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Technical Major Currencies
Written by article default Thursday, 30 June 2011 08:35
Morning Report
The euro succeeded in breaching the critical resistance mentioned yesterday near 1.4440 activating the bullish pattern shown above. The pair is currently trading around the resistance for the descending channel at 1.4535, and overall we expect the pair to resume the intraday bullishness today which requires the clear breach of 1.4535 and stability above 1.4440.
The trading range for today is among the major support at 1.4235 and the major resistance at 1.4695.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4440 | 1.4375 | 1.4325 | 1.4265 | 1.4225 |
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| Resistance | 1.4535 | 1.4585 | 1.4640 | 1.4695 | 1.4750 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4440 targeting 1.4455 and 1.4585 and stop loss with below 1.4325 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair rebounded to the upside after approaching the support for the downside correctional channel shown above. Assessing the pair over four-hour basis, and on the secondary image, we can see that the pair breached 1.6045 which completed a bullish formation with targets at 1.6180. In general, we expected the pair to resume the intraday upside move targeting the support for the main ascending channel, now a resistance at 1.6275, and stability above 1.6045 keeps the possibility valid.
The trading range for today is among the major support at 1.5955 and the major resistance at 1.6325.
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 | 1.5960 | 1.5880 | 1.5810 |
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| Resistance | 1.6155 | 1.6180 | 1.6245 | 1.6275 | 1.6325 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.6045 targeting 1.6180 and stop loss below 1.5960 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair ended yesterday below EMA 50, while Stochastic continued to provide downside signals over daily basis. Therefore, we expect a bearish intraday move today which requires the breach of the critical support at 79.65 and most importantly stability below 80.90.
The trading range for today is among the major support at 78.60 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 | 78.60 | 78.00 |
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| Resistance | 80.75 | 81.50 | 82.00 | 82.50 | 83.10 |
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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 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 currently trading below the support for the sideways range shown above at 0.8325 in addition to the downside move on Stochastic over four-hour basis. We favor the resumption of the intraday downside move today targeting areas from 0.8170 and require stability below 0.8375.
The trading range for today is among the major support at 0.8110 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 | 0.8285 | 0.8250 | 0.8170 | 0.8150 | 0.8110 |
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| Resistance | 0.8325 | 0.8375 | 0.8420 | 0.8455 | 0.8500 |
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| Recommendation | Based on 8670 charts and explanations above our opinion is selling the pair around 0.8325 targeting 0.8110 and stop loss above 0.8455 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair declined sharply yesterday to breach the main support for the ascending channel that turned into resistance at 0.9735, while Momentum indicators also entered oversold areas. This is pressuring the pair to the upside to retest the breached areas before resuming the intraday downside move for today. Targets start at 0.9565 and require stability below 0.9735-70.
The trading range for today is among the major support at 0.9500 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 | 0.9670 | 0.9600 | 0.9565 | 0.9500 | 0.9445 |
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| Resistance | 0.9735 | 0.9770 | 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 0.9735 targeting 0.9565 and stop loss above 0.9845 might be appropriate | ||||