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Technical Major Currencies
Written by article default Thursday, 19 May 2011 09:58
Morning Report
The euro maintained its stability above the 38.2% Fibonacci correction at 1.4150 supported by Stochastic that is supporting the pair to the upside. We expect an intraday upside move today at least to retest the breached support for the main ascending channel now a resistance at 1.4430. We should observe the pair when reaching this level to determine the next move.
The trading range for today is among the major support at 1.4105 and the major resistance at 1.4455.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4245 | 1.4215 | 1.4150 | 1.4105 | 1.4050 |
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| Resistance | 1.4320 | 1.4360 | 1.4430 | 1.4455 | 1.4545 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4320 targeting 1.4430 and stop loss below 1.4245 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair approached the support for the minor descending channel mentioned yesterday and reversed to the upside due to the positivity on Stochastic. We expect an intraday upside move today targeting the retest of the breached support now a resistance at 1.6285. Breaching this level will revive the upside move while breaching 1.6045 will extend the downside correction in the coming period.
The trading range for today is among the major support at 1.6045 and the major resistance at 1.6455.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6160 | 1.6125 | 1.6045 | 1.6000 | 1.5955 |
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| Resistance | 1.6210 | 1.6285 | 1.6365 | 1.6415 | 1.6455 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.6195 targeting 1.6285 and stop loss below 1.6125 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair is fluctuating around the SMA 50 and finding difficulty in breaching it till now. Stochastic provided a slight upside bias and accordingly we preserve our intraday upside expectations for today which requires the breach of the SMA 50 at 81.75 and stability above 80.45 targeting areas from 82.50 and 83.50.
The trading range for today is among the major support at 80.45 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 | 80.45 | 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 80.45 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The sideways volatility remains around the mentioned neckline for a bearish pattern at 0.8800, where it is fluctuating slightly below it. Therefore, we expect an intraday downside move targeting 0.8650 and require stability below 0.8900.
The trading range for today is among the major support at 0.8600 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 | 0.8740 | 0.8650 | 0.8600 | 0.8550 | 0.8485 |
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| Resistance | 0.8800 | 0.8850 | 0.8900 | 0.8945 | 0.9000 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8800 targeting 0.8650 and stop loss above 0.8900 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The 61.8% Fibonacci correction held against the pair’s upside attempts which was pressured by the bullish pattern mentioned before which is supported by the negativity on Stochastic over daily basis. We expect that the upside pattern’s effect will stop and the downside bias will return after settling for the seen correction. Therefore, we see the likelihood for a downside move today targeting the return to the descending channel by targeting the support at 0.9610 and then 0.9500. In general, our expectations require the breach of the mentioned support and stability below 0.9770.
The trading range for today is among the major support at 0.9500 and the major resistance at 0.9845.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9670 | 0.9610 | 0.9565 | 0.9500 | 0.9445 |
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| Resistance | 0.9710 | 0.9770 | 0.9845 | 0.9915 | 0.9970 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9670 targeting 0.9500 and stop loss above 0.9770 might be appropriate | ||||