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Technical Major Currencies
Written by article default Wednesday, 25 May 2011 07:33
Morning Report
The pair maintained stability below 1.4150 with the second consecutive daily closing below it, which keeps the downside correction valid. We expect the pair to resume the intraday bearishness targeting 1.3910 that requires stability below 1.4150.
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 38.2% Fibonacci correction at 1.6210 while Stochastic entered overbought areas. We hold onto our bearish expectations for today due to trading within the minor descending channel shown above and the negative pressure of SMA 50, targets start at 1.6045 and require stability below 1.6250.
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 | 1.6125 | 1.6045 | 1.6000 | 1.5955 | 1.5880 |
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| Resistance | 1.6210 | 1.6250 | 1.6295 | 1.6365 | 1.6415 |
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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 daily closing stabilized above the SMA 50 with steady trading within the minor ascending channel shown above. We expect the pair to resume the intraday bullishness for today targeting 83.50. Breaching the ascending channel’s support –currently at 81.40- will open the way towards the critical support between 80.75 and 80.20.
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 | 81.45 | 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 descending channel’s resistance held against the pair’s upside attempts as trading returns between 38.2% and 23.6% correction. Stochastic is trading within oversold areas that might pressure the pair to the upside, yet in general, we favor the continued downside pressure on the pair today targeting 0.8650. Stability below 0.8880 is required for our expectations to prevail.
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 | 0.8810 | 0.8880 | 0.8945 | 0.9000 | 0.9040 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8800 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 was able to build a support base at 61.8% correction previously breached at 0.9770, providing further support for resuming the intraday upside move today affected by trading within the minor ascending channel and the support from SMA 50. Targets reside around 0.9970 and require stability above 0.9730 to prevail.
The trading range for today is among the major support at 0.9625 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 | 0.9770 | 0.9730 | 0.9680 | 0.9620 | 0.9565 |
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| Resistance | 0.9845 | 0.9915 | 0.9970 | 1.0000 | 1.0055 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.9770 targeting 0.9970 and stop loss below 0.9680 might be appropriate | ||||
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