ecPulse.com @ 5:43 AM, Wednesday January 06 2010
Euro
Morning Report
The
resistance level for the minor ascending channel that organizes current
intraday trades forced the euro versus dollar to achieve a normal
descend, according to trading principles within price channels; thereby
carrying the pair to descend towards support levels for this channel at
1.4270. Momentum indicators are showing positive signs that make us expect a bullish intraday direction
that will build its base on mentioned support and its initially
targeting 1.4500, which requires 1.4215 to remain intact for chances to
prevail.
The trading range for today is among the key support at 1.4215 and the key resistance at 1.4500.
The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.
| Support |
1.4270 |
1.4215 |
1.4175 |
1.4110 |
1.4035 |
|
| Resistance |
1.4380 |
1.4430 |
1.4500 |
1.4575 |
1.4620 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.4270 targeting 1.4430 and stop loss below 1.4215, might be
appropriate. |
Great British Pound (GBP)
Morning Report
The
cable continues its descend effected by the bearish technical pattern
shown yesterday that is nearing main support 1.5925 – meeting point
between support for the descending channel and 76.4% Fibonacci
correction -. The stochastic is showing clear oversold signs that
encourage us to expect a bullish intraday direction,
targeting initially 1.6055 and then far from 1.6240. Meanwhile,
expectations will prevail if we do not witness trades stabilizing below
1.5925.
The trading range for today is among the key support at 1.5800 and the key resistance at 1.6235.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
| Support |
1.5925 |
1.5830 |
1.5800 |
1.5745 |
1.5700 |
|
| Resistance |
1.5985 |
1.6055 |
1.6140 |
1.6200 |
1.6240 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.5925 targeting 1.6055 and stop loss below 1.5830, might be
appropriate. |
Japanese Yen (JPY)
Morning Report
The
dollar versus yen is attempting to descend since yesterday, where
positive pressure is coming from momentum indicators; therefore forcing
the pair to bullishly correction and expect it to touch 92.20 before
returning to resume the bearish direction. Thus, we expect an overall bearish direction over an intraday basis that targets mainly 90.75 and requires trades to remain below 92.75.
The trading range for today is among the key support at 90.75 and the key resistance at 93.20.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
| Support |
91.80 |
91.25 |
90.75 |
90.40 |
89.60 |
|
| Resistance |
92.20 |
92.75 |
93.15 |
93.65 |
94.10 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 92.20 target 91.25 and stop loss above 92.75, might be appropriate. |
Swiss Franc (CHF)
Morning Report
The
dollar versus swissy stabilized within a sideway range shown
previously, while noting momentum indicators have entered overbought
areas which revive chances of resuming the expected bearish direction
once again. The bullish correction that was accomplished and bearish
momentum gains are factors that make us expect a bearish direction today; requiring the assurance of the breach of 1.0280 that targets 1.0170 and requires the four hours to close below 1.0400.
The trading range for today is among the key support at 1.0170 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 |
1.0280 |
1.0200 |
1.0170 |
1.0140 |
1.0090 |
|
| Resistance |
1.0375 |
1.0400 |
1.0450 |
1.0530 |
1.0610 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.0280 targeting 1.0170 and stop loss above 1.0375, might be
appropriate. |
Canadian Dollar (CAD)
Morning Report
The
dollar versus loonie is trading sideways since yesterday, gradually
nearing resistance for the descending channel at 1.0410 and accompanied
by the stochastic nearing overbought levels. Therefore, we see that the expected direction for today could be bearish;
where its main targets reside at 1.0330 followed by 1.0270. Keep in
mind that it is vital that 1.0455 remain intact so chances of achieving
these expectations prevail.
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 1.1870 remains intact with targets at 1.0000.
| Support |
1.0330 |
1.0270 |
1.0200 |
1.0165 |
1.0100 |
|
| Resistance |
1.0410 |
1.0485 |
1.0550 |
1.0635 |
1.0690 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.0410 targeting 1.0330 and stop loss above 1.0485, might be
appropriate. |
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