ecPulse.com @ 5:54 AM, Tuesday December 22 2009
Euro
Morning Report
After
touching resistance level for the ascending channel yesterday; the euro
versus dollar pair started its awaited descend towards the strong
support at 1.4260, accompanied by oversold signs appearing on momentum
indicators. We expect some sideway fluctuation attempting to gain
enough bearish momentum to support expectations of achieving a bearish intraday; targeting 1.4100 and requires trades to remain below 1.4385.
The trading range for today is among the key support at 1.4100 and the key resistance at 1.4460.
The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.
| Support |
1.4260 |
1.4185 |
1.4100 |
1.4035 |
1.3945 |
|
| Resistance |
1.4325 |
1.4385 |
1.4425 |
1.4460 |
1.4510 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.4325 targeting 1.4100 and stop loss above 1.4425, might be
appropriate. |
Great British Pound (GBP)
Morning Report
The
negative pressure that the pair achieved remains constant, appearing
clearly through descending tops for the descending channel that
organizes the current short term wave trades. Trading below the MA 50 in addition to bearish momentum appearing through the stochastic signs that make us expect a bearish trend over an intraday basis,
which will start after breaching the main support level of 1.6005 ,
heading towards 1.5900 – 1.5850. Keep in mind that achieving these
expectations requires 1.6160 to remain intact, with the four hour
closing below it.
The trading range for today is among the key support at 1.5850 and the key resistance at 1.6260.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
| Support |
1.6005 |
1.5980 |
1.5920 |
1.5850 |
1.5800 |
|
| Resistance |
1.6075 |
1.6175 |
1.6220 |
1.6260 |
1.6325 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.6075 targeting 1.5920 and stop loss above 1.6175, might be
appropriate. |
Japanese Yen (JPY)
Morning Report
The
dollar versus yen strongly moved to the upside, breaching the pivotal
resistance levels of 90.75 that paveed the way to achieve more short
term inclines. The ascending channel remains organizing the pair's
trades; thus, we expect sine minor bearish correction to retest the
breached resistance level at 90.75 and before resuming the overall
bullish direction towards 92.80. Chances of achieving the expected intraday ascend will prevail if 90.75 remains intact.
The trading range for today is among the key support at 90.05 and the key resistance at 92.80.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
| Support |
90.75 |
90.05 |
89.35 |
88.85 |
88.45 |
|
| Resistance |
91.75 |
92.35 |
92.80 |
93.05 |
93.80 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 90.75 target 91.75 and stop loss below 90.05, might be appropriate. |
Swiss Franc (CHF)
Morning Report
The
dollar versus swissy continued it's sideway trading between 76.4% and
23.6% correction levels, where it was completed within it; whereas we
witness that the bullish technical pattern's neckline is at 1.0480. the
constant slant upward is encouraging us to expect a breach of the
neckline mentioned and then pave the way to achieve an expect bullish direction over an intraday basis;
targeting initially 1.0550 – the gate to return towards the bullish
direction and end the current bearish correction -. It vital to pay
attention to the negative signs appearing on momentum indicators, which
might remain fluctuating sideways for a while. As long as 1.0380
remains intact, chances of achieving these expectations are high.
The trading range for today is among the key support at 1.0345 and the key resistance at 1.0600.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
| Support |
1.0420 |
1.0380 |
1.0345 |
1.0280 |
1.0240 |
|
| Resistance |
1.0480 |
1.0550 |
1.0590 |
1.0640 |
1.0700 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.0420 targeting 1.0550 and stop loss below 1.0345, might be
appropriate. |
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