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Edition:  English |   عربي 
U.S. MARKETS
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ASIA MARKETS
Daily Reports  Monday April 4 , 2011 06:16 GMT
Technical Major Currencies
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Euro


Weekly Report 4 - 8 / April / 2011

EUR

The pair succeeded in resuming the suggested scenario from our last scenario around critical resistance 1.4280, but according to the image above, chances of a rising wedge pattern remains intact. These chances along with the negativity appearing on Stochastic make us remain cautious and observe upcoming movements, where the breach of 1.4115 will pave the way for the bearish correction that will insure its measurements later on in case the breach if achieved. We recommend observing our previous report to recognize chances of an intraday that will point to a bullish trend, compared to the daily interval above that shows bearish signs.

The trading range for this week is among the key support at 1.4000 and the key resistance at 1.4500.

The short term trend is to the upside as far as the daily closing is above 1.2795 remains intact with targets at 1.5135.

Previous Report



Support1.41451.41151.40501.40051.3970

Resistance1.42201.42801.43501.44201.4470

RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement and daily reports to insure its upcoming direction.


Great British Pound (GBP)


Weekly Report 4 - 8 / April / 2011

GBP

The pair is still stuck between 23.6% and 38.2% correction, while we still see some conflict between technical signs between stochastic’s negativity and SMA’s positive signs. From here, the upcoming intraday direction is hanging in critical levels between 1.6150 and support 1.5995. Meanwhile, the mentioned resistance representing the neckline for the suggested bullish pattern holds the keys to pushing the pair towards 1.6350 – 1.6400. Note the importance of observing critical levels highlighted in order for signs that will insure the direction for this week.

The trading range for this week is among the key support at 1.5870 and the key resistance at 1.6500.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.


Support1.60601.59951.59551.58701.5810

Resistance1.61501.62001.62451.62751.6325

RecommendationBased on the charts and explanations above our opinion is buying the pair with a four hour closing above 1.6150 targeting 1.6350 and stop loss below 1.6060, (or) selling the pair with the four hour closing below 1.5995 targeting 1.5810 and stop loss above 1.6060, might be appropriate.


Japanese Yen (JPY)


Weekly Report 4 - 8 / April / 2011

JPY

The pair continued its upside push, while stabilizing above the broken critical resistance level shown above; therefore, we expect more upside movement this week targeting levels around 86.65 then 86.30. Note that the negativity of momentum indicators could cause some bearish movement to retest levels between 83.50 – 83.25 before resuming the awaited direction.

The trading range for this week is among the key support at 82.35 and the key resistance at 86.30.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.


Support83.5083.0082.1581.8081.15

Resistance84.2584.2585.6585.9586.30

RecommendationBased on the charts and explanations above our opinion is buying the pair around 83.50 targeting 85.65 and stop loss below 82.15, might be appropriate.


Swiss Franc (CHF)


Weekly Report 4 - 8 / April / 2011

CHF

The pair returned to retest the broken rising wedge shown on the image above, where trading reversed after the strong resistance around 0.9330 that will cause the broken sideways rage’s support level to touch 50% Fibonacci correction and support the rising wedge pattern previously highlighted. Stochastic headed to the downside and thus we expect a bearish trend this week starting targets around 0.9000, while requiring stability of closing below 0.9330.

The trading range for this week is among the key support at 0.8950 and the key resistance at 0.9415.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.


Support0.92350.91750.91050.90400.9000

Resistance0.92800.93300.93700.94150.9465

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9245 targeting 0.9105 and stop loss above 0.9330, might be appropriate.


Canadian Dollar (CAD)


Weekly Report 4 - 8 / April / 2011

CAD

The pair stabilized below the previously breached support level around 0.9665, which is considered to be an additional signs – along with trading within the key downside channel and below SMA -; these signs highlighted chances of more expected downside movement for this week. The suggested targets start around 0.9500 then 0.9400, while note that the breach of 0.9665 could postpone resuming these targets until stability of closing below 0.9770 is achieved since it is the most vital factor on maintaining our expected bearish scenario.

The trading range for this week is among the key support at 0.9325 and the key resistance at 0.9770.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.


Support0.96150.95500.95000.94700.9400

Resistance0.96650.97000.97700.98100.9865

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9665 targeting 0.9400 and stop loss above 0.9770, might be appropriate.


 
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