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Technical Major Currencies
Written by article default Tuesday, 29 November 2011 07:00
Midday Report
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The pair inclined and is currently approaching the downside movement’s main resistance. Stochastic is currently approaching overbought areas which could prevent the pair from breaching the several resistance levels at 1.3435 and 1.3465. The pair could also decline to cover the opening gap seen today. Therefore, we expect the downside movement to return for the rest of the session today, targeting the level of 1.3270 at least. A breach of 1.3465 could negate the suggested downside correction.
The trading range for this week is among the major support at 1.3000 and the major resistance at 1.3490.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3350 | 1.3305 | 1.3270 | 1.3220 | 1.3160 |
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| Resistance | 1.3380 | 1.3400 | 1.3465 | 1.3490 | 1.3515 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3400, and take profit in stages at (1.3305 and 1.3270) and stop loss above 1.3465 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
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The pair continued relieving its RSI 14 indicator over four-hour interval as we anticipated this morning. It is presently touching the resistance levels -previous broken support- around 1.5560-1.5570 while its momentum indicator is being taken to the overbought areas. Thus, we hold onto our bearish predictions for the rest of the day; noting that a break back below 1.5490 will threaten the initial support of 1.5415 and will fix the positive attempt on Vortex indicator. Finally, the descending channel continues protecting the bearish overview.
The trading range for today is among key support at 1.5375 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 | 1.5510 | 1.5460 | 1.5415 | 1.5370 | 1.5340 |
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| Resistance | 1.5600 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
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The pair started to relieve its Stochastic and RSI 14 as previously anticipated, but it was clear that stability was achieved as well above SMA 100. Thereby, we still see chances for resuming the bullishness, supported by the previous week bullish candlestick formation -we recommend reviewing the weekly report- noting that a break of 77.90 will accelerate inclines above 50% Fibonacci retracement of the entire upside rally from 75.50 to 79.50.
The trading range for today is among key support at 76.10 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.30 | 7715 | 76.95 | 76.60 | 76.40 |
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| Resistance | 77.90 | 78.45 | 79.10 | 79.55 | 80.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.30 targeting 79.55 and stop loss below 76.10 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
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The pair returned to settle below 0.9235, which represents the first potential reversal zone of the bearish Butterfly harmonic pattern. Stochastic is negative, while the relative strength index breached the 50-point level. Therefore, we expect the downside movement to continue; however, we expect the pair to return and test areas around 0.9235 before continuing the downside movement.
The trading range for this week is among the major support at 0.8940 and the major resistance at 0.9560.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9120 | 0.9080 | 0.9050 | 0.9000 | 0.8940 |
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| Resistance | 0.9235 | 0.9265 | 0.9305 | 0.9335 | 0.9370 |
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| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9235, and take profit in stages at 0.9050 and 0.8940 and stop loss above 0.9235 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
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The pair declined sharply to currently reach the ascending support level, which could support the pair to gain positive momentum. In result, we expect the upside move to return, but consolidation above 1.0365 is necessary to eliminate the negativity seen on momentum indicators.
The trading range for this week is among the major support at 1.0100 and the major resistance at 1.0690.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
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| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0500 | 1.0560 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0275, and take profit in stages at (1.0375 and 1.0475) and stop loss with 4-hour closing below 1.0185 might be appropriate | ||||
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