Members login
Technical Major Currencies
Written by article default Tuesday, 01 November 2011 08:32
Morning Report
|
|
The pair breached the ascending main support, and is now trading below 1.3880, where this move could support the pair to extend the downside movement towards 1.3695 in attempts to breach this level, which if confirmed it could trigger a test of areas around 1.3565. Stochastic is within oversold areas, which could trigger heavy fluctuations and maybe upside corrections, but consolidation below 1.3990-1.4010 supports our negative outlook significantly.
The trading range for today is among the major support at 1.3565 and the major resistance at 1.4080.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3780 | 1.3720 | 1.3680 | 1.3665 | 1.3620 |
|
|
|||||
| Resistance | 1.3885 | 1.3910 | 1.3940 | 1.3990 | 1.4010 |
|
|
|||||
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.3880, and take profit in stages at (1.3770 and 1.3695) and stop loss above 1.3990 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
 |
Cable has achieved a comfortable daily closing below 61.8% Fibonacci retracement of CD leg for the bullish harmonic AB=CD pattern despite the fluctuation occurred in the midday trading. RSI 14 indicator is still showing negative tendency below the value of 70.00, preventing the pair from reaching its best liked correctional level at 76.4% Fibonacci. Thereby, we keep our bearish predictions over intraday basis intact; noting that a break of 1.5935 will accelerate the suggested bearish wave. Conversely, areas of 1.6295 should protect our scenario.
The trading range for today is among key support at 1.5720 and key resistance at 1.6295.
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 | 1.5935 | 1.5880 | 1.5820 | 1.5780 | 1.5720 |
|
|
|||||
| Resistance | 1.6075 | 1.6125 | 1.6150 | 1.6225 | 1.6295 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.6050 targeting 1.6235 and stop loss above 1.5785 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
 |
The pair has closed positively above the previous breached classical resistance -turned into support- at 77.70 as seen on the provided daily graph. In the interim, we can see the positivity on momentum and trend indicators; thus, we believe that the pair is on its way to achieve more bullish actions to re-test the initial resistance areas around 79.55 where a break of which will bring buying interests towards 81.50. Our major floor that should protect the positive scenario is currently located between 76.80 and 76.40 areas.
The trading range for today is among key support at 76.10 and key resistance now at 82.25.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.90 | 77.20 | 76.95 | 76.60 | 76.10 |
|
|
|||||
| Resistance | 78.80 | 79.55 | 79.90 | 80.05 | 81.15 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.90 targeting 80.05 and stop loss below 76.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
|
|
The pair attempts to consolidate above the Exponential Moving Average 50 after it rebounded from areas around the descending channel’s main support as shown above. Consolidation above this average at 0.8780 suggests that the upside move could extend towards the descending channel’s main resistance at 0.8890, while a breach of this resistance could trigger a retest of the critical level around 0.8930.
The trading range for today is among the major support at 0.8505 and the major resistance at 0.9030.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8780 | 0.8740 | 0.8695 | 0.8625 | 0.8580 |
|
|
|||||
| Resistance | 0.8850 | 0.8890 | 0.8930 | 0.8970 | 0.9030 |
|
|
|||||
| Recommendation | Based on the chart and explanations above, we recommend buying the pair around 0.8780, and take profit in stages at (0.8850 and 0.8930) and stop loss below 0.0.8690 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
 |
Trading below 50% Fibonacci correction at 1.0030 continues, but the pair attempts to settle above this level supported by the positivity seen on Stochastic. Consolidation below the previously breached ascending main support –shown in red- supports the return of the downside movement; however, a breach of 0.9950 is required to confirm the bearish wave.
The trading range for today is among the major support at 0.9825 and the major resistance at 1.0255.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9970 | 0.9950 | 0.9905 | 0.9865 | 0.9825 |
|
|
|||||
| Resistance | 1.0055 | 1.0110 | 1.0185 | 1.0205 | 1.0255 |
|
|
|||||
| Recommendation | Based on the charts and explanations above, we recommend selling the pair with a breach of 0.9905, and take profit in stages at (0.9885 and 0.9825) and stop loss above 1.0030 might be appropriate. | ||||
|
||||||||||||