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Major Currencies Midday Report 25-May-2011

The Euro is trading with an upside bias since morning to retest 1.4150 areas.

EUR

Our morning expectations remain valid as far as stability prevails below the retest area.

The trading range for today is among the major support at 1.3800 and the major resistance at 1.4235.

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


Support 1.4050 1.3980 1.3910 1.3850 1.3800

Resistance 1.4100 1.4150 1.4235 1.4285 1.4360

Recommendation Based on the charts and explanations above we recommend selling the pair around 1.4150 targeting 1.3980 and stop loss above 1.4235 might be appropriate

Morning

Great British Pound (GBP)


GBP

The pair reached the 38.2% Fibonacci correction at 1.3210 accompanied by overbought signs on Stochastic. The pair activated the morning scenario and remains valid with stability below 1.6250.

The trading range for today is among the major support at 1.5880 and the major resistance at 1.6310.

The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.


Support 1.6125 1.6045 1.6000 1.5955 1.5880

Resistance 1.6210 1.6250 1.6295 1.6365 1.6415

Recommendation Our morning expectations remain valid

Morning

Japanese Yen (JPY)


JPY

The pair consolidated at the SMA 50 and rushed to the upside towards the targets. The pair activated the morning scenario and remains valid with stability above 81.40.

The trading range for today is among the major support at 80.25 and the major resistance at 83.50.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.


Support 81.75 81.45 80.75 80.20 79.80

Resistance 82.50 83.00 83.50 83.90 84.50

Recommendation Our morning expectations remain valid

Morning
Swiss Franc (CHF)


CHF

The SMA 50 was strong resistance against the pair forcing it to the downside towards 23.6% Fibonacci correction at 0.8740. We expect more intraday bearishness for today affected by trading within the main descending channel shown above, yet the pair needs to breakthrough 0.8740 to confirm the downside move.

The trading range for today is among the major support at 0.8600 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 0.8740 0.8650 0.8600 0.8550 0.8485

Resistance 0.8810 0.8880 0.8945 0.9000 0.9040

Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 0.8740 and take profit in at 0.8650 and stop loss above 0.8810 might be appropriate

Morning

Canadian Dollar (CAD)


CAD

The pair is trading around the 61.8% Fibonacci correction that now turned into support at 0.9770; stability above this level maintains trading within the minor ascending channel. Our expectations remain valid with stability above 0.9730.

The trading range for today is among the major support at 0.9625 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 0.9770 0.9730 0.9680 0.9620 0.9565

Resistance 0.9845 0.9915 0.9970 1.0000 1.0055

Recommendation Based on the charts and explanations above our opinion is buying the pair around 0.9770 targeting 0.9970 and stop loss below 0.9680 might be appropriate


Morning


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


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