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Technical Major Currencies
Written by article default Friday, 01 July 2011 09:35
Morning Report
Trading is still caught between the resistance for the descending channel shown above, and the retest for the previously breached resistance that now turned support at 1.4440. the negativity on momentum indicators add strength to the mentioned resistance while the MA 50 offers good support that will help the breach of the resistance at 1.4525 and resume to the upside affected by the bullish pattern that was completed with the breach of 1.4440. Therefore, we see the likelihood for an intraday upside move today and that requires the clear breach of 1.4525 and stability above 1.4440 targeting areas around 1.4700.
The trading range for today is among the major support at 1.4325 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 | 1.4525 | 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 1.4585 and stop loss below 1.4325 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair fluctuated around the 50% Fibonacci correction while the daily closing yesterday was above this level. Therefore, we expect an upside move over intraday basis, targeting mainly 1.6325 and requires breaching the MA 50.
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 | 1.6125 | 1.6155 | 1.6180 | 1.6245 | 1.6275 |
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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 continues to hover around the MA 50 while closing yesterday was below this level and below 23.6% Fibonacci correction. Also, Stochastic provided downside signals that make us hold onto our intraday bearish expectations for today which targets area from 79.60 and then 78.50. Stability below 80.75-90 is required for our expectations to prevail.
The trading range for today is among the major support at 78.50 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 | 78.50 | 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 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The pair rushed to the upside affected by the minor bullish pattern with the neckline shown in red that pushed the pair to 23.6% Fibonacci correction. This level showed strong resistance against the negativity on momentum indicators and therefore, we expect the pair to move to the downside today targeting the breach of the sideways range shown in yellow and which resides at 0.8325 and breaching 0.8455 will push the pair towards the resistance for the main descending channel at 0.8540.
The trading range for today is among the major support at 0.8170 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 | 0.8375 | 0.8325 | 0.8285 | 0.8250 | 0.8170 |
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| Resistance | 0.8420 | 0.8455 | 0.8500 | 0.8540 | 0.8600 |
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| Recommendation | Based on 8670 charts and explanations above our opinion is selling the pair around 0.8455 targeting 0.8325 and stop loss above 0.8540 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair continued to negatively pressure to stabilize below the 38.2% Fibonacci correction and on the way to the gateway to the general bearish wave that temporary ended for the upside correction mentioned before. Momentum indicators are positive that might push the pair to the upside in correction before resuming the intraday downside move expected for today targeting 0.9500 then 0.9445. Stability below 0.9740-55 is required for our expectations to prevail.
The trading range for today is among the major support at 0.9445 and the major resistance at 0.9770.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9600 | 0.9565 | 0.9500 | 0.9445 | 0.9400 |
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| Resistance | 0.9685 | 0.9740 | 0.9770 | 0.9845 | 0.9915 |
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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 | ||||