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Technical Major Currencies
Written by article default Tuesday, 24 January 2012 08:17
Midday Report
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The strong rebound seen was affected by settling in areas above the support level at 1.2875, where this upside move is expected to extend towards areas around 1.3035 as a start and then towards 1.3135 in case the pair was able to settle above the first level. Our positive expectations remain as they are today, supported by the confirmed positivity seen on Stochastic.
The trading range for this week is among the major support at 1.2685 and the major resistance at 1.3200.
The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.
**New York Candlesticks**
| Support | 1.2955 | 1.2910 | 1.2875 | 1.2845 | 1.2795 |
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| Resistance | 1.3000 | 1.3035 | 1.3080 | 1.3135 | 1.3160 |
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| Recommendation | Based on the charts and explanations above, our opinion is buying the pair above 1.2910, and taking profit in stages at (1.3035 and 1.3135) and stop loss with 4-hour closing below 1.2845 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
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The pair continued hovering around the sensitive areas discussed this morning as seen on the provided graphs. Stochastic over daily basis makes it dangerous to suggest a potential upside resumption while momentum indicators over four-hour interval are showing signs of weakness. A more important technical barrier resides 1.5585 meeting SMA 50. Therefore, we are forced to stay aside until the pair proves the solidity of the recovery started at 1.5230 zones.
The trading range for today is among key support at 1.5370 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 | 1.5515 | 1.5460 | 1.5420 | 1.5370 | 1.5335 |
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| Resistance | 1.5585 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable set up presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Midday Report
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The pair is presently hovering around the pivotal support of 76.95 while Stochastic may cause some kind of fluctuation as anticipated this morning in the weekly report. A breakout above 77.10 will be the first indication that the pair will continue moving higher and taking 77.30 will ease the path towards 77.70-78.00 zones followed by 78.60. On the downside, the protection for bulls resides between 76.00 and 75.80 areas.
The trading range for today is among key support at 76.10 and key resistance now at 78.30.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 76.00 | 75.80 |
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| Resistance | 77.10 | 77.30 | 77.55 | 77.90 | 78.30 |
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| Recommendation | Our weekly expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
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The pair declined sharply in attempts to breach the bottom of the suggested (X) point of the harmonic structure, while the formation of the CD leg of the structure is still in process. Stochastic and RSI are negative. Therefore, our morning expectations remain as they are for the rest of the session today.
The trading range for this week is among the major support at 0.9125 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9225 | 0.9195 | 0.9120 | 0.9080 | 0.9045 |
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| Resistance | 0.9305 | 0.9340 | 0.9365 | 0.9405 | 0.9485 |
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| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9340, and taking profit in stages at (0.9225 and 0.9125) and stop loss with a 4-hour closing above 0.9405 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
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The pair reversed to the downside, confirming the continuous formation of the CD leg of the harmonic structure. Reaching areas around 1.0010 is highly possible, while a breach of this level could support the pair to extend the downside movement further. In fact, any trading below 1.0185 supports our suggested scenario to remain valid.
The trading range for this week is among the major support at 0.9905 and the major resistance at 1.0375.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0055 | 1.0010 | 0.9970 | 0.9905 | 0.9885 |
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| Resistance | 1.0110 | 1.0140 | 1.0185 | 1.0255 | 1.0275 |
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| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0140, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0205 might be appropriate | ||||