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Technical Major Currencies
Written by article default Tuesday, 17 May 2011 11:25
Midday Report
The pair continues to trade around the critical support at 1.4150 with stability above it due to the negativity on momentum indicators. We remain neutral for now and observe the pair for more signs for the next move. For more details regarding the conflicting signals we recommend returning to our morning report.
The trading range for today is among the major support at 1.3910 and the major resistance at 1.4395.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4150 | 1.4105 | 1.4050 | 1.3980 | 1.3910 |
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| Resistance | 1.4215 | 1.4250 | 1.4305 | 1.4395 | 1.4455 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair rushed strongly to the upside to retest the breached support for the ascending channel, while the SMA 50 was strong resistance against the pair and pressured it to the downside. There is a possibility for the pair to return to the upside once again, settling for the downside correction for now, while Stochastic is moving within overbought areas. Therefore, we remain neutral for the rest of the rest of the day and await the daily closing regarding the sensitive 1.6255 areas.
The trading range for today is among the major support at 1.6000 and the major resistance at 1.6320.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6210 | 1.6160 | 1.6110 | 1.6045 | 1.6000 |
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| Resistance | 1.6265 | 1.6300 | 1.6355 | 1.6415 | 1.6455 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Japanese Yen (JPY)
Midday Report
The pair started to move to the upside consolidating around 81.00, while the SMA 50 is strong resistance against the pair as shown above. In general, we expect the upside correction to continue as we mentioned this morning, while stability above 80.50 is essential for our expectations to prevail.
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 | 81.30 | 80.50 | 80.05 | 79.80 | 79.00 |
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| Resistance | 81.75 | 82.50 | 83.00 | 83.50 | 83.90 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with hourly closing above 81.75 targeting 83.50 and stop loss below 80.60 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
The pair is trading with positivity since morning affected by Stochastic which started now to lose the upside momentum and approaching overbought areas. Therefore, our expectations remain valid as far as stability is below 0.8900.
The trading range for today is among the major support at 0.8650 and the major resistance at 0.8945.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8850 | 0.8800 | 0.8740 | 0.8650 | 0.8600 |
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| Resistance | 0.8900 | 0.8945 | 0.9000 | 0.9040 | 0.9105 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 0.8800 targeting 0.8650 and stop loss above 0.8900 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair moved gradually to the downside towards the breached neckline at 0.9710 affected by the negativity on momentum indicators. Therefore, our morning expectations remain valid as far as stability is above 0.9710 so that the suggested scenario is not postponed.
The trading range for today is among the major support at 0.9630 and the major resistance at 0.9970.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9710 | 0.9645 | 0.9610 | 0.9525 | 0.9500 |
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| Resistance | 0.9765 | 0.9845 | 0.9915 | 0.9970 | 1.0000 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with around 0.9710 targeting 0.9845 and stop loss below 0.9610 might be appropriate | ||||