Members login
Technical Major Currencies
Written by article default Thursday, 07 July 2011 08:06
Morning Report
The pair is fluctuating within a tight range after the sharp downside move seen yesterday, where the chances for the downside correction are supported within the descending channel above. The stability of the descending channel’s resistance and the trading below EMA 50 support the likelihood for a downside move today targeting 1.4150; breaching 1.4410 will delay those expectations.
The trading range for today is among the major support at 1.4150 and the major resistance at 1.4455.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4285 | 1.4215 | 1.4150 | 1.4090 | 1.4040 |
|
|
|||||
| Resistance | 1.4375 | 1.4410 | 1.4455 | 1.4495 | 1.4545 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.4410 targeting 1.4215 and stop loss above 1.4495 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair stabilized the support for the minor ascending channel which formed a continuation flag pattern after the confirmed completion with the breach seen. The pattern alongside the resistance from EMA 50 are negative factors signaling a downside move for today targeting 1.5765. Breaching 1.6085 will push the pair towards 1.6210 then 1.6300.
The trading range for today is among the major support at 1.5765 and the major resistance at 1.6085.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.5960 | 1.5880 | 1.5810 | 1.5765 | 1.5680 |
|
|
|||||
| Resistance | 1.6000 | 1.6045 | 1.6090 | 1.6140 | 1.6180 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.6045 targeting 1.5880 and stop loss above 1.6140 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair continues to trade within a tight range around the MA 50 while Stochastic is overbought, signaling that the downside pressure will continue to dominate trading. Therefore, we expect an intraday downside move today which requires the breach of 80.30 and stability below 81.50.
The trading range for today is among the major support at 79.00 and the major resistance at 82.00.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 80.75 | 80.30 | 79.65 | 79.00 | 78.40 |
|
|
|||||
| Resistance | 81.50 | 82.00 | 82.50 | 83.10 | 83.50 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 80.30 targeting 78.40 and stop loss above 81.50 might be appropriate | ||||
Swiss Franc (CHF)
Moring Report
Trading continues within the sideways range shown above, and stabile below the MA 50. We expect the pair to resume the downside move for today within the main descending channel shown over four-hour basis above. Momentum indicators signal the possible volatility before moving towards targets targeting the sideways range support at 0.8325. Breaching areas of 0.8400 will be the key to extend the upside move.
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 | 0.8325 | 0.8250 | 0.8170 | 0.8150 | 0.8110 |
|
|
|||||
| Resistance | 0.8415 | 0.8455 | 0.8490 | 0.8540 | 0.8600 |
|
|
|||||
| Recommendation | Based on 8670 charts and explanations above our opinion is selling the pair with the breach of 0.8325 targeting 0.8170 and stop loss above 0.8415 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair rushed to the upside to retest the previously breached minor support that held against the pair that forced it to decline. Stochastic is within overbought areas and might force the pair to decline supported by the MA 50. Therefore, we might witness an intraday downside move targeting 0.9565 and to return to the general downside move.
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 | 0.9645 | 0.9600 | 0.9565 | 0.9500 | 0.9445 |
|
|
|||||
| Resistance | 0.9675 | 0.9695 | 0.9770 | 0.9845 | 0.9915 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is opinion is selling the pair with hourly closing below 0.9645 targeting 0.9445 and stop loss above 0.9710 might be appropriate | ||||