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Technical Major Currencies Report

Technical Major Currencies Morning Report

Wed, Nov 18 2009, 08:19 GMT
by ecPulse.com analysis team

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EUR/USD

This euro declined sharply yesterday against the dollar, where support levels for the bullish wave halted this downside move between 1.4800 – 1.4845. From here the direction remains bullish; thus, we expect a bullish trend over an intraday basis for today, while the force behind it is the bullish technical pattern seen over short term basis – shown in the side image – which requires the breach of the neckline at 1.4890 and then heads towards 1.5000 and 1.5050. The bullish move will prevail if the daily closing remains above 1.4845.

The trading range for today is among the key support at 1.4650 and the key resistance at 1.5200.

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

Support 1.4845 1.4805 1.4755 1.4700 1.4615
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Resistance 1.4890 1.4935 1.5000 1.5050 1.5100
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.4890 and targeting 1.5000 and stop loss below 1.4805, might be appropriate

GBP/USD

The support level for the ascending channel strongly stood against sterling's attempts to move to the downside, which keeps the bullish short term wave intact. Stochastic provided positive signs that support our expectations for a possible bullish intraday move for today which could initially target 1.6960 and then consolidating above 1.7000; keeping in mind the importance of the daily closing to remain above 1.6640 for the bullish trend to prevail.

The trading range for today is among the key support at 1.6560 and the key resistance at 1.7200.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Support 1.6800 1.6740 1.6695 1.6640 1.6600
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Resistance 1.6830 1.6880 1.6960 1.7005 1.7035
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.6800 targeting 1.6960 and stop loss below 1.6695, might be appropriate

USD/JPY

The dollar versus the yen stabilized around 89.25; representing the neckline for the bearish technical pattern shown in the image above, which comes inline with signs of a negative cross over on Stochastic, thereby giving strength to the neckline; therefore, we expect a bearish intraday move for the pair, in an attempt to acquire the pattern's targets currently around 86.20; not that the first target for the pair resides at the strong support of 87.55. The bearish sort term wave will prevail as far as 90.15 is not breached.

The trading range for today is among the key support at 87.55 and the key resistance at 91.35.

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

Support 88.80 88.40 87.55 87.15 86.65
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Resistance 89.25 90.15 90.60 91.30 91.80
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 89.25 targeting 87.55 and stop loss above 90.25, might be appropriate

USD/CHF

The dollar versus swissy closed yesterday below the main resistance for the downside trend at 1.0160, which keeps the bearish wave intact. Momentum indicators provide bearish signs that support the downside reversal; thus, we expect an intraday bearish direction for today targeting first 1.0035. For this bearish direction to prevail the daily closing must remain below 1.0160.

The trading range for today is among the key support at 0.9950 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 1.0105 1.0035 1.0000 0.9950 0.9900
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Resistance 1.0160 1.0220 1.0265 1.0310 1.0335
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0160 targeting 1.0035 and stop loss above 1.0220, might be appropriate

USD/CAD

The dollar versus loonie pair is leaningstrongly towards the downside, closing below the critical 1.0560 yesterday. Thus, it keeps the expected bearish direction's scenario for yesterday intact, where the right shoulder is forming for the bearish pattern previously mentioned, which takes the form of a minor bullish channel that forms a "flag" pattern. These factors make us expect an intraday bullish move for today; targeting mainly the breach of 1.0460 and consolidating below it to head towards 1.0200. The focal 1..0560 remains the key to preserving the bearish trend.

The trading range for today is among the key support at 1.0275 and the key resistance at 1.0715.

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

Support 1.0460 1.0415 1.0360 1.0325 1.0275
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Resistance 1.0560 1.0645 1.0690 1.0715 1.0780
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0460 and targeting 1.0275 and stop loss above 1.0560, might be appropriate

Published on  Wed, Nov 18 2009, 08:22 GMT

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