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Technical Major Currencies Report

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Technical Major Currencies Midday Report

Thu, Nov 5 2009, 14:03 GMT
by ecPulse.com analysis team

ecPulse.com

EUR/USD

The euro versus dollar pair managed to build its base on the support level mentioned this morning at 1.4815 and head to the upside, according to expectations. We maintain our morning expectations, where we await an expected bullish trend for the remainder of trades today, while paying attention to ECB interest rate decision at 12:45 GMT, which had caused volatile fluctuations on the pair.

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 : Our morning expectations remain valid

GBP/USD

The cable pushed to upside due to the effect of the release of interest rates, where it breached the mentioned minor resistance this morning at 1.6555. Meanwhile, main resistance 1.6605 shows strong resistance, forcing the pair to bearishly correction and retest through it the breached minor resistance level. Our morning expectations still remain intact, where we await to achieve more bullish movement for the remainder of trades today; targeting next 1.6760. It is vital that trading remains above 1.6475 to maintain chances of the bullish trend to continue.

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 : 1.6555 1.6475 1.6390 1.6310 1.6245
Resistance : 1.6605 1.6675 1.6760 1.6800 1.6830

Recommendation : Our morning expectations remain valid

USD/JPY

The dollar versus yen pair touched the pivotal horizontal support at 90.00, which is near to forming a neckline for the bearish technical pattern at the moment. We still see that the expected direction for today is bearish over an intraday basis; targeting first 89.15 and then heading towards 88.00, with the importance of 91.10 remaining intact for chances of the expected bearish direction 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 : 90.00 89.65 89.15 88.35 88.00
Resistance : 90.75 91.10 91.80 92.25 92.85

Recommendation : Based on the charts and explanations above our opinion is selling the pair at 90.75 To target 89.15 and stop loss above 91.30, might be appropriate

USD/CHF

The dollar versus swissy pair traded within a very narrow range, same levels set in previous trading session, within a "rising wedge" formation that targets the breach of its support levels and then moves to the downside. Our morning expectations remain intact, where we await an expected bearish trend over an intraday basis for today, which starts after clearly breaching 1.0145 and requires the four-hour closing below 1.0240.

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 dollar versus loonie pair touched the retest level shown this morning at 1.0665 and headed to the downside in an attempt to breach main support 1.0600. Presently, trading its occurring within a very narrow range, where a clear breach of the previously mentioned support opens the way for the expected bearish trend for today that mainly targets 1.0455. Our expectations of the pair moving to the downside for today will prevail if 1.0715 remains intact.

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 : Our morning expectations remain valid

Published on  Thu, Nov 5 2009, 14:06 GMT