Members login
Technical Major Currencies
Written by article default Wednesday, 28 December 2011 07:33
Morning Report
 |
The pair is trading around the same levels since yesterday, and the narrow trading stance is clearly illustrated on chart. We prefer staying aside this morning avoiding the current slow market conditions, and preferably awaiting a breakout of the tight range that has been controlling the pair movement.
The trading range for this week is among the major support at 1.2790 and the major resistance at 1.3400.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3040 | 1.3015 | 1.2980 | 1.2950 | 1.2910 |
|
|
|||||
| Resistance | 1.3075 | 1.3100 | 1.3120 | 1.3160 | 1.3200. |
|
|
|||||
| Recommendation | based on the charts and explanations above , we recommend staying aside awaiting further confirmations. | ||||
Great British Pound (GBP)
Morning Report
 |
The pair has mildly moved upwards where SMA 50 continued covering the movements as seen on the provided daily chart. Despite yesterday's thin trading but Stochastic has fixed its clear bearish signal which we depended on in our previous report. Henceforth, we prefer staying aside due to the contrarian between momentum and trend indicators; noting that a break below 1.5590 will confirm the weekly bearish predictions. Additionally, we should be aware of sudden and fast movements during intraday trading during this period as liquidity is very low.
The trading range for today is among key support at 1.5460 and key resistance at 1.5780.
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 | 1.5630 | 1.5585 | 1.5555 | 1.5515 | 1.5460 |
|
|
|||||
| Resistance | 1.5680 | 1.5720 | 1.5750 | 1.5780 | 1.5820 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction. | ||||
Japanese Yen (JPY)
Morning Report
 |
The pair has moved slightly downwards achieving four-hour closing below SMA 50 and SMA 100 as seen on the provided four-hour graph. But, RSI 14 continues approaching the oversold areas; whilst traders are currently facing a solid support zone. Thereby, we prefer staying aside until the pair proves its ability to clear 78.10-78.30 zones once again as we discussed in our weekly report. On the other hand, breaching through 76.60 will damage the bullish possibility.
The trading range for today is among key support at 76.60 and key resistance now at 78.80.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.60 | 77.30 | 77.15 | 76.95 | 76.60 |
|
|
|||||
| Resistance | 78.00 | 78.10 | 78.30 | 78.45 | 78.80 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction. | ||||
Swiss Franc (CHF)
Morning Report
The pair is still stable above the support areas mentioned yesterday between 0.9330 and 0.9310, where this tight range is generally controlling the market. Therefore, we hold onto our bullish intraday scenario expected for today supported by the MA 50 which requires stability above the mentioned support.
The trading range for today is among the major support at 0.9230 and the major resistance at 0.9590.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
| Support | 0.9330 | 0.9290 | 0.9260 | 0.9235 | 0.9180 |
|
|
|||||
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9590 | 0.9660 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.9330 targeting 0.9490, 0.9590, and 0.9660 and stop loss below 0.9235 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair continues to trade within a tight range and stable above the main support at 1.0185 and that keeps chances for the intraday upside move today valid, targeting areas from 1.0360, breaching the mentioned support will reverse the intraday move to the downside targeting 1.0000 psychological areas.
The trading range for today is among the major support at 1.0070 and the major resistance at 1.0450.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0055 |
|
|
|||||
| Resistance | 1.0205 | 1.0255 | 1.0305 | 1.0360 | 1.0450 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.0185 targeting 1.0275 and 1.0365 and stop loss with four-hour closing below 1.0070 might be appropriate | ||||