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Technical Major Currencies Report

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Technical Major Currencies Morning Report

Wed, Nov 11 2009, 14:12 GMT
by ecPulse.com analysis team

ecPulse.com

EUR/USD

The euro versus the dollar pair was able of breaching this morning’s mentioned resistance level at 1.5020, where it set the four hour "candlestick” above it; thus, supporting the bullish intraday direction expected for today. We hold onto our morning expectations, as it is essential that trading remains above 1.4910 for this bullish trend to prevail.

The trading range for today is among the key support at 1.4600 and the key resistance at 1.5290.

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

Support 1.5020 1.4965 1.4910 1.4825 1.4755
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Resistance 1.5065 1.5100 1.5140 1.5200 1.5290

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Our morning expectations remain valid

GBP/USD

The cable achieved a sharp downside move after touching the horizontal resistance at 1.6790 and touch the main support at 1.6670. Currently, we await the start of the bullish short term wave for today, shown in our morning report which targets 1.6900. These expectations will prevail if 1.6585 is clearly breached.

The trading range for today is among the key support at 1.6340 and the key resistance at 1.7000.

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

Support 1.6590 1.6515 1.6490 1.6445 1.6400
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Resistance 1.6740 1.6790 1.6840 1.6900 1.6940
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Our morning expectations remain valid

USD/JPY

The dollar versus the yen pair is attempting to breach the resistance mentioned this morning at 89.90, shown in the image above. Chances of achieving the expected bearish direction for today remains intact if trading remains below 90.15. Thus, we hold onto our morning expectations, while we await bearish signs from momentum indicators which support our awaited downside move.

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 89.15 88.35 88.00 87.80 87.15
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Resistance 90.15 90.50 90.90 91.30 91.80
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Recommendation Our morning expectations remain valid

USD/CHF

The dollar versus swissy pair touched the resistance level for the bearish channel at 1.0080; where it started its intraday descend, expected in our morning report. Momentum indicators are still pressuring the pair to the upside, but our expectations are still for a possible bearish trend for the remainder of trading today. This requires the four-hour closing to remain below 1.0200.

The trading range for today is among the key support at 0.9840 and the key resistance at 1.0335.

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

Support 1.0030 1.0000 0.9950 0.9880 0.9840
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Resistance 1.0080 1.0145 1.0200 1.0310 1.0335
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Recommendation Our morning expectations remain valid

USD/CAD

The dollar versus loonie continued its bearish pressure since this morning, where it attempted to breach pivotal support 1.0455, mentioned in our morning report. Until now, the pair has been avoiding the positive signs appearing through momentum indicators. Thus, we expect the bearish direction to continue for today’s trading session with chances of some mixed fluctuation due to the previously mentioned support’s strength. The expected bearish direction requires the four hours to close below 1.0530.

The trading range for today is among the key support at 1.0265 and the key resistance at 1.0710.

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

Support 1.0360 1.0325 1.0255 1.0200 1.0150
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Resistance 1.0455 1.0530 1.0615 1.0645 1.0735
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Recommendation Based on the charts and explanations above our opinion is selling the pair at 1.0455 and targeting 1.0360 and stop loss above 1.0530, might be appropriate

Published on  Wed, Nov 11 2009, 14:17 GMT