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Technical Major Currencies
Written by article default Wednesday, 15 June 2011 08:09
Morning Report
Despite the upside bias seen yesterday, still the daily closing was below 23.6% Fibonacci correction that meets EMA 50 at 1.4455. This delays the confirmations for the next intraday move for the pair and we can see Stochastic unloading the negative momentum which supports the return to the upside move once again. Therefore, we remain neutral for today and observe trading around the critical areas between 1.4325 and 1.4455.
The trading range for today is among the major support at 1.4285 and the major resistance at 1.4600.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4395 | 1.4325 | 1.4285 | 1.4235 | 1.4200 |
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| Resistance | 1.4455 | 1.4515 | 1.4560 | 1.4600 | 1.4640 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Great British Pound (GBP)
Morning Report
The minor descending channel’s resistance continues to hold against the upside move for the pair. Trading reversed to the downside to settle now around the MA 50 accompanied by Stochastic gaining upside momentum over four-hour basis. Therefore, we see the likelihood for an upside move today which requires the clear breach of 1.6445 and stability above 1.6350.
The trading range for today is among the major support at 1.6255 and the major resistance at 1.6635.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6350 | 1.6300 | 1.6210 | 1.6180 | 1.6095 |
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| Resistance | 1.6410 | 1.6445 | 1.6515 | 1.6550 | 1.6600 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.6445 targeting 1.6635 and stop loss below 1.6350 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair maintains stability above the 80.75 while EMA 50 continues to pressure trading. Therefore, we expect an intraday downside move today supported by the clear negativity on Stochastic. The main targets start at 79.00 while breaching 79.65 will accelerate the downside move.
The trading range for today is among the major support at 78.00 and the major resistance at 81.40.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 79.65 | 79.20 | 79.00 | 78.40 | 78.00 |
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| Resistance | 80.75 | 81.40 | 82.00 | 82.50 | 83.10 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 79.65 targeting 78.00 and stop loss above 80.75 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The pair is trading since yesterday around the 23.6% Fibonacci correction at 0.8455 as shown above, while Stochastic is entering overbought areas. Therefore, we await the reversal for the pair to resume the intraday bearish move likely for today, targeting areas from 0.8320 then 0.8200. Breaching areas of 0.8455 and consolidation above it will extend the upside correction over intraday basis.
The trading range for today is among the major support at 0.8180 and the major resistance at 0.8455.
The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8420 | 0.8360 | 0.8320 | 0.8250 | 0.8170 |
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| Resistance | 0.8455 | 0.8500 | 0.8540 | 0.8585 | 0.8670 |
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| Recommendation | Based on 8670 charts and explanations above our opinion is selling the pair around 0.8455 targeting 0.8320 and stop loss above 0.8550 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair succeeded in breaching 0.9710 and is stabilizing below it, activating yesterday’s scenario. Therefore, we expect further intraday bearishness today. Momentum indicators are positive and might push the pair to retest the mentioned areas before moving towards targets mainly from 0.9565. Stability below 0.9755-0.9770 is required for our expectations to prevail.
The trading range for today is among the major support at 0.9565 and the major resistance at 0.9845.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9625 | 0.9565 | 0.9500 | 0.9445 | 0.9400 |
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| Resistance | 0.9710 | 0.9770 | 0.9845 | 0.9915 | 0.9970 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9710 targeting 0.9565 and stop loss above 0.9800 might be appropriate | ||||
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