Georgia Anderson's Financial News Network Blog
Major Currencies Morning Report 15-February-2011
Posted by: yasir_mubarak
Euro rebounded from levels around 1.3400 due to the positivity of momentum indicators, where it neared the retest level once again around 1.3575.
SMA 50 is around this level, alongside Stochastic gradually losing bullish momentum and thereby making us expect a bearish intraday direction after touching the highlighted retest level, where awaited targets start at 1.3400 then 1.3365. Note that the sensitivity of the targeted levels, where continuing its stance in front of the pair’s descend will help trading return within the bullish trend once again, while the effect of the bearish technical pattern mentioned in our previous reports will end. The trading range for today is among the key support at 1.3365 and the key resistance at 1.3615. The short term trend is to the upside as far as the daily closing is above 1.2795 remains intact with targets at 1.5135.
| Support | 1.3500 | 1.3425 | 1.3365 | 1.3310 | 1.3260 |
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| Resistance | 1.3575 | 1.3615 | 1.3680 | 1.3715 | 1.3755 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.3575 targeting 1.3400 and stop loss above 1.3680, might be appropriate. | ||||
The pair will revisit the minor descending channel’s resistance level that meets with SMA 50 and thereby adding additional strength to this resistance, alongside stochastic that continues showing negative signs. These factors make us expect a bearish intraday direction targeting 1.5860 initially, but keep in mind that the breach of 1.6065 that could push to pave the way towards the previously breached bullish trend through the broken upside channel’s support level that has currently turned into resistance around 1.6125. The trading range for today is among the key support at 1.586 and the key resistance at 1.6180.
Great British Pound (GBP)
| Support | 1.5990 | 1.5965 | 1.5905 | 1.5855 | 1.5810 |
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| Resistance | 1.6065 | 1.6125 | 1.6180 | 1.6250 | 1.6300 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.6065 targeting 1.5860 and stop loss above 1.6180, might be appropriate. | ||||
The pair is trading near the symmetrical triangle’s pattern’s resistance level highlighted above, where it is descending towards 83.45; whereas Stochastic is losing bullish momentum in a gradual pace to head towards overbought areas. This makes us hold onto expectations of a bearish intraday direction targeting 81.35 initially. Note that stability below 83.45 – 83.70 is vital to maintain chances of resuming expectations. The trading range for today is among the key support at 81.35 and the key resistance at 84.25.
Japanese Yen (JPY)
| Support | 82.75 | 82.50 | 82.20 | 81.85 | 81.35 |
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| Resistance | 83.45 | 84.25 | 85.00 | 85.95 | 86.25 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 83.45 targeting 81.85 and stop loss above 84.50, might be appropriate. | ||||
The pair has been trading to the downside since yesterday as it inches closer to retest previously breached pivotal resistance levels starting from 76.4% Fibonacci, then the neckline for the previously highlighted bullish technical pattern. SMA 50 is supporting the pair from the bottom, while stochastic is moving within oversold areas and thuswe expect a bullish intraday direction targeting 0.9900 initially. Keep in mind the importance of stability above 0.9675 – 0.9650 in order to insure resuming this suggested scenario. The trading range for today is among the key support at 0.9555 and the key resistance at 0.9900.
Swiss Franc (CHF)
| Support | 0.9675 | 0.9605 | 0.9555 | 0.9525 | 0.9440 |
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| Resistance | 0.9730 | 0.9785 | 0.9820 | 0.9875 | 0.9945 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.9675 targeting 0.9785 and stop loss below 0.9605, might be appropriate. | ||||
The pair continued trading near the sideway range’s support level around 0.9840, while the MA 50 continues protecting trading within the key upside channel sown above. Meanwhile, stochastic is moving to the downside and thereby making us expect a breach near the highlighted support level that will pave the way towards achieving the expected bearish intraday direction starting its technical targets around 0.9700 then 0.9600. These expectations require trading to stabilize below the highlighted downside channel’s resistance level. The trading range for today is among the key support at 0.9600 and the key resistance at 1.0000.
Canadian Dollar (CAD)
| Support | 0.9840 | 0.9815 | 0.9750 | 0.9700 | 0.9650 |
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| Resistance | 0.9920 | 0.9955 | 1.0000 | 1.0055 | 1.0115 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with the breach of 0.9840 targeting 0.9650 and stop loss above 0.9955, might be appropriate. | ||||
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