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Technical Major Currencies
Written by article default Monday, 02 January 2012 07:07
Midday Report
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The pair is trading narrowly in areas below the level of 1.3000, which supports the descending channel, the negativity seen on the exponential moving averages 20 and 50 and the significant negativity seen on Stochastic to remain effective. Therefore, our morning expectations remain unchanged.
The trading range for today is among the major support at 1.2720 and the major resistance at 1.3220.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.2900 | 1.2875 | 1.2845 | 1.2790 | 1.2720 |
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| Resistance | 1.2955 | 1.3000 | 1.3045 | 1.3080 | 1.3120 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.3000, and take profit in stages at (1.2875 and 1.2790) and stop loss with 4-hour closing above 1.3120 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
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The pair continued its slight upside recovery after placing 1.5360 as yesterday's recorded low as seen on the provide daily chart. As long as trading remains below 23.6% Fibonacci retracement of the wave from 1.6615 to 1.5270 and below moving averages combination, we will suggest re-visiting the significant low of 1.5270 once more, supported by the bearishness on Stochastic indicator.
The trading range for today is among key support at 1.5180 and key resistance at 1.5680.
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 | 1.5375 | 1.5335 | 1.5270 | 1.5180 | 1.5125 |
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| Resistance | 1.5460 | 1.5490 | 1.5515 | 1.5555 | 1.5630 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5450 targeting 1.5270 and stop loss above 1.5680 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
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The pair succeeded in clearing the support level of the sideways range as seen on the provided four-hour chart. But, momentum indicators started to enter the oversold areas clearly. The contrarian between the above mentioned technical factors forces us to remain neutral for the rest of the day; noting that, a break below 76.95 will bring more bearishness; whilst breaching through 78.00 zones will bring the bullishness back into our focus.
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 | 77.30 | 77.15 | 76.95 | 76.60 | 76.40 |
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| Resistance | 76.75 | 78.00 | 78.10 | 78.30 | 78.45 |
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| 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)
Midday Report
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The low volume seen in the market made the pair trading within a tight range, yet negatively biased. Consolidation above the exponential moving averages drives us to hold onto our morning expectations as they are, especially when Stochastic is within oversold areas.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9375 | 0.9330 | 0.9290 | 0.9260 | 0.9235 |
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| Resistance | 0.9440 | 0.9490 | 0.9520 | 0.9590 | 0.9620 |
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| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
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The pair is still stable above the level of 1.0205, yet is trading narrowly, but in general consolidation above the mentioned level supports our positive expectations to remain valid. But, stability above 1.0275 is required to confirm the expected upside move. In general, consolidation above 1.0185 led us to hold onto our morning expectations are they are.
The trading range for today is among the major support at 1.0070 and the major resistance at 1.0490.
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 | 1.0070 | 1.0055 |
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| Resistance | 1.0255 | 1.0275 | 1.0305 | 1.0375 | 1.0400 |
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| Recommendation | Our morning expectations remain valid | ||||
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