• Home ::
• Technical ::
• Market View ::
• Technical Major Currencies Report

• Send
• Print
• Add To
• Rss

Technical Major Currencies Report

735a9b87-ceed-404e-92ed-90dca1fb3335

0

0

Technical Major Currencies Morning Report

Thu, Nov 5 2009, 07:37 GMT
by ecPulse.com analysis team

ecPulse.com

EUR/USD

The euro versus the dollar was able to insure its return to trade within the previously breached ascending channel, thus reviving the short term bullish direction. The breached pivotal resistance level – currently at 1.4815 – turned into support, where the pair is supposed to build its base on it to achieve the bullish intraday direction expected for today; where its first target is currently around 1.5000. It is vital that the four-hour closing remains above 1.4745 for this expected bullish trend to prevail.

The trading range for today is among the key support at 1.4600 and the key resistance at 1.5065.

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.

Support : 1.4815 1.4745 1.4700 1.4615 1.4575
Resistance : 1.4860 1.4925 1.4970 1.5035 1.5065

Recommendation : Based on the charts and explanations above our opinion is buying the pair at 1.4815 and targeting 1.5000 and stop loss below 1.4745, might be appropriate

GBP/USD

The cable was successful at completing yesterday's bullish technical pattern, where it reversed to attempt to bearishly correct; thus, enabling it to get rid of the negative signs that appear on momentum indicators. We still see that the pair has enough bullish momentum to push it to the upside, so consequently the possible direction for today could be bullish over an intraday basis. However, it requires first the breach of 1.6555, secondly trading should remain above 1.6475 so that it will prevail. The main bullish targets for today start from 1.6760.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6925.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

Support : 1.6495 1.6475 1.6390 1.6310 1.6245
Resistance : 1.6555 1.6630 1.6675 1.6760 1.6800

Recommendation : Based on the charts and explanations above our opinion is buying the pair with the breach of 1.6555 and targeting 1.6675 and stop loss below 1.6475, might be appropriate

USD/JPY

The 61.8% Fibonacci correction level continued its stance against the dollar versus yen pair's continuous attempts to ascend, where it returned to its bearish trend once again, supported by negative signs on momentum indicators. We still maintain our previous expectations, where we expect a bearish direction over an intraday basis targeting 89.15 initially, which requires trading to remain below 91.10 for it to prevail.

The trading range for today is among the key support at 88.00 and the key resistance at 92.35.

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.

Support : 90.35 89.65 89.15 88.35 88.00
Resistance : 90.55 91.10 91.80 92.25 92.85

Recommendation : Based on the charts and explanations above our opinion is selling the pair at 90.55 To target 89.15 and stop loss above 91.30, might be appropriate.

USD/CHF

The dollar versus swissy pair returned towards the previously breached bearish direction below the main resistance that is currently at 1.0240. By looking at the image above, we see that the horizontal support levels are being pressured once again, presently being the most important is 1.0145; forming the support level for the bearish triangular pattern, which is expected to be breached to the downside. Thus, achieving a bearish trend over an intraday basis for today, yet not forgetting the importance of trading remaining below 1.0240 for the expected downside direction to prevail.

The trading range for today is among the key support at 0.9950 and the key resistance at 1.0350.

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.

Support : 1.0145 1.0090 1.0030 1.0000 0.9950
Resistance : 1.0180 1.0240 1.0310 1.0350 1.0390

Recommendation : Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0145 and targeting 1.0030 and stop loss above 1.0240, might be appropriate

USD/CAD

The main support level 1.0605 – previously breached resistance level that turned into support – showed a strong stance against the dollar versus loonie pair's continuous attempts at moving to the downside. However, through the image above, the candlestick close continued above this level, but at the same below the neckline for the bearish technical pattern that appeared yesterday at 1.0665. We expect a bearish trend for today that will get pressured by the breached neckline, in addition to the 200 MA. Thus, we can expect the retest of 1.0665 and then heading towards breaching the main support to target 1.0455 initially.

The trading range for today is among the key support at 1.0360 and the key resistance at 1.0835.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

Support : 1.0605 1.0545 1.0475 1.0455 1.0380
Resistance : 1.0665 1.0710 1.0750 1.0835 1.0875

Recommendation : Based on the charts and explanations above our opinion is selling the pair at 1.0665 and targeting 1.0535 and stop loss above 1.0750, might be appropriate

Published on  Thu, Nov 5 2009, 07:39 GMT