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Technical Major Currencies Report

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Technical Major Currencies Morning Report

Tue, Nov 24 2009, 09:48 GMT
by ecPulse.com analysis team

ecPulse.com

EUR/USD

The euro versus dollar was not able to stabilize above the main breached resistance levels yesterday – currently at 1.4975 – while attempting to return to the previously breached descending channel. We are depending on minor support 1.4935 to prevent the pair from achieving more downward movement, where we expect a bullish intraday direction for today ,targeting 1.5100 mainly but areas of 1.4855 should hold to to protect our suggested scenario.

The trading range for today is among the key support at 1.4800 and the key resistance at 1.5100.

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

Support 1.4935 1.4890 1.4855 1.4800 1.4755
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Resistance 1.4975 1.5000 1.5050 1.5100 1.5140
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.4975 targeting 1.5100 and stop loss below 1.4890, might be appropriate.

GBP/USD

The cable closed yesterday above 1.6555, thus signaling towards achieving a bullish short term direction. We need to insure this scenario to also close above this level today, where yesterday's bullishness could be a correction for the last bearish wave. Momentum indicators are showing signs that are supporting achieving a possible bullish trend over an intraday basis which initially targets 1.6730 and requires 1.6555 to remain intact on the four hour close.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.6730.

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

Support 1.6555 1.6495 1.6455 1.6405 1.6310
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Resistance 1.6645 1.6735 1.6790 1.6850 1.6875
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.6555 targeting 1.6730 and stop loss below 1.6455, might be appropriate.

USD/JPY

The dollar versus yen touched the breached support – which turned into resistance – at 89.15 and started to attempt to move to the downside, mentioned in yesterday's report. Today, we can expect the start of a bearish wave over an intraday short term basis supported by bearish signs appearing through the stochastic, which target levels around 87.00 and require trading to remain below 89.70.

The trading range for today is among the key support at 87.10 and the key resistance at 90.60.

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

Support 88.60 88.00 87.10 86.65 86.20
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Resistance 89.25 89.60 90.40 91.30 91.70
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 89.60 target 87.40 and stop loss above 89.70, might be appropriate.

USD/CHF

The support level for the minor bullish channel maintained its stance in front of the dollar versus swissy – currently at 1.0090 -, where the pair started its expected bullish short term direction. The minor resistance 1.0120 is impeding the assurance of this ascend. Today, we expect a bullish trend over an intraday basis where its first target is at 1.0240 and requires 1.0090 to remain intact by closing the four hours above it.

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 1.0090 1.0030 1.0000 0.9950 0.9900
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Resistance 1.0120 1.0185 1.0240 1.0265 1.0310
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0120 targeting 1.0240 and stop loss below 1.0030, might be appropriate.

USD/CAD

The dollar versus loonie is gradually approaching the first awaited target around 1.0520, with a possible scenario appearing to insure more bearish short term movement, shown in the image above, where the pair could possibly rebound off of minor support 1.0495 and attempt a minor bullish correction to then gain bearish momentum to achieve more bearish movement to target levels 1.0250 – 1.0200. From here the expected direction for today is bearish over an intraday basis, initially targeting 1.0495 and then followed by some minor bullish correction. It is vital that trading remain below 1.0700 to maintain chances of achieving the expected bearish trend.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0760.

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

Support 1.0520 1.0495 1.0425 1.0360 1.0325
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Resistance 1.0610 1.0700 1.0760 1.0835 1.0870
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0610 targeting 1.0495 and stop loss above 1.0700, might be appropriate.

Published on  Tue, Nov 24 2009, 09:52 GMT