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Technical Major Currencies
Written by article default Wednesday, 14 September 2011 07:57
Morning Report
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The pair continues to fluctuate around 61.8% Fibonacci correction at 1.3665; however, negatively biased over intraday basis. Therefore, we expect an intraday downside movement today targeting 1.3320 primarily. The positivity seen on momentum indicators weakened the bearish wave and triggered heavy fluctuations around the current levels.
The trading range for today is among the major support at 1.3320 and the major resistance at 1.3910
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3600 | 1.3580 | 1.3530 | 1.3480 | 1.3435 |
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| Resistance | 1.3665 | 1.3710 | 1.3775 | 1.3800 | 1.3840 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair below 1.3665, and take profit in stages at (1.3530 and 1.3435) and stop loss with 4-hour closing above 1.3840 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
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The secondary image of the four-hour interval still reflects the consecutive negative pressure, where we can notice how SMA 20 -colored in green- and SMA 50 are currently offering solid resistance for the pair over intraday basis. Assessing the weekly studies which we depended on them since the beginning of this week, we are witnessing an obvious bearish tendency that took the pair below the previous detected former support of 1.5780. Henceforth, these price behaviors are seen as the first step of activating the double top pattern for the upside rally from 1.4225 zones. Consequently, we hold onto our bearish predictions; whilst a break below 1.5720 will accelerate the classical downside wave.
The trading range for today is among key support at 1.5515 and key resistance at 1.6025.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5720 | 1.5690 | 1.5655 | 1.5545 | 1.5515 |
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| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5935 | 1.6000 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5780 targeting 1.5475 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
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The pair is still consolidating around the pivotal support areas of 76.95 where 23.6% Fibonacci retracement level of the downside rally from 80.20 to 75.90 exists. At the same time, Stochastic started to form a positive divergence along with a positive overlapping sign which may assist it to breach the key resistance level around 77.20. SMA 20 -colored in green- is now valued at 77.20 suggesting that a break of which will bring an upside explosion. Anyway, we keep our bullish predications intact over intraday basis, supported by the classical probability of forming head and shoulders bottom pattern and the above seen Elliott count. Only a breakout below 75.80 will give us reason for concern.
The trading range for today is among key support at 75.80 and key resistance now at 78.45.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.75 | 76.40 | 76.20 | 75.80 | 75.60 |
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| Resistance | 77.40 | 77.60 | 77.90 | 78.45 | 79.10 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 76.75 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
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The pair is still stable below 0.8920 and 0.8850, which should support the suggested Butterfly harmonic pattern remain valid, awaiting the test of the primary targets of this structure at 0.8460. Therefore, we expect an intraday downside movement today as long as the pair is stable below 0.8920.
The trading range for today is among the major support at 0.8540 and the major resistance at 0.9105.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8780 | 0.8750 | 0.8675 | 0.8640 | 0.8585 |
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| Resistance | 0.8820 | 0.8845 | 0.8920 | 0.8990 | 0.9040 |
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| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.8820, and take profit in stages at (0.8640 and 0.8540) and stop loss with 4-hour closing above 0.8950 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
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The pair approaches the ascending channel’s main support at 0.9840 as shown above, while the pair is rebounding to the upside, supported by the positivity seen on momentum indicators as shown over four-hour basis. Therefore, we expect an intraday upside move today, targeting the psychological barrier at 1.0000 and then 1.0125, while consolidation above the ascending support at 0.9840 is required for our positive expectations to prevail.
The trading range for today is among the major support at 0.9770 and the major resistance at 1.0185
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9900 | 0.9865 | 0.9850 | 0.9830 | 0.9770 |
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| Resistance | 0.9950 | 0.9970 | 1.0010 | 1.0080 | 1.0125 |
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| Recommendation | Based on the charts and explanations above, we recommend buying the pair above 0.9865 and take profit in stages at (1.0010 and 1.0125) and stop loss with 4-hour closing below 0.9770 might be appropriate today. | ||||
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