ecPulse.com @ 4:58 AM, Tuesday December 29 2009
Euro
Morning Report
The
euro versus dollar is still dominated by calm trades that maintain the
suggested scenario in yesterday's report intact until now. for yesterday's reports). From here, we expect a bullish intraday direction
building a base on 1.4355 in an attempt to achieve the bullish
technical pattern previously shown, where initial
technical targets reside around 1.4500. It is vital that 1.4295 remain
intact to achieve the expected bullish trend.
The trading range for today is among the key support at 1.4215 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 |
1.4215 |
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)
Morning Report
The
cable stabilized around pivotal resistance levels between 1.6000 –
1.6020, as shown on the image above, where it attempts to breach the
neckline for the mentioned bullish technical pattern yesterday at
1.6020. From here, the direction expected for today is bearish; completing the suggested scenario in yesterday's report
initially targeting 1.6125, while taking into consideration that trades
must remain above 1.5920 to maintain the expected bullish direction's
pace.
The trading range for today is among the key support at 1.5805 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 |
1.6000 |
1.5920 |
1.5900 |
1.5805 |
1.5760 |
|
| 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 1.6125 and stop loss below 1.5920,
might be appropriate. |
Japanese Yen (JPY)
Morning Report
A
clear slant is gradually starting appearing on the dollar versus yen
after nearing support level for the ascending channel previously shown
– currently at 91.20 -. We still see that the expected direction for today is bullish;
targeting main resistance levels at 92.50 as a primary target for the
present bullish short term wave, before possibly reversing. Keep in
mind that the breach of 90.75 could cancel out the need to touch main
resistance and directly start a bearish trend.
The trading range for today is among the key support at 90.15 and the key resistance at 92.50.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
| Support |
91.20 |
90.75 |
90.15 |
89.60 |
89.35 |
|
| Resistance |
91.85 |
92.50 |
93.10 |
93.85 |
94.30 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 91.20 target 92.50 and stop loss below 90.35, might be appropriate. |
Swiss Franc (CHF)
Morning Report
The
dollar versus swissy is gradually nearing the awaited resistance level
at 1.0375 – previously breached support level – in an attempt to build
a base and then head to complete the CD leg for the ascending harmonic
pattern, shown in the image above, where possible reversal levels are
around 1.0275. From here, we expect a possible bearish trend for today;
targeting 1.0275 – 176.4% Fibonacci extension level -, meanwhile
knowing that the four hour- closing above 1.0375 will make the
suggested harmonic pattern completed.
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)
Morning Report
The
dollar versus loonie trades collectively traded within the descending
channel, clearly showing through the image above, where it was able to
breach the sideway range mentioned yesterday. We see that the way is
opened to achieve the bullish technical pattern's targets, mentioned in
our previous reports, where its neckline is shown in red, since its
complete targets are around 1.0345. Thus, we se that the expected direction for today is bearish;
targeting 1.0345 and then descending more towards 1.0200, while taking
into consideration that these expectations will prevail if we do not
witness stability in trades above 1.0590.
The trading range for today is among the key support at 1.0200 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 |
1.0410 |
1.0345 |
1.0270 |
1.0255 |
1.0200 |
|
| Resistance |
1.0460 |
1.0505 |
1.0545 |
1.0590 |
1.0630 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.05460 targeting 1.0345 and stop loss above 1.0545, might be
appropriate. |
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