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Technical Major Currencies
Written by article default Tuesday, 03 May 2011 09:15
Morning Report
The pair is attempting to breach the support for the minor ascending channel shown above, which might push the pair to move to the downside in correction due to the negativity on Stochastic. We believe that this correctional move will base on 1.4725 which resides with the SMA 50 and then reverse higher to resume the intraday bullishness expected for today targeting the psychological 1.5000 areas. Breaching 1.4725 areas will extend the downside correction and delay the upside targets awaited.
The trading range for today is among the major support at 1.4630 and the major resistance at 1.5000.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4785 | 1.4715 | 1.4650 | 1.4615 | 1.4580 |
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| Resistance | 1.4830 | 1.4880 | 1.4950 | 1.5000 | 1.5050 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4725 targeting 1.4880 and stop loss below 1.4615 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair attempted to breach the critical support areas at 1.6610 which resides with the support for the minor ascending channel and the 76.4% correction for the upside wave shown above. The pair is stable above this support and aided by the SMA 50 and the positivity on Stochastic. Therefore, we expect an intraday upside move today targeting 1.6860 while breaching 1.6610 will extend the downside move towards 1.6525 and might extend to 1.6455.
The trading range for today is among the major support at 1.6525 and the major resistance at 1.6850.
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 | 1.6860 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6610 targeting 1.6745 and stop loss below 1.6525 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair continues to trade with a downside bias approaching the retest awaited that descended to 80.75 with the 23.6% Fibonacci correction. Momentum indicators are positive and accordingly we favor the intraday bullishness targeting 82.30. As we mentioned before, breaching 80.75 and stability below it will drive the pair to the downside that ended temporarily for correction.
The trading range for today is among the major support at 79.80 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 | 80.75 | 80.25 | 79.80 | 79.00 | 78.40 |
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| Resistance | 81.50 | 82.30 | 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 80.75 targeting 82.30 and stop loss below 79.80 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The pair touched again 0.8625 which is the gateway to resuming the suggested downside move for the pair in our previous reports. The pair is still affected by the negative pressure from the SMA 50 and the completion of the symmetrical triangle and accordingly we expect the intraday bearishness to continue today which requires the clear breach for 0.8325 and stability below 0.8745.
The trading range for today is among the major support at 0.8400 and the major resistance at 0.8745.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8670 | 0.8625 | 0.8545 | 0.8485 | 0.8450 |
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| Resistance | 0.8675 | 0.8745 | 0.8775 | 0.8820 | 0.8900 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8625 targeting 0.8485 and stop loss above 0.8745 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair is trading sideways as shown above pressured by the positivity on momentum indicators which is restricting the move towards the downside targets. In general, trading within the main downside channel and the negative pressure from the SMA 50 support the intraday downside move today which requires first the breach of 0.9450 and stability below 0.9575 targeting areas at 0.9350 and d0.9270.
The trading range for today is among the major support at 0.9270 and the major resistance at 0.9575.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9450 | 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 with hourly closing below 0.9450 targeting 0.9270 and stop loss above 0.9575 might be appropriate | ||||