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Technical Major Currencies
Written by article default Tuesday, 24 May 2011 09:12
Morning Report
Trading stabilized below the critical support at 1.4150 as the bearishness halted near the 50% Fibonacci correction due to the positivity on Stochastic. This positivity might push the pair to retest the mentioned support before resuming the intraday downside move for today targeting 1.3910 and 1.3800. Stability below 1.4150 keeps our expectations valid.
The trading range for today is among the major support at 1.3800 and the major resistance at 1.4235.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3980 | 1.3910 | 1.3850 | 1.3800 | 1.3770 |
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| Resistance | 1.4050 | 1.4100 | 1.4150 | 1.4235 | 1.4285 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 1.4150 targeting 1.3980 and stop loss above 1.4235 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair approached the main target at 1.6045 as trading reversed to the upside affected by the positivity on Stochastic which will push the pair towards 1.6210 –the SMA50 and the breached 38.2% Fibonacci correction- before reversing to the downside to resume the intraday downside move affected by trading within the minor descending correctional channel. Our expectations require stability below 1.6250 to ensure reaching the targets is not postponed.
The trading range for today is among the major support at 1.5880 and the major resistance at 1.6310.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6045 | 1.6000 | 1.5955 | 1.5880 | 1.5810 |
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| Resistance | 1.6125 | 1.6160 | 1.6210 | 1.6250 | 1.6295 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 1.6210 targeting 1.6045 and stop loss above 1.6310 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair closed yesterday above the SMA 50, where we also have signs of a minor ascending channel organizing the intraday wave. We preserve our expectations for a bullish intraday move targeting 83.50, while the breach of the 81.30 might delay the move and drive the pair towards 80.75-20.
The trading range for today is among the major support at 80.25 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 | 81.75 | 81.30 | 80.75 | 80.20 | 79.80 |
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| Resistance | 82.50 | 83.00 | 83.50 | 83.90 | 84.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 81.75 targeting 83.50 and stop loss below 80.75 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The pair’s upside move yesterday stopped at the main descending channel’s resistance shown above, accompanied by Stochastic entering overbought areas and we expect trading to prevail ideally within the channel. Accordingly, we expect the pair to move to the downside targeting 0.8740 which requires stability below 0.8890.
The trading range for today is among the major support at 0.8650 and the major resistance at 0.9000.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8810 | 0.8740 | 0.8650 | 0.8600 | 0.8550 |
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| Resistance | 0.8890 | 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 around 0.8890 and take profit in stages at 0.8740 and 0.8650 and stop loss above 0.9000 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair ended trading yesterday above the critical resistance at 0.9770 -61.8% Fibonacci correction- confirming the resumption of the current bullishness. Over the line chart, we can see the possibility for a new ascending channel organizing the intraday wave and we might see the pair consolidate at the support around 0.9720 before resuming the expected intraday bullishness targeting 0.9845 and 0.9915. Breaching the mentioned support will drive the pair to retest the main breached resistance now a support at 0.9625.
The trading range for today is among the major support at 0.9625 and the major resistance at 0.9915.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9720 | 0.9665 | 0.9625 | 0.9565 | 0.9500 |
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| Resistance | 0.9770 | 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 around 0.9720 targeting 0.9915 and stop loss below 0.9625 might be appropriate | ||||