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Technical Major Currencies
Written by article default Friday, 23 September 2011 11:17
Midday Report
The pair declined strongly to breach the critical support at 1.3500 supported by the negativity on Stochastic over four-hour basis. Therefore, our morning scenario was activated and remains valid with stability below 1.3590.
The trading range for today is among the major support at 1.3320 and the major resistance at 1.3665.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3435 | 1.3360 | 1.3320 | 1.3300 | 1.3240 |
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| Resistance | 1.3495 | 1.3530 | 1.3590 | 1.3665 | 1.3700 |
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| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
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Due to touching the pivotal support around 1.5335, the pair started to achieve the previous expected mild correction as seen on the graph. Therefore, we classify the present upside movements as a recovery for the aggressive bearishness occurred during the previous period. Anyway, we hold onto our bearish classical anticipations for the rest of the day; noting that a break of 1.5335-1.5325 will trigger violent selling pressures.
The trading range for today is among key support at 1.5075 and key resistance at 1.5720.
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 | 1.5390 | 1.5335 | 1.5255 | 1.5230 | 1.5180 |
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| Resistance | 1.5515 | 1.5545 | 1.5630 | 1.5690 | 1.5720 |
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| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
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The pair has been trapped within a very tight range since yesterday, while the positive divergence is still appearing on MACD traditional indicator. At the same time, Stochastic is still positive; thus, we keep our predictions intact for the rest of the day. But, areas of 76.95 should be breached first to confirm the suggested Elliott cycle. A break of 75.80 will negate this scenario.
The trading range for today is among key support at 75.25 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 76.40 remain intact.
| Support | 76.20 | 75.80 | 75.60 | 75.25 | 74.85 |
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| Resistance | 76.60 | 76.75 | 76.95 | 77.20 | 77.90 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 76.95 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is attempting to breach the mentioned resistance this morning at 0.9070; we initially need an hourly closing above this level to add more confirmations to the suggested scenario which remains valid as far as the support area between 0.8930 and 0.8885 remains intact.
The trading range for today is among the major support at 0.8885 and the major resistance at 0.9395.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8995 | 0.8930 | 0.8885 | 0.8835 | 0.8780 |
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| Resistance | 0.9070 | 0.9120 | 0.9180 | 0.9245 | 0.9295 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.9070 targeting 0.9245 and stop loss with hourly closing below 0.8995 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
Trading reversed to the upside steeply after consolidating around 1.0230, where the pair is approaching again the resistance for the main ascending channel at 1.0390. Stochastic is offering positive signals that support the upside move for today reminding that the breach of 1.085 will be the key to push the pair towards 1.0085 and 1.0000.
The trading range for today is among the major support at 1.0085 and the major resistance at 1.0440.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0290 | 1.0225 | 1.0185 | 1.0125 | 1.0085 |
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| Resistance | 1.0375 | 1.0400 | 1.0440 | 1.0500 | 1.0550 |
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| Recommendation | Due to the high risk-return ration we remain neutral for the rest of the day awaiting better entry levels | ||||
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