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Technical Major Currencies
Written by article default Monday, 30 May 2011 09:06
Midday Report
The pair rushed to the upside approaching the retest areas of 1.4150, while the positivity is still evident on Stochastic. We hold onto our morning expectations for the rest of the day with the stability of the mentioned areas.
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 | 1.4050 | 1.3980 | 1.3910 | 1.3850 | 1.3800 |
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| Resistance | 1.4100 | 1.4150 | 1.4235 | 1.4285 | 1.4360 |
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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)
Midday Report
The pair is trading with a slight downside bias affected by the positivity on Stochastic which is gradually losing the positivity and approaching overbought areas, signaling the awaited reversal. Our morning expectations remain valid with 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 | 1.6160 | 1.6210 | 1.6250 | 1.6295 | 1.6365 |
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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)
Midday Report 
The pair continues to fluctuate around the SMA 50, consolidating within the minor ascending channel mentioned this morning. Our scenario was activated and remains valid with stability above 81.30.
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 | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
Midday Report
The pair reversed to the downside after approaching the descending channel’s resistance. Stochastic is moving to the downside and attempting to breach the SMA 50 to confirm the intraday downside move for today. Stability below 0.88890 is essential for our expectations to prevail.
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)
Midday Report
The pair is trading around the critical 61.8% correction at 0.9970 while Stochastic provided a positive crossover supporting the upside bias. The morning scenario remains valid with stability above 0.9720.
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 | ||||