Major Currencies’ Midday Report 27/5/2010

EURUSD

The pair managed to breach the morning pivotal resistance at 1.2290. Stochastic is showing positive signs that support the suggested scenario, therefore our expectations remain valid as far as 1.2150 remains intact.
The trading range for today is among the key support at 1.2150 and the key resistance at 1.2420.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.EUR


GBPUSD
The pair managed to build a base on 1.4430, ten points from the morning suggested level. The pair strongly rushed upwards breaching the key resistance at 1.4530 and facing resistance for the minor ascending channel.A minor bearish movement is expected to retest the resistance at 1.4530 before resuming the intraday bullishness targeting next 1.4625. It is vital that the four hour closing is above 1.4530 for the scenario to prevail.The trading range for today is among the key support at 1.4230 and the key resistance at 1.4625.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.GBP


USDJPY
The pair is gradually nearing the awaited resistance level at 90.70 and therefore the morning suggested scenario remains intact. It is vital that 91.25 maintain its stance to insure achieving the suggested morning scenario.The trading range for today is among the key support at 88.40 and the key resistance at 91.25.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.JPY


USDCHF
The pair is attacking the suggested neckline this morning at 1.1505 supported by negative signs on Stochastic. Our expectations remain intact and stability is needed below the awaited support to confirm the breach and towards targets starting from 1.1400.The trading range for today is among the key support at 1.1400 and the key resistance at 1.1650.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.CHF


USDCAD
The pair succeeded in breaching the suggested neckline at 1.0565 with a quick retest it, activating the expected bearish intraday direction; the awaited targets start at 1.0480 then 1.0390. Momentum indicators are still moving to the downside and support the suggested scenario.The trading range for today is among the key support at 1.0390 and the key resistance at 1.0745.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.CAD


By: Yasir Mubarak
Main Technical Analyst
yasir.mubarak@ecpulse.com