Gafnn.com Daily Analysis
An insider's look at the current markets
Major Currencies Midday Report 29-April-2011
Stochastic is moving to the upside supporting our morning expectations that remain valid with stability above 1.4750.
The trading range for today is among the major support at 1.4700 and the major resistance at 1.5150.
The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4850 | 1.4795 | 1.4750 | 1.4700 | 1.4630 |
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| Resistance | 1.4900 | 1.4995 | 1.5050 | 1.5100 | 1.5145 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.4795 targeting 1.4995 and stop loss below 1.4700 might be appropriate | ||||
Great British Pound (GBP)
The pair is negatively trading towards the 23.6% correction while Stochastic is still providing positive signs. Therefore, the suggested morning scenario is valid with stability above 1.6610.
The trading range for today is among the major support at 1.6525 and the major resistance at 1.6910.
The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.
| Support | 1.6610 | 1.6525 | 1.6505 | 1.6455 | 1.6385 |
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| Resistance | 1.6675 | 1.6700 | 1.6745 | 1.6800 | 1.6850 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 1.6610 targeting 1.6745 and stop loss below 1.6525 might be appropriate | ||||
Japanese Yen (JPY)
Trading is within a tight range and biased to the downside to favor the Japanese yen. Therefore, our morning expectations remain valid for today awaiting the retest of areas around 81.00.
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 | 81.00 | 80.75 | 80.25 | 80.00 | 79.00 |
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| Resistance | 81.50 | 82.25 | 82.55 | 83.00 | 83.50 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 81.00 targeting 82.55 and stop loss below 80.25 might be appropriate | ||||
Swiss Franc (CHF)
The pair succeeded in breaching 0.8700 areas and stabilized below it in addition to the downside move on Stochastic. Therefore, our morning scenario was activated and remains valid with stability below 0.8795.
The trading range for today is among the major support at 0.8500 and the major resistance at 0.8900.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
| Support | 0.8670 | 0.8600 | 0.8545 | 0.8500 | 0.8450 |
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| Resistance | 0.8700 | 0.8745 | 0.8795 | 0.8835 | 0.8900 |
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| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
The pair acquired the first requirement with the breach of the rising wedge support mentioned this morning and approaching the critical support at 0.9465. Stochastic is negative over four-hour basis supporting our intraday bearish expectations targeting next the breach of 0.9465 and stability below it.
The trading range for today is among the major support at 0.9300 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 | 0.9465 | 0.9400 | 0.9350 | 0.9300 | 0.9270 |
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| Resistance | 0.9505 | 0.9555 | 0.9615 | 0.9665 | 0.9700 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9465 targeting 0.9300 and stop loss above 0.9555 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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