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Technical Major Currencies
Written by article default Wednesday, 01 June 2011 11:29
Midday Report
The pair faced strong resistance around 1.4455 that pushed the pair to the downside with the effect of stochastic negativity. In general, our expectations remain valid if the pair stabilizes above 1.4290.
Trading range for today is among the major support 1.4290 and the major resistance 1.4650
The short term trend is to the upside with a steady daily closing above 1.2795 targeting 1.5135
| Support | 1.4335 | 1.4290 | 1.4235 | 1.4200 | 1.4150 |
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| Resistance | 1.4455 | 1.4500 | 1.4545 | 1.4585 | 1.4640 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4455 targeting 1.4650 and stop losses below 1.4335 might be appropriate for today. | ||||
Great British Pound (GBP)
Midday Report
The pair touched the expected support at 1.6415 and rebounded to the upside affected by the positivity of stochastic, therefore, our morning expectations remain valid if the pair stabilizes above the mentioned level.
The trading range for today is between the major support 1.6340 and the major resistance 1.6700.
The short term trend is to the upside with a steady daily closing above 1.5315 targeting 1.7000
| Support | 1.6415 | 1.6365 | 1.6260 | 1.6210 | 1.6125 |
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| Resistance | 1.6510 | 1.6600 | 1.6650 | 1.6700 | 1.6740 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is trading within a narrow range and among the levels we mentioned in the morning. The pair didn’t breach any of the mentioned level, therefore, we remain neutral for today and monitor the pair for more accurate confirmation.
The trading range for today is among the major support 79.95 and the major resistance 82.50.
The short term trend is to the downside with stability of 89.35 targeting 77.70
| Support | 80.75 | 79.95 | 79.50 | 79.00 | 78.40 |
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| Resistance | 81.60 | 82.50 | 83.00 | 83.50 | 83.90 |
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| Recommendation | Based on the charts and explanations above we recommend remaining neutral until we get more confirmation for the next move. | ||||
Swiss Franc (CHF)
Midday Report
The pair stabilized around 0.8540 to start the expected decline today, due to the negative pressure from the EMA 50 and the negativity of stochastic. Therefore, we expect the pair to continue the intraday bearishness for today if it stabilizes below 0.8550.
The trading range for today is among the major support 0.8300 and the major resistance 0.8655.
The short term trend is to the downside with a steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8425 | 0.8360 | 0.8300 | 0.8250 | 0.8190 |
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| Resistance | 0.8485 | 0.8550 | 0.8600 | 0.8655 | 0.8720 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8550 and take profit in stages at 0.8425 and 0.8300. Stop losses above 0.8650 might be appropriate for today. | ||||
Canadian Dollar (CAD)
Midday Report
The pair breached and closed a one-hour candle below the 0.9675 level, therefore, our expectations still valid for the rest of the day. Stochastic positivity pushed the pair to rebound and may result in some fluctuation and tendency to incline before continuing the general downside trend as we mentioned in our morning report.
The trading range for today is among the major support 0.9400 and the major resistance 0.9825.
The short term trend is to the downside with a steady level at 1.0665 targeting 0.9000.
| Support | 0.9675 | 0.9645 | 0.9565 | 0.9500 | 0.9445 |
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| Resistance | 0.9710 | 0.9770 | 0.9825 | 0.9845 | 0.9915 |
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| Recommendation | Our morning expectations remain valid. | ||||