Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 06-June-2011
Our morning expectations remain valid with stability above 1.4455.
The trading range for this week is among the major support at 1.4455 and the major resistance at 1.4940.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4560 | 1.4520 | 1.4455 | 1.4395 | 1.4335 |
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| Resistance | 1.4640 | 1.4725 | 1.4800 | 1.4875 | 1.4900 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4560 targeting 1.4800 and stop loss below 1.4455 might be appropriate this week | ||||
Great British Pound (GBP)
The pair has been trading within a tight range since morning with noticed effects from the negativity on Stochastic as trading is leaning to the downside. In general, the morning scenario remains valid for the rest of the day.
The trading range for this week is among the major support at 1.6210 and the major resistance at 1.6900.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6370 | 1.6300 | 1.6260 | 1.6210 | 1.6125 |
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| Resistance | 1.6415 | 1.6495 | 1.6550 | 1.6600 | 1.6650 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 1.6495 targeting 1.6745 and stop loss below 1.6370 might be appropriate this week | ||||
Japanese Yen (JPY)
The pair is gradually approaching the descending channel’s resistance previous breached and now a support at 79.65. The pair needs to breach this level to activate the downside move expected which requires stability below 81.40 to remain valid.
The trading range for this week is among the major support at 77.70 and the major resistance at 82.50.
The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 79.65 | 79.00 | 78.40 | 78.00 | 77.70 |
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| Resistance | 80.75 | 81.40 | 82.00 | 82.50 | 83.10 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with four-hour closing below 79.65 targeting 77.70 and stop loss above 80.75 might be appropriate this week | ||||
Swiss Franc (CHF)
We have seen a slight upside bias for the pair as it approaches the minor descending channel’s resistance at 0.8390 as its losing some of the positivity. Therefore, we hold onto our morning expectations that remain valid with stability below 0.8550.
The trading range for this week is among the major support at 0.8150 and the major resistance at 0.8550.
The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8300 | 0.8265 | 0.8190 | 0.8150 | 0.8100 |
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| Resistance | 0.8390 | 0.8445 | 0.8500 | 0.8550 | 0.8585 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8390 targeting 0.8235 and stop loss above 0.8500 might be appropriate this week | ||||
Canadian Dollar (CAD)
The pair is trading with a very tight range since morning with a slight upside bias as seen above. Trading is still between the 61.8% and 76.4% Fibonacci correction as we await more confirmations for the next move. We remain neutral for today and recommend reviewing the weekly reports for more details on the critical levels that we should observe.
The trading range for this week is among the major support at 0.9565 and the major resistance at 1.0000.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9770 | 0.9710 | 0.9670 | 0.9645 | 0.9565 |
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| Resistance | 0.9845 | 0.9915 | 0.9970 | 1.0000 | 1.0055 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex
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