Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 10-May-2011
Therefore, the morning scenario was activated and remains valid for the rest of the day.
The trading range for today is among the major support at 1.4150 and the major resistance at 1.4545.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4295 | 1.4265 | 1.4220 | 1.4150 | 1.4105 |
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| Resistance | 1.4340 | 1.4410 | 1.4455 | 1.4545 | 1.4585 |
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| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
The pair is trading with a downside bias since morning, stabilizing below 61.8% Fibonacci correction. Stochastic is still offers negative pressure and accordingly our morning expectations remain valid for today.
The trading range for today is among the major support at 1.6210 and the major resistance at 1.6525.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6300 | 1.6250 | 1.6210 | 1.6175 | 1.6110 |
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| Resistance | 1.6385 | 1.6455 | 1.6525 | 1.6575 | 1.6610 |
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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 with hourly closing above 1.6525 might be appropriate today | ||||
Japanese Yen (JPY)
The pair touched the main descending channel’s resistance around 80.75 and reversed to the downside while Stochastic continues to lose the upside momentum. Therefore, the morning scenario remains valid with stability below the mentioned resistance.
The trading range for today is among the major support at 78.40 and the major resistance at 81.90.
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 | 80.75 | 81.50 | 82.00 | 82.50 | 83.00 |
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| Recommendation | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
The pair rushed to the upside towards the critical resistance mentioned this morning at 0.8795 which held against the pair, as it represents the neckline for a bullish pattern where a breach of which will extend the upside correction. Stochastic and the SMA 50 are offering support for the pair while the pair needs to breach the aforementioned areas to activate the pattern. In general, we recommend observing the pair at the critical areas between 0.8795 and 0.8710 which will determine the intraday trend for the pair.
The trading range for today is among the major support at 0.8550 and the major resistance at 0.8945.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8710 | 0.8665 | 0.8625 | 0.8550 | 0.8485 |
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| Resistance | 0.8795 | 0.8855 | 0.8900 | 0.8945 | 0.9010 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with hourly closing above 0.8795 targeting 0.8945 and stop loss below 0.8710; or selling the pair with hourly closing below 0.8710 targeting 0.8550 and stop loss above 0.8795 might be appropriate | ||||
Canadian Dollar (CAD)
The pair is trading with a downside bias since morning and returned below the main descending channel’s resistance. Stochastic is still offering negative pressure with the resistance offered by the SMA 50 and accordingly our expectations remain valid with stability below 0.9710.
The trading range for today is among the major support at 0.9445 and the major resistance at 0.9770.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9570 | 0.9500 | 0.9445 | 0.9400 | 0.9350 |
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| Resistance | 0.9620 | 0.9645 | 0.9710 | 0.9770 | 0.9845 |
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| Recommendation | Our morning expectations remain valid | ||||
Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex
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