monday, 02 May 2011 11:00
EuroWeekly Report (May 02-06, 2011)
The pair remains stable above the support for the general upside trend where the pair returned to stabilize above it as shown above. The negativity on momentum indicators might cause a bearish bias to stabilize at 1.4715 before resuming the expected upside move for this week targeting 1.5000 and 1.5150. Consolidation above 1.4715 is required not to postpone our targets.
The trading range for this week is among the major support at 1.4605 and the major resistance at 1.5150.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4760 | 1.4715 | 1.4630 | 1.4605 | 1.4580 |
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| Resistance | 1.4825 | 1.4880 | 1.4950 | 1.4995 | 1.5050 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4715 targeting 1.4880 and stop loss below 1.4605 might be appropriate this week | ||||
Great British Pound (GBP)
Weekly Report (May 02-06, 2011)
The pair is trading within the minor ascending channel that carried the bullish wave within the main ascending channel as shown above. The pair is finding difficulty in breaching 1.6740 due to the negativity on momentum indicators that might force the pair into a slight downside correction before resuming the expected bullishness for this week. Targets reside at 1.7000 and require stability above 1.6525.
The trading range for this week is among the major support at 1.6525 and the major resistance at 1.7000.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6610 | 1.6525 | 1.6505 | 1.6455 | 1.6385 |
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| Resistance | 1.6675 | 1.6700 | 1.6740 | 1.6800 | 1.6850 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6610 targeting 1.6850 and stop loss below 1.6525 might be appropriate this week | ||||
Japanese Yen (JPY)
Weekly Report (May 02-06, 2011)
The pair reached the awaited retest that currently descended to 80.80 and currently trading around it. This level is holding against the pair and supporting by the positivity on momentum indicators, and accordingly we expect the pair to move to the upside this week targeting 83.50 while breaching 80.80 and stability below it is new attempts to return to the downside move breached for the current upside correction,
The trading range for this week 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 | 80.80 | 80.25 | 79.80 | 79.00 | 78.40 |
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| Resistance | 81.50 | 82.35 | 82.50 | 83..00 | 83.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 80.80 targeting 82.50 and stop loss below 79.80 might be appropriate this week | ||||
Swiss Franc (CHF)
Weekly Report (May 02-06, 2011)
The pair found good support around 0.8600 to currently rebound higher affected by the positivity on momentum indicators. We believe that his currently upside move is only a retest for the breached minor support as shown above at 0.8725 before resuming the downside move expected this week targeting 0.8485 and 0.8400 which requires stability below 0.8775.
The trading range for this week is among the major support at 0.8400 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 | 0.8670 | 0.8600 | 0.8545 | 0.8485 | 0.8450 |
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| Resistance | 0.8725 | 0.8775 | 0.8820 | 0.8900 | 0.8950 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8725 targeting 0.8485 and stop loss above 0.8900 might be appropriate this week | ||||
Canadian Dollar (CAD)
Weekly Report (May 02-06, 2011)
Momentum indicators over daily basis are within oversold areas forcing the pair to rebound to the upside it correction. This move is expected to retest the breached support areas which now turn into resistance starting from 0.9575; the move is to be expected by a downside reversal to resume the expected bearishness for this week within the main descending channel supported by the SMA 50, targeting 0.9300 and require stability below 0.9650.
The trading range for this week is among the major support at 0.9270 and the major resistance at 0.9650.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9465 | 0.9400 | 0.9350 | 0.9300 | 0.9270 |
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| Resistance | 0.9505 | 0.9575 | 0.9615 | 0.9650 | 0.9700 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9575 targeting 0.9400 and stop loss above 0.9650 might be appropriate this week | ||||