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Technical Major Currencies
Written by article default Friday, 03 June 2011 07:58
Morning Report
Over four-hour basis, the pair stabilized above the 23.6% Fibonacci retracement level at 1.4455, and this indicates a strong momentum which may result in more upside attempts to touch 1.4585 and maybe 1.4650 levels later. Momentum indicators are showing overbought signs, which may cause big fluctuations. Trading above 1.4335 keeps the possibility of resuming the upside move
Trading range for today is among the major support 1.4235 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 | 1.4455 | 1.4395 | 1.4335 | 1.4285 | 1.4235 |
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| Resistance | 1.4500 | 1.4545 | 1.4585 | 1.4640 | 1.4690 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4455 targeting 1.4650 and stop loss below 1.4335 might be appropriate for today. | ||||
Great British Pound (GBP)
Morning Report
Over-daily basis, the mixed technical signals continue, as the pair stabilized above SMA 50 at 1.6305, but below the 23.6% Fibonacci retracement at 1.6415.At the same time, stochastic biased negatively, where the RSI traded around 50 level trying to stabilize above it. These mixed technical signals force us to be neutral until we get more clear signals for the next move.
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 | 1.6370 | 1.6300 | 1.6260 | 1.6210 | 1.6125 |
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| Resistance | 1.6415 | 1.6510 | 1.6600 | 1.6650 | 1.6700 |
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| Recommendation | Based on the charts and explanations above we recommend neutrality until we get more confirmation for the next move. | ||||
Japanese Yen (JPY)
Morning Report
In the image above, the pair attempts to stabilize below the 23.6% Fibonacci retracement and the main support for the upside trend. RSI is trying to breach 40 to indicate more negative signs. Therefore, we expect a downside move for today provided that the pair doesn’t close an hourly candle above 81.65.
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 | 80.05 | 79.80 | 79.00 | 78.40 | 78.00 |
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| Resistance | 81.15 | 81.60 | 82.50 | 83.10 | 83.90 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 80.75 targeting 79.00 and stop loss above 81.60 might be appropriate for today. | ||||
Swiss Franc (CHF)
Morning Report
The pair is touching the main resistance of the downside trend, and still stable below EMA 50 at 0.8560 which is very close to the resistance level (the broken support), therefore, we expect the intraday bearishness to continue, trading below the mentioned EMA may cause another attempt to breach 0.8400 over four-hour basis heading to the main support of the main bearish channel.
The trading range for today is among the major support 0.8265 and the major resistance 0.8680.
The short term trend is to the downside with a steady daily closing below 1.0330 targeting 0.8000
| Support | 0.8440 | 0.8425 | 0.8360 | 0.8300 | 0.8265 |
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| Resistance | 0.8480 | 0.8550 | 0.8585 | 0.8655 | 0.8680 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8440 and take profits on two stages first 0.8360 then 0.8265 and stop losses above 0.8585 might be appropriate for today. | ||||
Canadian Dollar (CAD)
Morning Report
The pair rebounded to the upside after it touched the EMA 50 at 0.9745, but until now, the pair is around new intraday resistance at 0.9800 as we didn’t see any four-hour closing above this level. The current upside move started after retesting the breached resistance of the bearish channel. Therefore, we need more accurate signals for the next move by breaching the mentioned resistance levels or trading below the EMA 50, we remain neutral for today.
The trading range for today is among the major support 0.9500 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 | 0.9745 | 0.9710 | 0.9670 | 0.9645 | 0.9565 |
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| Resistance | 0.9800 | 0.9845 | 0.9870 | 0.9915 | 0.9970 |
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| Recommendation | Based on the charts and explanations above we recommend neutrality until we get more confirmation for the next move. | ||||