Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 06-May-2011
On the other side, momentum indicators are positive supporting our morning expectations. We advise caution at the time of the jobs report from the US at 12:30 GMT.
The trading range for today is among the major support at 1.4330 and the major resistance at 1.4725.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4525 | 1.4470 | 1.4440 | 1.4385 | 1.4330 |
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| Resistance | 1.4550 | 1.4630 | 1.4690 | 1.4725 | 1.4800 |
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| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
The pair is moving to retest the breached neckline at 1.6455 supported by momentum indicators. Therefore, the suggested morning scenario remains valid with stability below the mentioned areas.
The trading range for today is among the major support at 1.6200 and the major resistance at 1.6575.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6385 | 1.6360 | 1.6300 | 1.6250 | 1.6200 |
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| Resistance | 1.6455 | 1.6525 | 1.6575 | 1.6610 | 1.6675 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.6455 targeting 1.6300 and stop loss above 1.6550 might be appropriate | ||||
Japanese Yen (JPY)
The pair reached the resistance for the descending channel at 80.60 activating the morning scenario, while noting the positivity on momentum indicators will keep the volatility valid around the mentioned resistance before moving towards the targets.
The trading range for today is among the major support at 78.40 and the major resistance at 82.10.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 79.80 | 79.00 | 78.40 | 78.00 | 77.70 |
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| Resistance | 80.60 | 81.40 | 82.10 | 82.50 | 83.00 |
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| Recommendation | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
The pair is trading at 23.6% Fibonacci correction for the downside wave shown above, where this level is holding against the upside move and supported by the negativity on momentum indicators. We need more confirmations for the direction and accordingly we remain neutral for today.
The trading range for today is among the major support at 0.8450 and the major resistance at 0.8900.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8665 | 0.8625 | 0.8545 | 0.8485 | 0.8450 |
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| Resistance | 0.8740 | 0.8775 | 0.8820 | 0.8900 | 0.8950 |
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| Recommendation | Based on the charts and explanations above we remain neutral and recommend observing the pair around the mentioned areas for more confirmations | ||||
Canadian Dollar (CAD)
The pair is showing a bearish bias after the 50% Fibonacci correction at 0.9710 showed strong resistance against the pair, in addition to the negativity on Stochastic. The pair is attempting to return to the downside once again facing by the SMA 50 which is protecting the breached resistance that turned into support. Therefore, we need more confirmations for the coming move especially around the areas mentioned this morning in the previous report.
The trading range for today is among the major support at 0.9445 and the major resistance at 0.9845.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9635 | 0.9570 | 0.9500 | 0.9450 | 0.9400 |
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| Resistance | 0.9710 | 0.9770 | 0.9845 | 0.9915 | 0.9960 |
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| Recommendation | Based on the charts and explanations above we remain neutral and recommend observing the pair around the mentioned areas for 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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