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Technical Major Currencies Report

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Technical Major Currencies Midday Report

Fri, Nov 6 2009, 13:11 GMT
by ecPulse.com analysis team

ecPulse.com

EUR/USD

The euro versus dollar pair is still suffering from the extreme resistance from 1.4905, which forces it to continue to move bearishly. Through the image above, we see bullish technical pattern forming, while we await the breach of its neckline at 1.4905 to open a way to achieve the expected bullish trend for today. It is important to observe the time U.S. unemployment and wages data will be released, where it is expected at 13:30 GMT, which will always cause mixed volatile trading on the pair.

The trading range for today is among the key support at 1.4600 and the key resistance at 1.5135.

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

Support : 1.4805 1.4755 1.4700 1.4615 1.4575
Resistance : 1.4905 1.4970 1.5035 1.5065 1.5140

Recommendation : Based on the charts and explanations above our opinion is buying the pair at 1.4805 and targeting 1.4905 and stop loss below 1.4755, might be appropriate

GBP/USD

The cable is attempting to build a base on the broken main resistance at 1.6605 to continue fluctuating around it. Our morning expectations are insured by the awaited bullish technical pattern, shown in the image above. It is vital to that 1.6565 remains intact for chances of achieving the expected bullish trend for today.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.6900.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

Support : 1.6565 1.6530 1.6490 1.6445 1.6400
Resistance : 1.6605 1.6675 1.6760 1.6800 1.6830

Recommendation : Our morning expectations remain valid

USD/JPY

The dollar versus yen pair is nearing minor resistance, awaited this morning, at 90.75; where the pair is expected to reverse from it in an attempt to breach pivotal support at 90.00. We hold onto our morning expectations, where we await an expected bearish trend for the remainder of trading today, shown in our morning report, if 91.30 remains intact.

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 91.30 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 attempted to breach main support at 1.0145 once; however, it returned to ascend which will postpone this breach. From here we see that the expected direction for today is bearish over an intraday basis; starting with the breach of the mentioned support, while targeting 1.0030 initially that requires the four-hour closing below 1.0230.

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 1.0230 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 pushed strongly to the upside due to the effect of unemployment and wages data for the Canadian economy; thus, causing the breach of scattered resistance starting from 1.0675 then 1.0715. Meanwhile, the bearish short term direction still holds onto some hope of closing below 1.0715. We expect volatile fluctuations throughout today's trading session due to this data and the data awaited for the U.S. economy, where we prefer to wait for signs that assure the next direction after the closing for today.

The trading range for today is among the key support at 1.0360 and the key resistance at 1.0870.

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

Support : 1.0675 1.0615 1.0585 1.0545 1.0475
Resistance : 1.0715 1.0750 1.0835 1.0870 1.0960

Recommendation : Based on the charts and explanations above our opinion is to await for new signs for the pair to define the next direction might be appropriate

Published on  Fri, Nov 6 2009, 13:14 GMT