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Technical Major Currencies
Written by article default Friday, 08 July 2011 11:22
Morning Report
The pair traded positively after the decline recorded yesterday, and now approaching the MA 50 alongside Stochastic losing the upside momentum. In general, we expect the pair to move to the downside today due to trading within the downside correctional channel shown above targeting 1.4215 then 1.4150; breaching areas of 1.4390 will delay the targets.
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 |
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| Resistance | 1.4395 | 1.4455 | 1.4495 | 1.4535 | 1.4585 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.4390 targeting 1.4215 and stop loss above 1.4495 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair stabilized within a tight range since yesterday and stable below the MA 50 and the 50% Fibonacci correction. This supports the continuation of the move within the descending channel and accordingly we expect an intraday downside move targeting 1.5880 which a breach of will extend the move towards the support for the channel at 1.5755. Our expectations require stability below 1.6045 to prevail.
The trading range for today is among the major support at 1.5755 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 | 1.5910 | 1.5880 | 1.5810 | 1.5755 | 1.5680 |
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| Resistance | 1.6010 | 1.6045 | 1.6120 | 1.6180 | 1.6245 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 1.5910 targeting 1.5755 and stop loss above 1.6010 might be appropriate | ||||
Japanese Yen (JPY)
Morning Report
The pair maintained the fluctuations in a tight range around the MA 50, while Stochastic provided overbought signs reflecting that the negative pressure is still valid on the pair and accordingly we expect an intraday downside move that requires the breach of 80.30 and stability below 81.50.
The trading range for today is among the major support at 79.65 and the major resistance at 82.50.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 80.75 | 80.35 | 79.65 | 79.00 | 78.30 |
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| Resistance | 81.55 | 82.20 | 82.50 | 83.10 | 83.50 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 81.55 targeting 80.35 and stop loss above 82.20 might be appropriate | ||||
Swiss Franc (CHF)
Moring Report
The pair reached the resistance for the main descending channel and turned lower to stabilize below the 23.6% Fibonacci correction alongside the negative signals from Stochastic over four-hour basis. Therefore, we maintain the intraday bearish expectations for today with the first target at the support for the sideways range at 0.8325; breaching 0.8480 will weaken this scenario.
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 | 0.8415 | 0.8325 | 0.8250 | 0.8170 | 0.8110 |
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| Resistance | 0.8480 | 0.8540 | 0.8605 | 0.8675 | 0.8755 |
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| Recommendation | Based on 8670 charts and explanations above our opinion is selling the pair around 0.8480 targeting 0.8325 and stop loss above 0.8540 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair reached the first target areas represented by the 23.6% Fibonacci correction at 0.9565 which turned into support after its breach. The oversold signs on Stochastic shows the possibility for an upside rebound, yet in general, we expect an intraday downside move supported by the pressure from the MA 50 and targeting 0.9445. The downside move requires the clear breach of 0.9565-55 and stability below 0.9665.
The trading range for today is among the major support at 0.9400 and the major resistance at 0.9700.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9555 | 0.9500 | 0.9445 | 0.9400 | 0.9350 |
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| Resistance | 0.9645 | 0.9700 | 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 with hourly closing below 0.9555 targeting 0.9400 and stop loss above 0.9645 might be appropriate | ||||