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Technical Major Currencies Report

Technical Major Currencies Midday Report

Wed, Nov 25 2009, 13:11 GMT
by ecPulse.com analysis team

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EUR/USD

The euro versus the dollar was able to breach the pivotal resistance at 1.5000 and head to the upside. We require the daily close to remain above this level to support the bullish direction more adequately. Meanwhile, our morning expectations remain intact where we await more bullish movement for the remainder of trades today, with the importance of 1.4900 remaining intact.

The trading range for today is among the key support at 1.4800 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 1.5000 1.4945 1.4900 1.4855 1.4800
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Resistance 1.5050 1.5100 1.5140 1.5200 1.5290
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Recommendation Our morning expectations remain valid

GBP/USD

The cable succeeded in breaching the neckline mentioned this morning at 1.6645, where it closely neared the first awaited target at 1.6750. Our morning expectations remain as is, where we await more possible bullish intraday movement for today; targeting next 1.6830. It is vital that 1.6545 remain intact so that the expected bullish direction for today prevails.

The trading range for today is among the key support at 1.6405 and the key resistance at 1.6830.

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

Support 1.6645 1.6545 1.6405 1.6310 1.6245
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Resistance 1.6750 1.6790 1.6830 1.6875 1.6960
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Recommendation Our morning expectations remain valid

USD/JPY

The dollar versus yen ended the move at 88.40 and started building its base this morning (where the expected level was at 88.45) and started the awaited volatile bearish wave. We still see that the pair's targets are bearish and haven’t been achieved yet; hence, our expectations of a bearish direction for today is expected and will remain intact, targeting first 86.90.

The trading range for today is among the key support at 87.00 and the key resistance at 89.50.

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

Support 87.00 86.65 86.20 85.45 85.00
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Resistance 87.80 88.40 89.20 89.60 90.40
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 87.80 target 86.90 and stop loss above 88.40, might be appropriate

USD/CHF

At the time eyes were set on touching the resistance level at 1.0095; the dollar versus swissy stabilized on 1.0080 to start the awaited sharp bearish wave, where procedures of breaching pivotal support 1.0030 have began. We expect more bearish pressure on this level to achieve a breach that will open a way towards more bearish movement over intraday basis, expected for the remainder of trades today, with chances for mixed fluctuations around the mentioned support; considering its importance and strength.

The trading range for today is among the key support at 0.9900 and the key resistance at 1.0240.

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

Support 1.0000 0.9950 0.9900 0.9840 0.9800
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Resistance 1.0030 1.0095 1.0145 1.0185 1.0240
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0030 targeting 1.9900 and stop loss above 1.0095, might be appropriate

USD/CAD

The dollar versus loonie strongly descended after building its base on 1.0575 to achieve more midway towards the first awaited target at 1.0390. We think that the bearish short term direction is complete, where we presently await more bearish movement for today; meanwhile, chances of some fluctuations is high, specifically when reaching the main support at 1.0390 before being able to breach it and head towards the following targets presently around 1.0255.

The trading range for today is among the key support at 1.0390 and the key resistance at 1.0700.

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

Support 1.0425 1.0390 1.0325 1.0275 1.0255
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Resistance 1.0500 1.0590 1.0640 1.0700 1.0760
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0500 targeting 1.0390 and stop loss above 1.0590, might be appropriate

Published on  Wed, Nov 25 2009, 13:14 GMT

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