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Technical Major Currencies
Written by article default Wednesday, 13 July 2011 08:01
Morning Report
The pair stabilized above the main upside channel’s support shown above, and trading above 50% Fibonacci correction. These factors in addition to the positive momentum shown on the daily time frame drive us to suggest some intraday upside today, but we should pay attention for the current sensitive trading that can define the intraday and the short-term outlook. A breach of 3975 support will extend the downside move while breaching 1.4150 to the upside signals the resumption of the general upside move.
The trading range for today is among the major support at 1.3850 and the major resistance at 1.4170.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3970 | 1.3915 | 1.3850 | 1.3800 | 1.3750 |
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| Resistance | 1.4010 | 1.4090 | 1.4150 | 1.4215 | 1.4285 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4010 targeting 1.4150 and stop loss below 1.3915 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair stopped the upside reversal at the retest areas of 1.5945 shown above on the chart. The strength of this level besides the MA 50 and Stochastic turning negative signal an intraday downside move for today, but we should pay attention that consolidation above 1.5945 signal's the attempts to target the downside correction channel’s resistance around 1.6210.
The trading range for today is among the major support at 1.5755 and the major resistance at 1.6045.
The short-term trend is to the upside with steady daily closing above 1.5315 targeting 1.7000.
| Support | 1.5880 | 1.5810 | 1.5755 | 1.5675 | 1.5645 |
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| Resistance | 1.5945 | 1.5995 | 1.6045 | 1.6120 | 1.6180 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 1.5945 targeting 1.5755 and stop loss above 1.6045 might be appropriate today. | ||||
Japanese Yen (JPY)
Morning Report
The pair breached the critical support at 79.65 successfully with a daily closing. This breach support the expectations for the pair to continue the expected intraday downside trend for today, and supported by the negative pressures forced by the MA 50. On the other hand, Stochastic turned positive, supporting the main downside channel breached resistance’s retest area, which turned into support after the breach around 78.15. A breach of 79.65 and consolidating above it, may postpone the awaited downside scenario.
The trading range for today is among the major support at 77.70 and the major resistance at 80.75.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 79.00 | 78.15 | 77.70 | 77.00 | 76.50 |
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| Resistance | 79.65 | 80.00 | 80.50 | 81.00 | 81.50 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 79.65 targeting 78.15 and stop loss above 80.50 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The pair achieved a daily closing below the sideway range’s support at 0.8325, which added more confirmations to our expectations that the pair will continue the intraday downside move. The MA 50 supports the suggested decline targeting areas from 0.8170. A breach of 0.8325 will delay the awaited targets.
The trading range for today is among the major support at 0.8220 and the major resistance at 0.8440.
The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8250 | 0.8170 | 0.8110 | 0.8050 | 0.8000 |
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| Resistance | 0.8325 | 0.8400 | 0.8440 | 0.8480 | 0.8540 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8325 targeting 0.8170 and stop loss above 0.8400 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
On the chart above, we notice that 61.8% Fibonacci correction –for the downside move form 0.9911 to 0.9562- stopped the upside rebound yesterday, noticing that the pair is currently below the MA 50. These factors drive us to suggest a breach of the upside channel’s support at 0.9565 shown above, which will lead the pair to return to the general downside trend again. A breach of 0.9660 and consolidation above it may postpone the suggested scenario.
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 | 0.9625 | 0.9565 | 0.9500 | 0.9445 | 0.9400 |
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| Resistance | 0.9660 | 0.9700 | 0.9770 | 0.9845 | 0.9915 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with an hourly closing below 0.9565 targeting 0.9400 and stop loss above 0.9665 might be appropriate. | ||||