ecPulse.com @ 8:35 AM, Monday December 28 2009
Euro
Midday Report
The
euro versus the dollar is calmly trading since this morning above the
breached neckline for the bullish technical pattern, shown in our
previous reports and on the chart above. We expect more bullishness over intraday basis, initially targeting 1.4500 levels. It is vital that 1.4295 remains intact for the expectations to prevail.
The trading range for today is among the key support at 1.4295 and the key resistance at 1.4570.
The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.
| Support |
1.4355 |
1.4315 |
1.4260 |
1.4225 |
1.4150 |
|
| Resistance |
1.4415 |
1.4445 |
1.4500 |
1.4570 |
1.4620 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.4355 targeting 1.4500 and stop loss below 1.4260, might be
appropriate. |
Great British Pound (GBP)
Midday Report
The
cable is gradually nearing the breached support for the main descending
channel at 1.6005, where a bullish technical pattern is nearing its
neckline at 1.6020. Trades are calm and we expect the overall direction to be bullish for today;
where the first target resides around 1.6125. It is vital that 1.5920
remains intact to maintain the expected bullish direction.
The trading range for today is among the key support at 1.57805 and the key resistance at 1.6175.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
| Support |
1.5920 |
1.5900 |
1.5805 |
1.5760 |
1.5700 |
|
| Resistance |
1.6020 |
1.6090 |
1.6125 |
1.6170 |
1.6255 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
with the breach of 1.6020 targeting 1.6255 and stop loss below 1.5920,
might be appropriate. |
Japanese Yen (JPY)
Midday Report
The
dollar versus yen is moving sideways and nearing the support level for
the ascending channel that organizes trades for the bullish short term
wave, in an attempt to reach the main resistance level awaited at
92.65, shown in our weekly report. We expect a base to be built on the
91.00 support and then push to the upside to target mentioned
resistance. Keep in mind that the expected direction for today is bullish taht prevails as far as 90.75 is not breached with four-hour closing.
The trading range for today is among the key support at 90.15 and the key resistance at 92.65.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
| Support |
91.00 |
90.15 |
89.60 |
89.35 |
88.45 |
|
| Resistance |
91.85 |
92.65 |
93.10 |
93.85 |
94.30 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 91.00 target 91.85 and stop loss below 90.35, might be appropriate. |
Swiss Franc (CHF)
Midday Report
The
dollar versus swissy clearly stabilized below the previously breached
pivotal support at 1.0375 that currently turned into resistance. The
pair is still forming the CD leg of the harmonic pattern, shown in the
image above, heading towards 1.0275 that is expected to form the
possible reversal area to resume the bullish direction again. From
here, we expect a bearish intraday direction that requires four-hour closings below 1.0375.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0500.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
| Support |
1.0275 |
1.0200 |
1.0140 |
1.0075 |
1.0055 |
|
| Resistance |
1.0375 |
1.0430 |
1.0450 |
1.0495 |
1.0525 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.0375 targeting 1.0275 and stop loss above 1.0430, might be
appropriate. |
Canadian Dollar (CAD)
Midday Report
The
dollar versus loonie is stuck within a sideway narrow range between
1.0445 and 1.0505, in an attempt to gain enough bearish momentum to
support continuing the downside move that starts with the breach of the
neckline for the bearish technical pattern, mentioned in our previous
reports, at 1.0545. From here, we expect an intraday bearish direction for the remainder of trades
building a base on 1.0505; targeting initially 1.0345 for the bearish
short term wave, which requires trades to remain below 1.0585 to
prevail.
The trading range for today is among the key support at 1.0345 and the key resistance at 1.0595.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
| Support |
1.0445 |
1.0410 |
1.0345 |
1.0270 |
1.0255 |
|
| Resistance |
1.0505 |
1.0585 |
1.0630 |
1.0680 |
1.0730 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.0505 targeting 1.0345 and stop loss above 1.0585, might be
appropriate. |
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