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Technical Major Currencies
Written by article default Thursday, 14 July 2011 09:05
Morning Report
The pair was able to continue the upside trend breaching the awaited target at 1.4150 to consolidate above 1.4200, we still expect the intraday upside move to extend for today. The main target is reaching the downside correction channel’s resistance at 1.4455, supported by Stochastic turning positive. Consolidation above 1.4150 is required for our expectations to remain valid.
The trading range for today is among the major support at 1.4090 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 | 1.4150 | 1.4090 | 1.4010 | 1.3970 | 1.3915 |
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| Resistance | 1.4215 | 1.4285 | 1.4335 | 1.4395 | 1.4455 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4150 targeting 1.4285 and stop loss below 1.4090 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
The pair rebounded to the upside heading towards the downside correction channel’s resistance shown above. Yesterday, the pair breached importnat resistance levels and therefore, we expect the resumption of the intraday upside move targeting 1.6245, and then observing the pair carefully. Where this breach gives strong signal that the pair settled for the correction and will return to the general upside direction.
The trading range for today is among the major support at 1.6000 and the major resistance at 1.6335.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6125 | 1.6145 | 1.5995 | 1.5945 | 1.5880 |
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| Resistance | 1.6180 | 1.6245 | 1.6305 | 1.6380 | 1.6410 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.6125 targeting 1.6245 and stop loss below 1.6045 might be appropriate today | ||||
Japanese Yen (JPY)
Morning Report
The pair is stable below the critical support at 79.65, while the pair is gradually approaching the threshold to the general downside trend at 78.10. Some fluctuation is expected affected by oversold signs provided by momentum indicators, yet in general, we expect an intraday downside move today which requires the clear breach of 78.10 and stability below 79.65.
The trading range for today is among the major support at 76.50 and the major resistance at 79.65.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 76.00.
| Support | 78.10 | 77.70 | 77.00 | 76.50 | 76.50 |
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| Resistance | 79.00 | 79.65 | 80.00 | 80.50 | 81.00 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 79.15 targeting 78.10 and stop loss above 79.65 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair achieved the awaited targets yesterday, to sharply decline targeting 0.8100, but the pair but stabilized with daily closing above it. Momentum indicators signal possible fluctuations and upside tendency before continuing the expected intraday downside movement for today, the main targets are the psychological barrier at 0.8000 and 0.7900. A breach of 0.8170 could delay the awaited targets.
The trading range for today is among the major support at 0.7900 and the major resistance at 0.8235.
The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.7900.
| Support | 0.8110 | 0.8050 | 0.8000 | 0.7960 | 0.7900 |
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| Resistance | 0.8170 | 0.8235 | 0.8285 | 0.8325 | 0.8400 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8170 targeting 0.8000 and stop loss above 0.8285 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair made several attempts to breach the critical support at 0.9565, shown above on the chart, but the pair is facing difficulties till now, which is supported by oversold signs shown on Stochastic. From here, we expect some sideways fluctuations before attacking the critical support, where a breach of which will open the door for the intraday downside move for today targeting 0.9445, but consolidation below 0.9660 is required for our expectations to remain valid.
The trading range for today is among the major support at 0.9400 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 | 0.9565 | 0.9500 | 0.9445 | 0.9400 | 0.9350 |
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| Resistance | 0.9625 | 0.9660 | 0.9700 | 0.9770 | 0.9845 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9565 targeting 0.9400 and stop loss above 0.9665 might be appropriate | ||||