Georgia Anderson's Financial News Network Blog
Major Currencies Weekly Report 14-February-2011
Posted by: yasir_mubarak
The pair stabilized below the breach neckline for the bearish technical pattern shown above, alongside the negative pressure offered by the SMA 50, and we expect further bearish intraday movement throughout this week; targets start by testing the strength of areas between 1.3400 – 1.3365.
Stochastic is positive that could maintain fluctuations for some time. While stability is below 1.3615 will keep our expectations valid. The trading range for this week is among the key support at 1.3260 and the key resistance at 1.3715. 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 this week | ||||
The pair closed last week below the upside channel’s support level, where the descending channel organizes the current wave and supported by the SMA 50 that is negatively pressuring the pair. Stochastic is gradually losing bullish momentum while the pair nears the retest level for the breached support that has turned into resistance around 1.6090. These factors make us expect a bearish direction this week initially targeting 1.5860; however, returning to stabilize above 1.6090 with daily closing will carry the pair to the upside once agian. The trading range for this week is among the key support at 1.5770 and the key resistance at 1.6300.
Great British Pound (GBP)
| Support | 1.5990 | 1.5965 | 1.5905 | 1.5855 | 1.5810 |
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| Resistance | 1.6090 | 1.6180 | 1.6250 | 1.6300 | 1.6345 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.6090 targeting 1.5860 and stop loss above 1.6180, might be appropriate this week | ||||
The pair maintained stability below critical resistance levels between 83.55 – 83.70 as trading reversed to the downside as we expect the pair to resume the bearish trend this week affected by trading within the symmetrical triangle, targeting areas from 81.05. Stochastic is heading to the downside supporting our expectations that require daily closings below 83.70. The trading range for this week is among the key support at 81.05 and the key resistance at 84.25.
Japanese Yen (JPY)
| Support | 82.90 | 82.50 | 82.20 | 81.85 | 81.05 |
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| Resistance | 83.55 | 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 83.55 targeting 81.05 and stop loss above 84.50, might be appropriate this week | ||||
The pair continues its upside move supported by the bullish pattern highlighted in our previous reports, where the neckline has been breached and the SMA 50 supports the upside move. The negativity on momentum indicators is forcing the pair to retest the previously breached resistance levels between 0.9675–0.9655 before resuming the expected weekly bullish direction targeting areas around 0.9900 – 1.0000 and requires stability with daily closing above 0.9675-55. The trading range for this week is among the key support at 0.9555 and the key resistance at 1.0000.
Swiss Franc (CHF)
| Support | 0.9675 | 0.9605 | 0.9555 | 0.9525 | 0.9440 |
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| Resistance | 0.9785 | 0.9820 | 0.9875 | 0.9945 | 1.0000 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.9675 targeting 0.9900 and stop loss below 0.9555, might be appropriate this week | ||||
The downside channel’s resistance forced the pair to start the awaited bearish wave, supported by the SMA 50 along with the negativity on Stochastic. The pair is presently attacking the support level for the sideways range highlighted in yellow above around 0.9840, where breaching it will support resuming the expected weekly bearish move targeting 0.9700 then 0.9600. Those expectations require stability with daily closing below 0.9960-1.000. The trading range for this week is among the key support at 0.9600 and the key resistance at 1.0055.
Canadian Dollar (CAD)
| Support | 0.9840 | 0.9815 | 0.9750 | 0.9700 | 0.9650 |
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| Resistance | 0.9920 | 0.9960 | 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 0.9960, might be appropriate this week | ||||
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