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Major Currencies Midday Report 20-April-2011

The Euro rushed to the upside approaching the awaited first target at 1.4500 which is pressuring the pair lowed supported by the negative momentum.


EUR

Fluctuations are expected for now, but in general further intraday bullishness is expected targeting next 1.4600.

The trading range for today is among the major support at 1.4200 and the major resistance at 1.4580.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.


Support 1.4470 1.4400 1.4320 1.4270 1.4220

Resistance 1.4500 1.4580 1.4625 1.4725 1.4800

Recommendation Based on the charts and explanations above we recommend buying the pair with hourly closing above 1.4320 targeting 1.4520 and stop loss below 1.4220 might be appropriate

Morning


Great British Pound (GBP)


GBP

The pair consolidated on the awaited support at 1.6315 and rushed higher approaching 1.6400 areas. The negativity on Stochastic is pressuring the pair, though in general, the suggested morning scenario remains valid with stability above 1.6250.

The trading range for today is among the major support at 1.6250 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 1.6320 1.6280 1.6250 1.6200 1.6175

Resistance 1.6350 1.6400 1.6450 1.6500 1.6585

Recommendation Our morning expectations remain valid

Morning


Japanese Yen (JPY)


JPY

The pair is still hovering around the SMA 50 while Stochastic is still providing positive signs. No change is seen on our morning report and we recommend returning to it for the sensitive levels highlighted to determine the coming move.

The trading range for today is among the major support at 81.40 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 82.70 82.15 81.40 80.75 80.00

Resistance 83.50 83.90 84.50 85.00 85.65

Recommendation Based on the charts and explanations above we recommend observing the pair for more confirmations
Morning


Swiss Franc (CHF)


CHF

The pair is trading with a downside bias since morning and approaching the awaited support to be breached at 0.8900. Our morning expectations remain valid with stability below 0.9005.

The trading range for today is among the major support at 0.8700 and the major resistance at 0.9105.

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

Resistance 0.8950 0.9005 0.9075 0.9105 0.9190

Recommendation Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.8900 targeting 0.8750 and stop loss above 0.9005 might be appropriate

Morning


Canadian Dollar (CAD)



Midday Report
The pair breached the support mentioned this morning at 0.9525 and consolidating below it. Therefore, our morning scenario was activated and the bearishness is supported by Stochastic.
The trading range for today is among the major support at 0.9350 and the major resistance at 0.9665.
The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

CAD

The pair breached the support mentioned this morning at 0.9525 and consolidating below it. Therefore, our morning scenario was activated and the bearishness is supported by Stochastic.

The trading range for today is among the major support at 0.9350 and the major resistance at 0.9665.

The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.




Support 0.9470 0.9400 0.9350 0.9300 0.9270

Resistance 0.9525 0.9600 0.9665 0.9705 0.9735

Recommendation Our morning expectations remain valid
Morning




Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex


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