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Edition:  English |   عربي 
Edition:  English |   عربي 
Edition:  English |   عربي 
U.S. MARKETS
EURO MARKETS
ASIA MARKETS
Daily Reports  Friday April 8 , 2011 06:03 GMT
Technical Major Currencies
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Euro


Morning Report

EUR

The pair moved upwards to near the initial target highlighted in yesterday’s report around 1.4440, while Stochastic is showing a bullish sign although it entered overbought areas that could cause some fluctuation for some time. In overall, we expect the bullish intraday trend as targets start around 1.4500 then 1.4625. Stability is above 1.4280 is needed to insure that this does not postpone resuming targets.

The trading range for today is among the key support at 1.4280 and the key resistance at 1.4580.

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

Weekly Report



Support1.43501.42801.42201.41701.4105

Resistance1.44601.45001.45801.46251.4710

RecommendationBased on the charts and explanations above our opinion is buying the pair above 1.4460 targeting 1.4625 and stop loss below 1.4350, might be appropriate.


Great British Pound (GBP)


Morning Report

GBP

The pair succeeded in breaching the highlighted resistance yesterday around 1.6355 that reversed to retest the support level due to the negativity of momentum indicators. The upcoming mission is represented in surpassing the top level trading last month and recorded around 1.6400, which could strongly signal that the bullish intraday direction will continue initially targeting 1.6555. Note that the breach of 1.6355 could postpone resuming the awaited bullish targets.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6555.

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


Support1.63551.63001.62501.62001.6150

Resistance1.64001.64501.65001.65551.6595

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6355 targeting 1.6555 and stop loss below 1.6250, might be appropriate.


Japanese Yen (JPY)


Morning Report

JPY

The pair continues to trade near 50% Fibonacci correction that still finds a hard time in breaching it due to the negativity on momentum indicators, which could note that the sideways fluctuation will continue for some time until we gain some bullish correction that is enough to push the pair towards breaching the mentioned correction level that in role will pave the way towards more bullish intraday movement. Note that the achieving this target requires two main factors; first, a clear breach of 85.65 and the second stability of trading above 84.00.

The trading range for today is among the key support at 83.90 and the key resistance at 87.85.

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


Support85.0084.5083.9083.5083.00

Resistance85.6585.9586.3086.9087.35

RecommendationBased on the charts and explanations above our opinion is buying the pair with an hourly closing above 85.65 targeting 87.35 and stop loss below 84.50, might be appropriate.


Swiss Franc (CHF)


Morning Report

CHF

The pair was able to breach pivotal support mentioned in our midday report around 0.9125, which we expect will activate the bearish technical factor appearing through the four hour interval. This factor along with the negative pressure offered by SMA makes us hold onto expectations of continuing the bearish intraday direction since targets start around 0.9000 then 0.8885. Stability is below 0.9190 and will maintain chances of resuming expectations.

The trading range for today is among the key support at 0.8885 and the key resistance at 0.9255.

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


Support0.91050.90250.90000.89500.8885

Resistance0.91900.92350.92800.93300.9370

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9125 targeting 0.8950 and stop loss above 0.9235, might be appropriate.


Canadian Dollar (CAD)


Morning Report

CAD

The pair continues trading to the downside after insuring the breach of 0.9665, with a chain of daily closings; while noting that the bearish trend’s neckline controls the present bearish wave. Hence, we see that the way is paved towards insuring more expected bearish intraday movement, which upcoming targets around 0.9400. Note the importance of stability below 0.9665 in order to maintain chances of resuming expectations.

The trading range for today is among the key support at 0.9350 and the key resistance at 0.9665.

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


Support0.95500.95000.94700.94000.9350

Resistance0.96250.96650.97000.97500.9795

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9625 targeting 0.9450 and stop loss above 0.9750, might be appropriate.


 
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