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Technical Major Currencies
Written by article default Thursday, 02 June 2011 08:16
Morning Report
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The pair consolidated between the resistance level at 1.4466, which push the pair to the downside yesterday and the value of SMA 50 which keep the upside wave on intraday basis valid. Stochastic continued showing negative signs that affect bullishness. In general, stability above SMA 50 and the breached resistance- colored in red- are factors that make us expect an upside move for today but it requires breaching the level of 1.4455 and the stability above 1.4285.
Trading range for today is among the major support 1.4235 and the major resistance 1.4545.
The short term trend is to the upside with a steady daily closing above 1.2795 targeting 1.5135
| Support | 1.4335 | 1.4285 | 1.4235 | 1.4200 | 1.4150 |
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| Resistance | 1.4395 | 1.4455 | 1.4455 | 1.4545 | 1.4585 |
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| Recommendation | Recommendation based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4455 targeting 1.4650 and stop loss below 1.4335 might be appropriate for today. | ||||
Great British Pound (GBP)
Morning Report
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The pair declined significantly due to the resistance of minor bearish channel that controls trading within the main bullish channel as shown on the chart. Stochastic is showing oversold signs which may force the pair to move to the upside, while SMA 50 faces it by supporting the downside trend which affected by the mentioned bearish channel. Therefore, we prefer neutrality for today until we have more accurate signs for the trend.
The trading range for today is between the major support 1.6125 and the major resistance 1.6520.
The short term trend is to the upside with a steady daily closing above 1.5315 targeting 1.7000
| Support | 1.6260 | 1.6210 | 1.6125 | 1.6045 | 1.6000 |
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| Resistance | 1.6365 | 1.6415 | 1.6510 | 1.6600 | 1.6650 |
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| Recommendation | Recommendation based on the charts and explanations above we recommend staying and monitor the daily closing until we get accurate signs. | ||||
Japanese Yen (JPY)
Morning Report
SMA 50 is showing a strong resistance against the pair and pushes it to the downside to trade around the support of the minor bullish channel which represents a continuous flag pattern. Accordingly, we expect a downside move for today but it requires breaching the downside pattern’s support at 80.75, which will open the door to achieve the main targets at 79.80 with monitoring the pair around these levels. The stability below 81.60 will keep our expectations valid.
The trading range for today is among the major support 79.00 and the major resistance 82.50.
The short term trend is to the downside with stability below 89.35 targeting 77.70
| Support | 80.75 | 79.80 | 79.00 | 78.40 | 78.00 |
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| Resistance | 81.60 | 82.50 | 83.10 | 83.50 | 83.90 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with breaching the level of 80.75 targeting 79.00 and stop loss below 81.60 might be appropriate for today. | ||||
Swiss Franc (CHF)
Morning Report
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The pair continued trading to the downside within the minor bearish channel that regulates the pair trading from the resistance of the main bullish channel to its support. Therefore, we expect to continue the intraday bearishness for today, mainly targeting 0.8265. we expect that the positivity of Stochastic may cause some volatility. The stability below 0.8550 is important to keep our expectations valid.
The trading range for today is among the major support 0.8265 and the major resistance 0.8550.
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 | 0.8265 | 0.8190 |
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| Resistance | 0.8490 | 0.8550 | 0.8585 | 0.8655 | 0.8720 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8490 and take profits at two stages first at 0.8360 then 0.8265 and stop losses above 0.8585 might be appropriate for today. | ||||
Canadian Dollar (CAD)
Morning Report
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The pair rebounded to the upside after it failed to breach the mentioned retest level as it is shown on the chart, and SMA 50 is supporting the pair also. The trading are trapped between retesting the breached rising wedge support at 0.9845 and the broken resistance of the bullish channel at 0.9670. Hence, we need more accurate signs for the trend by monitoring the pair around the mentioned levels.
The trading range for today is among the major support 0.9565 and the major resistance 0.9970
The short term trend is to the downside with a steady level at 1.0665 targeting 0.9000
| Support | 0.9770 | 0.9710 | 0.9670 | 0.9645 | 0.9565 |
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| Resistance | 0.9845 | 0.9915 | 0.9970 | 1.0000 | 1.0055 |
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| Recommendation | Recommendation based on the charts and explanations above we recommend stay and monitor the pair around the mentioned levels to get an accurate signs. | ||||