Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 07-06-2011
Therefore, we expect the intraday upside move to prevail while noting that the breach of 1.4560 will delay those expectations.
The trading range for today is among the major support at 1.4455 and the major resistance at 1.4800.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4640 | 1.4560 | 1.4520 | 1.4455 | 1.4395 |
|
|
|||||
| Resistance | 1.4725 | 1.4800 | 1.4875 | 1.4900 | 1.4960 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4560 targeting 1.4725 and stop loss below 1.4455 might be appropriate | ||||
Great British Pound (GBP)
The pair rushed to the upside approaching the minor descending channel’s resistance around 1.6485. Trading above the MA 50 and the positivity on Stochastic support the upside move for the rest of the day; the bullishness requires the breach of 1.6485 and stability above 1.6300.
The trading range for today is among the major support at 1.6150 and the major resistance at 1.6550.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6415 | 1.6370 | 1.6300 | 1.6260 | 1.6210 |
|
|
|||||
| Resistance | 1.6485 | 1.6550 | 1.6600 | 1.6650 | 1.6700 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.6485 targeting 1.6650 and stop loss below 1.6370 might be appropriate | ||||
Japanese Yen (JPY)
The pair is trading within a tight range since morning while stabilizing above 80.00. Therefore, the suggested morning scenario remains valid for the rest of the day.
The trading range for today is among the major support at 78.00 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 | 79.60 | 79.00 | 78.40 | 78.00 | 77.70 |
|
|
|||||
| Resistance | 80.75 | 81.10 | 82.00 | 82.50 | 83.10 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 79.60 targeting 78.00 and stop loss above 80.75 might be appropriate | ||||
Swiss Franc (CHF)
The USD/CHF has been trading within a tight range since morning, and we await the pair to reach the resistance for the minor descending channel to activate our morning expectations that remain valid with stability below 0.8370.
The trading range for today is among the major support at 0.8150 and the major resistance at 0.8475.
The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8300 | 0.8230 | 0.8190 | 0.8150 | 0.8100 |
|
|
|||||
| Resistance | 0.8370 | 0.8445 | 0.8475 | 0.8550 | 0.8585 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8370 targeting 0.8230 and stop loss above 0.8475 might be appropriate | ||||
Canadian Dollar (CAD)
The pair is trading with a downside bias since morning and we can see trading below 61.8% Fibonacci correction at 0.9770. The stability of the retest areas for the rising wedge previously breached and the current downside bias support our expectations for the pair to resume the intraday bearishness for today. Nevertheless, the pair must breach 0.9710 then 0.9645 to confirm the trend. Breaching areas of 0.9845 will negate the suggested scenario.
The trading range for today is among the major support at 0.9645 and the major resistance at 0.9970.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9710 | 0.9645 | 0.9565 | 0.9500 | 0.9445 |
|
|
|||||
| Resistance | 0.9770 | 0.9845 | 0.9915 | 0.9970 | 1.0000 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 0.9710 targeting 0.9565 and stop loss above 0.9795 might be appropriate | ||||
Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex
Comments
-
Please login first in order for you to submit comments
GAFNN Blog Categories
Disclaimer
Trades or trade recommendations made on this site have not been made by Georgia Anderson.
Online Users
Follow GAFNN
