ecPulse.com @ 8:43 AM, Friday January 08 2010
Euro
Midday Report
The
euro versus the dollar is nearing the awaited support that currently
inclined to 1.4285, with continued positive signs from momentum
indicators. From here, our morning expectations will remain intact as
we await the possible intraday direction that requires paying attention to the possible volatile fluctuations as the NFP are to be released at 13:30 GMT.
The trading range for today is among the key support at 1.4100 and the key resistance at 1.4565.
The general trend is to the upside as far as 1.4035 remains intact with targets at 1.6000.
| Support |
1.4280 |
1.4215 |
1.4175 |
1.4110 |
1.4035 |
|
| Resistance |
1.4360 |
1.4430 |
1.4510 |
1.4575 |
1.4620 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is buying the pair
from 1.4280 targeting 1.4360 and stop loss below 1.4215, might be
appropriate. |
Great British Pound (GBP)
Midday Report
The
cable succeeded in achieving the intraday targets, mentioned in our
morning report, while 1.6035 stood against further upside moves.
Stochastic is reversing and giving negative signs that might pressure
the pair to decline, with data about to be released from the US. We recommend caution in trading
for the remainder of trades today, where it is more likely to continue
the bullish intraday direction that requires 1.5900 to remain intact to
prevail.
The trading range for today is among the key support at 1.5735 and the key resistance at 1.6240.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
| Support |
1.5950 |
1.5900 |
1.5830 |
1.5800 |
1.5735 |
|
| Resistance |
1.6035 |
1.6055 |
1.6140 |
1.6200 |
1.6240 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is to avoid trading
awaiting more confirmation signs for the pair’s direction, might be
appropriate. |
Japanese Yen (JPY)
Midday Report
The
dollar versus the yen is still trading near the main resistance at
93.50, where it's expected to build a base to support the expected
bearish short term wave, according to the scenario in our morning
report. Meanwhile, bearish technical pattern signs seem to be
supporting the expected bearish direction that requires the daily close to remain below 93.50 so it may prevail.
The trading range for today is among the key support at 94.70 and the key resistance at 91.25.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
| Support |
92.75 |
92.35 |
91.90 |
91.25 |
90.75 |
|
| Resistance |
93.50 |
94.40 |
94.75 |
95.00 |
95.65 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 93.50 target 92.35 and stop loss above 94.40, might be appropriate. |
Swiss Franc (CHF)
Midday Report
The
dollar versus swissy is gradually close to touching the main resistance
1.0375, with negative signs continuing to appear on momentum
indicators. Therefore, our morning expectations will remain for a bearish intraday direction
that requires the mentioned resistance to remain intact, while being
aware of chances of volatile fluctuations expected due to the non-farm
payroll data.
The trading range for today is among the key support at 1.0055 and the key resistance at 1.0575.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
| Support |
1.0330 |
1.0280 |
1.0230 |
1.0200 |
1.0170 |
|
| Resistance |
1.0375 |
1.0400 |
1.0450 |
1.0500 |
1.0530 |
|
| Recommendation |
Based
on the charts and explanations above our opinion is selling the pair
from 1.0375 targeting 1.0280 and stop loss above 1.0450, might be
appropriate. |
Canadian Dollar (CAD)
Midday Report
The
dollar versus loonie strongly breached the main resistance at 1.0355,
affected by Canadian unemployment data with persistent negative signs
that appear on momentum indicators. The expected bearish intraday direction
is valid until now, where trading is still close to the breached
resistance level, without a four-hour closing above it. Therefore, the
suggested morning scenario is still intact.
The trading range for today is among the key support at 1.0090 and the key resistance at 1.0540.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
| Support |
1.0345 |
1.0300 |
1.0270 |
1.0200 |
1.0165 |
|
| Resistance |
1.0405 |
1.0485 |
1.0540 |
1.0575 |
1.0635 |
|
| Recommendation |
Our morning expectations remain valid |
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