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Technical Major Currencies
Written by article default Thursday, 23 June 2011 08:29
Morning Report
The pair approached the first target awaited yesterday around 1.4455 and reversed to the downside after recording the high of 1.4440 affected by the negativity on Stochastic. This downside pressure completed the bearish rising wedge pattern and we believe that the pattern will pressure the pair to extend the intraday bearishness today. We might witness some volatility and fluctuations to retest the broken rising wedge support at 1.4365 before moving towards targets at 1.4205.
The trading range for today is among the major support at 1.4090 and the major resistance at 1.4480.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4260 | 1.4205 | 1.4155 | 1.4090 | 1.4040 |
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| Resistance | 1.4365 | 1.4395 | 1.4455 | 1.4480 | 1.4560 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.4365 targeting 1.4205 and stop loss above 1.4455 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair reached the target awaited at 1.6045 and ended the move at exactly those areas. This stop was affected by Stochastic entering oversold areas that might cause some volatility and an upside bias to retest areas of 1.6100-10 before resuming the intraday downside move today that mainly targets areas around 1.5880; our expectations require stability below 1.6110 to prevail.
The trading range for today is among the major support at 1.5880 and the major resistance at 1.6210.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6045 | 1.6000 | 1.5955 | 1.5880 | 1.5810 |
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| Resistance | 1.6100 | 1.6165 | 1.6210 | 1.6240 | 1.6300 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.6100 targeting 1.5880 and stop loss above 1.6210 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair is still trading between the support awaited to be breached at 79.65 and the 23.6% Fibonacci correction at 80.75 which is supported by the MA 50. Therefore, we expect an intraday downside move today which requires the clear breach of 79.65 and stability below 80.75.
The trading range for today is among the major support at 78.40 and the major resistance at 81.50.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 80.05 | 79.65 | 79.00 | 78.40 | 78.00 |
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| Resistance | 80.75 | 80.95 | 81.50 | 82.00 | 82.50 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 80.75 targeting 79.65 and stop loss above 81.50 OR sell 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 rebounded to the upside approaching the support for the sideways range shaded in yellow above; while Stochastic is gradually losing its upside momentum and approaching overbought areas. The MA 50 is a strong resistance ahead of the pair and accordingly we favor the intraday bearishness for today targeting areas from 0.8320 then 0.8250; our expectations require stability below 0.8455 to prevail.
The trading range for today is among the major support at 0.8250 and the major resistance at 0.8540.
The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8400 | 0.8360 | 0.8320 | 0.8250 | 0.8170 |
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| Resistance | 0.8455 | 0.8500 | 0.8540 | 0.8610 | 0.8640 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8455 targeting 0.8250 and stop loss above 0.8540 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
Trading was caught between the 50% and 61.8% Fibonacci correction levels as shown above. Stochastic is gradually losing its upside momentum which is slowly weakening its upside bias in an attempt to retest 0.9770. In general, we expect an intraday downside move affected by the breach of the support for the ascending correctional channel and after 76.4% correction held against the upside attempts, alongside trading below the MA 50. Targets start at 0.9590 and require stability below 0.9820.
The trading range for today is among the major support at 0.9565 and the major resistance at 0.9900.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9710 | 0.9670 | 0.9600 | 0.9565 | 0.9500 |
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| Resistance | 0.9770 | 0.9820 | 0.9845 | 0.9915 | 0.9970 |
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| Recommendation | Based on the charts and explanations above our opinion is opinion is selling the pair around 0.9770 targeting 0.9590 and stop loss above 0.9845 might be appropriate | ||||
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