Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 26-May-2011
We remain neutral for today and observe the daily closing for the mentioned areas for more confirmations.
The trading range for today is among the major support at 1.3910 and the major resistance at 1.4360.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4150 | 1.4120 | 1.4050 | 1.3980 | 1.3910 |
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| Resistance | 1.4235 | 1.4280 | 1.4360 | 1.4455 | 1.4500 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Great British Pound (GBP)
The retest areas mentioned in the previous report is still resisting the upside attempts for the pair and supported by the momentum indicators. The upside bias is seen on the pair on support from the SMA 50 and stability above the breached resistance for the descending correctional channel. Therefore, we remain neutral today and observe trading between the critical resistance at 1.6330 and support at 1.6210.
The trading range for today is among the major support at 1.6100 and the major resistance at 1.6520.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6250 | 1.6210 | 1.6125 | 1.6045 | 1.6000 |
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| Resistance | 1.6330 | 1.6365 | 1.6415 | 1.6455 | 1.6520 |
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| Recommendation | Based on the charts and explanations above we recommend observing trading today awaiting more confirmations | ||||
Japanese Yen (JPY)
The retest areas mentioned in the previous report is still resisting the upside attempts for the pair and supported by the momentum indicators. The upside bias is seen on the pair on support from the SMA 50 and stability above the breached resistance for the descending correctional channel. Therefore, we remain neutral today and observe trading between the critical resistance at 1.6330 and support at 1.6210.
The trading range for today is among the major support at 1.6100 and the major resistance at 1.6520.
The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 81.75 | 81.30 | 80.75 | 80.20 | 79.80 |
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| Resistance | 82.50 | 83.00 | 83.50 | 83.90 | 84.50 |
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| Recommendation | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
The pair is trading within a very tight range since morning stabilizing below the breach support yesterday at 0.8740 and accordingly our morning expectations remain unchanged.
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 | 0.8650 | 0.8600 | 0.8550 | 0.8485 | 0.8425 |
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| Resistance | 0.8740 | 0.8810 | 0.8860 | 0.8945 | 0.9000 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8740 and take profit at 0.8650 and stop loss above 0.8810 might be appropriate | ||||
Canadian Dollar (CAD)
The pair stabilized at the minor ascending channel’s support at 0.9760 and rebounded to the upside in an attempt to consolidate above 6.8% correction at 0.9770. The suggested scenario was activated while the breach of 0.9760 will delay the targets.
The trading range for today is among the major support at 0.9615 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 | 0.9760 | 0.9730 | 0.9680 | 0.9620 | 0.9565 |
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| Resistance | 0.9845 | 0.9915 | 0.9970 | 1.0000 | 1.0055 |
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| Recommendation | Our morning expectations remain valid | ||||
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