ecPulse.com @ 5:37 AM, Monday January 04 2010
Euro
Weekly Report 4 – 8 / 1 / 2010
The euro versus dollar mentioned throughout last week's reports
where it was able to trade near main support shown above at 1.4230.
Momentum indicators return to show positive bullish signs that make us expect a bullish direction for this week
heading mainly towards 1.4790, requiring the breach of main resistance
at 1.4445 and then 1.4575.Keep in mind that this expected scenario will
prevail if we do not witness a daily closing below 1.4203.
The trading range for today is among the key support at 1.4000 and the key resistance at 1.4790.
The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.
| Support |
1.4230 |
1.4175 |
1.4110 |
1.4035 |
1.3945 |
|
| Resistance |
1.4395 |
1.4470 |
1.4575 |
1.4695 |
1.4790 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.4230 targeting 1.4445 and stop loss below 1.4110, might be
appropriate. |
Great British Pound (GBP)
Weekly Report 4 – 8 / 1 / 2010
The cable succeeded in achieving the expected scenario in last week's report,
where it halted ascending near pivotal resistance mentioned at 1.6255.
Signs of stability are appearing above support levels for the
descending channel, in addition to the bullish technical pattern that
is currently forming; thus, making us expect normal trades within the
shown direction and therefore move to the upside to target resistance
levels for this channel at 1.6445. From here, we see that the expected direction for this week is bullish
and requires the breach of main resistance 1.6255, while taking into
consideration the importance of the daily closing remaining above
1.5920 to maintain chances of achieving these expectations.
The trading range for today is among the key support at 1.5700 and the key resistance at 1.6445.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
| Support |
1.6025 |
1.5920 |
1.5830 |
1.5805 |
1.5700 |
|
| Resistance |
1.6190 |
1.6255 |
1.6325 |
1.6410 |
1.6485 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.6025 targeting 1.6255 and stop loss below 1.5920, might be
appropriate. |
Japanese Yen (JPY)
Weekly Report 4 – 8 / 1 / 2010
The
dollar versus yen continued pushing to the upside to near main
resistance levels for the descending channel that represents the
general bearish direction for the pair, shown through the image above.
Momentum indicators are moving around overbought signs, which make us
expect a bearish reversal near to starting the bearish direction over the short term,
where it will start building its base on main resistance 94.10 and head
towards targeting 88.60 mainly, and then 86.30. Chances of achieving
this bearish direction will prevail if trades remain below 94.10.
The trading range for today is among the key support at 87.20 and the key resistance at 95.00.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
| Support |
92.20 |
91.10 |
90.35 |
89.60 |
88.60 |
|
| Resistance |
93.05 |
94.10 |
95.00 |
95.65 |
96.00 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 94.10 target 91.01 and stop loss above 95.00, might be appropriate. |
Swiss Franc (CHF)
Weekly Report 4 – 8 / 1 / 2010
The
dollar versus swissy last week was stuck between the MA for 50 and 100
days, while continuing to lean towards momentum indicators to show
negative signs moving to the downside. The 38.2% Fibonacci correction
has started to form pivotal support at 1.0280, which represents the
neckline for the suggested bearish technical pattern that is currently
forming, as we expect it to continue its negative pressure to breach
this level and then pave the way to achieve a bearish short term direction for this week,
its main target starts at 1.0055. It is vital to pay attention that
,the breach of pivotal resistance 1.0530 will make the expected
scenario fail and reverse the short term direction to head upwards.
The trading range for today is among the key support at 1.0055 and the key resistance at 1.0650.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
| Support |
1.0280 |
1.0200 |
1.0140 |
1.0055 |
0.9960 |
|
| Resistance |
1.0370 |
1.0450 |
1.0530 |
1.0610 |
1.0695 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
with the breach of 1.0280 targeting 1.0055 and stop loss above 1.0370,
might be appropriate. |
Canadian Dollar (CAD)
Weekly Report 4 – 8 / 1 / 2010
The
dollar versus loonie has been able to breach the symmetrical triangle
support level, shown in last week's report and pointed out in the daily
chart above, where the breached support succeeded – that had turned
into resistance- in holding its stance throughout the retesting process
for this breach; thus, strengthening chances of an expected bearish
direction to prevail. From here, we see that the expected bearish direction for this week is to the downside,
building a base on breached support 1.0550 and head towards 1.0200
mainly and then 1.0100; requiring the daily closing to be below 1.0635.
The trading range for today is among the key support at 1.0100 and the key resistance at 1.0780.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
| Support |
1.0440 |
1.0360 |
1.0270 |
1.0270 |
1.0100 |
|
| Resistance |
1.0550 |
1.0635 |
1.0690 |
1.0780 |
1.0845 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.0550 targeting 1.0360 and stop loss above 1.0690, might be
appropriate. |
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