Gafnn.com Daily Analysis
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Major Currencies Midday Report 03-May-2011
Therefore, we preserve our morning scenario as far as stability is above the aforementioned correction level.
The trading range for today is among the major support at 1.4630 and the major resistance at 1.5000.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4785 | 1.4715 | 1.4650 | 1.4615 | 1.4580 |
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| Resistance | 1.4830 | 1.4880 | 1.4950 | 1.5000 | 1.5050 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4725 targeting 1.4880 and stop loss below 1.4615 might be appropriate | ||||
Great British Pound (GBP)
The pair strongly breached the support mentioned this morning at 1.6610 and approaching the 50% Fibonacci correction at 1.6455. Momentum indicators provide positive signs that might push the pair to rebound, yet we also have the possibility of a bearish technical pattern that might extend the intraday bearishness. Therefore, we recommend observing the pair for the rest of the day and waiting for more confirmations.
The trading range for today is among the major support at 1.6525 and the major resistance at 1.6850.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6455 | 1.6385 | 1.6360 | 1.6285 | 1.6250 |
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| Resistance | 1.6505 | 1.6525 | 1.6610 | 1.6675 | 1.6700 |
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| Recommendation | After closing the morning position and based on the charts and explanations above we recommend observing the pair for more confirmations | ||||
Japanese Yen (JPY)
The pair continues to trade within a tight range and gradually approaching the retest areas at 80.75 and accordinglyour morning expectations remain valid with stability above 80.75.
The trading range for today is among the major support at 79.80 and the major resistance at 83.50.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 80.75 | 80.25 | 79.80 | 79.00 | 78.40 |
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| Resistance | 81.50 | 82.30 | 82.50 | 83.00 | 83.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 80.75 targeting 82.30 and stop loss below 79.80 might be appropriate | ||||
Swiss Franc (CHF)
The pair reached the critical support at 0.8625 once again and rebounded to the upside due to the positivity on momentum indicators. We await the breach of the mentioned support with confirmations of an hourly close below it. Therefore, our morning expectations remain valid with stability below 0.9745.
The trading range for today is among the major support at 0.8400 and the major resistance at 0.8745.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8625 | 0.8545 | 0.8485 | 0.8450 | 0.8400 |
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| Resistance | 0.8675 | 0.8745 | 0.8775 | 0.8820 | 0.8900 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8625 targeting 0.8485 and stop loss above 0.8745 might be appropriate | ||||
Canadian Dollar (CAD)
The pair rushed to the upside affected by the positivity on Stochastic and now targeting the resistance for the sideways range shown above at 0.9575. We still expect a downside move for today affected by the negative factors mentioned this morning which require stability below 0.9575.
The trading range for today is among the major support at 0.9270 and the major resistance at 0.9575.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9450 | 0.9400 | 0.9350 | 0.9300 | 0.9270 |
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| Resistance | 0.9575 | 0.9615 | 0.9650 | 0.9700 | 0.9795 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9450 targeting 0.9270 and stop loss above 0.9575 might be appropriate | ||||
Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex
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