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Technical Major Currencies
Written by article default Wednesday, 11 May 2011 14:01
Midday Report
The pair is trading below the sensitive resistance mentioned this morning at 1.4420 as it finds difficulty to break through those areas due to the negativity on Stochastic. In general, our morning expectations remain valid and await the activation of the bullish pattern mentioned in our previous report. Our expectations require stability above 1.4315 to prevail.
The trading range for today is among the major support at 1.4265 and the major resistance at 1.4640.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4315 | 1.4265 | 1.4220 | 1.4150 | 1.4105 |
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| Resistance | 1.4420 | 1.4455 | 1.4545 | 1.4585 | 1.4640 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4420 targeting 1.4585 and stop loss below 1.4315 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The pair breached the resistance mentioned this morning at 1.6455 with an hourly closing, activating our morning scenario that remains valid with stability above 1.6300.
The trading range for today is among the major support at 1.6210 and the major resistance at 1.6525.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6455 | 1.6385 | 1.6300 | 1.6250 | 1.6210 |
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| Resistance | 1.6525 | 1.6575 | 1.6610 | 1.6675 | 1.6700 |
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| Recommendation | Our morning expectations remain valid | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading with a slight upside bias since morning, while Stochastic is gradually approaching overbought areas. We still need more confirmations for the next move and accordingly we remain neutral for today and observe trading around the critical areas mentioned this morning.
The trading range for today is among the major support at 79.00 and the major resistance at 82.50.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 80.70 | 79.80 | 79.00 | 78.40 | 78.00 |
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| Resistance | 81.50 | 81.85 | 82.50 | 83.00 | 83.50 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Swiss Franc (CHF)
Midday Report
The pair is still hovering around the retest areas for the breached neckline of the bullish pattern, now support at 0.8790; while Stochastic still provides negative signals that might delay the expected upside move. In general, ourmorning expectations remain valid with stability above 0.8735.
The trading range for today is among the major support at 0.8625 and the major resistance at 0.8990.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8790 | 0.8735 | 0.8665 | 0.8625 | 0.8550 |
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| Resistance | 0.8855 | 0.8900 | 0.8945 | 0.8990 | 0.9035 |
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| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair started attacking the focal support at 0.9525 supported by the downside signal on Stochastic over daily basis. We await the breach of this level with an initial hourly closing to activate our morning scenario that remains valid with stability below 0.9615.
The trading range for today is among the major support at 0.9350 and the major resistance at 0.9710.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9525 | 0.9500 | 0.9445 | 0.9400 | 0.9350 |
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| Resistance | 0.9570 | 0.9615 | 0.9645 | 0.9710 | 0.9770 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9525 targeting 0.9400 and stop loss above 0.9615 might be appropriate today | ||||