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Technical Major Currencies
Written by article default Thursday, 17 November 2011 07:28
Morning Report
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The pair settled for 1.3422 and returned to incline, while we recognize a positive bias seen on momentum indicators, which could lead the pair to retest areas around 1.3565. The downside movement is still valid in general due to the bearish technical structure, but on the other hand, momentum indicators indicate that the pair is performing an upside correction again. But, any trading below 1.3665 supports our negative outlook to remain valid.
The trading range for today is among the major support at 1.3270 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 | 1.3490 | 1.3410 | 1.3390 | 1.3350 | 1.3310 |
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| Resistance | 1.3515 | 1.3565 | 1.3620 | 1.3665 | 1.3740 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.3515, and take profit in stages at (1.3410 and 1.3270) and stop loss with 4-hour closing above 1.3665 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
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The pair continued the expected downside move, to drop just below the 50% level and rebound slightly. Currently, Stochastic is extremely oversold, thus we look for a retest of that area around 1.5800 before resuming intraday bearishness again toward the 61.8% target at 1.5610. Extending any upside move above 1.5820 may send the pair to retest the neckline of the previously breached bearish technical pattern near 1.5900 areas.
The trading range for today is among key support at 1.5475 and key resistance at 1.6000.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of1.6875 areas remain intact.
| Support | 1.5720 | 1.5660 | 1.5630 | 1.5555 | 1.5475 |
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| Resistance | 1.5820 | 1.5880 | 1.5905 | 1.5935 | 1.6000 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5825 targeting 1.5610 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
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The pair remains confined among a narrow range, to the upside the 61.8% Fibonacci level near 77.06 followed by 77.15, while to the downside 76.80. We continue to anticipate an upside rebound as stochastic is providing signs of a possible bullish divergence, however, to confirm bullishness; we would love to see a breach above 77.15. On the other hand breaching 76.80 may send the pair a bit lower toward 76.40 areas.
The trading range for today is among key support at 76.10 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 of75.20 remain intact.
| Support | 76.95 | 76.60 | 76.40 | 76.10 | 75.80 |
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| Resistance | 77.30 | 77.60 | 77.90 | 78.45 | 78.80 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 76.80 targeting 78.45 and stop loss below 76.10 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
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The pair is unable to pass the first potential reversal zone of the bearish Butterfly harmonic pattern, which suggests that these levels around 0.9210 are sufficient to complete this pattern. Therefore, we expect a downside movement today, but our negative expectations require consolidation below 0.9290 with 4-hour our closing. A breach of 0.9120 should confirm the downside movement, which targets the level of 0.9050.
The trading range for today is among the major support at 0.8975 and the major resistance at 0.9400.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9160 | 0.9120 | 0.9080 | 0.9050 | 0.9010 |
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| Resistance | 0.9225 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
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| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.9200, and take profit at 0.9050 and stop loss with 4-hour closing above 0.9290 might be appropriate today. | ||||
Canadian Dollar (CAD)
Morning Report
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50% Fibonacci correction shown above was able to stop the upside move of the bullish technical structure. The pair is still stable above 1.0205 and also above 1.0185, which suggests that the pair could provide another bullish attempt. Consolidation above 1.0275 should confirm the extension of the upside move.
The trading range for today is among the major support at 1.0185 and the major resistance at 1.0496.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0185 | 1.0140 | 1.0100 | 1.0080 | 1.0025 |
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| Resistance | 1.0275 | 1.0305 | 1.0340 | 1.0375 | 1.0400 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0205, and take profit in stages at (1.0340 and 1.0475) and stop loss with 4-hour closing below 1.0140 might be appropriate | ||||
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