Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 15-April-2011
SMA 50 is still supporting the pair and accordingly our morning expectations remain valid for the rest of the day.
The trading range for today is among the major support at 1.4300 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 | 1.4390 | 1.4365 | 1.4345 | 1.4280 | 1.4230 |
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| Resistance | 1.4455 | 1.4500 | 1.4580 | 1.4625 | 1.4725 |
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| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
The pair is trading within a tight range since this morning with a slight upside bias supported by Stochastic. We still await the breach of 1.6400 to activate the morning scenario which remains valid with trading above 1.6250.
The trading range for today is among the major support at 1.6200 and the major resistance at 1.6585.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6250 | 1.6300 | 1.6250 | 1.6200 | 1.6175 |
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| Resistance | 1.6400 | 1.6450 | 1.6500 | 1.6585 | 1.6650 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair with hourly closing above 1.6400 targeting 1.6585 and stop loss below 1.6300 might be appropriate | ||||
Japanese Yen (JPY)
The pair is still hovering around the 83.50 support while noticing the support offered from SMA 50 for the second time in addition to the positivity on Stochastic. We still need more confirmations for the trend and accordingly we remain neutral for the rest of the day and observing the pair around the mentioned support.
The trading range for today is among the major support at 81.60 and the major resistance at 85.65.
The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.
| Support | 82.75 | 82.15 | 81.60 | 81.15 | 80.60 |
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| Resistance | 83.50 | 83.90 | 84.50 | 85.00 | 85.65 |
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| Recommendation | Based on the charts and explanations above our opinion is observing the pair for more confirmations | ||||
Swiss Franc (CHF)
The pair is trading within a tight range since morning and momentum indicators are still positive pushing the retest to the awaited 0.9030 areas. Therefore, our suggested scenario remains valid supported by the SMA 50.
The trading range for today is among the major support at 0.8750 and the major resistance at 0.9075.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8900 | 0.8810 | 0.8750 | 0.8700 | 0.8670 |
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| Resistance | 0.8950 | 0.9000 | 0.9030 | 0.9075 | 0.9105 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9030 targeting 0.8885 and stop loss above 0.9125 might be appropriate | ||||
Canadian Dollar (CAD)
The pair breached the resistance for the minor descending channel and the path is clear towards testing 0.9665 due to the positivity on Stochastic over four-hour basis. The indicator might lose its positivity when reaching the mentioned level and resume then the intraday bearishness projected for today. Breaching areas of 0.9665 will activate the effect of the pattern.
The trading range for today is among the major support at 0.9400 and the major resistance at 0.9740.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9630 | 0.9615 | 0.9560 | 0.9495 | 0.9470 |
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| Resistance | 0.9665 | 0.9700 | 0.9740 | 0.9795 | 0.9865 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.9630 targeting 0.9470 and stop loss above 0.9740 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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