Major Currencies’ Midday Report 01/6/2010

EURUSD

The pair settled for 23.6% correction were it built the base after the level turned into resistance from where the pair sharply fell, achieving the awaited key targets for today near 1.2100. An expected minor retest for the breached pivotal support at 1.2150 is likely before resuming the downside move targeting mainly 1.2050.

The trading range for today is among the key support at 1.2050 and the key resistance at 1.2295.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.EUR


GBPUSD
The pair is trading according to the suggested morning scenario flawlessly after building a base on 1.4530. The pair neared the awaited key target at 1.4390 and therefore our morning expectations will prevail if we do not witness a breach for 1.4585.
The trading range for today is among the key support at 1.4340 and the key resistance at 1.4585.
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 facing a hard time in surpassing Fibonacci 50% at 91.25 to retest 91.45 once again. Thus, we see that the expected intraday bearishness will remain intact with the base on the mentioned correction level, supported by Stochastic.
The trading range for today is among the key support at 90.00 and the key resistance at 92.30.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.JPY


USDCHF
The pair built a base on the 50 MA and breached the resistance for the descending channel that has organized the last bearish intraday wave. The pair also managed to quickly achieve targets, where a minor bearish correction is expected to unload negative momentum over four-hour basis, before resuming the bullish intraday move for today. It is vital that stability is achieved above 1.1575 for the upside movement to prevail.
The trading range for today is among the key support at 1.1370 and the key resistance at 1.1780.
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 achieving the suggested morning scenario, where it managed to hit into the pivotal resistance at 1.0550 that represents the suggested neckline for the bullish technical pattern that is currently under formation, shown above. A minor bearish move is expected to complete the right shoulder for the suggested bullish pattern, then head towards achieving more bullishness targeting mainly 1.0680.
The trading range for today is among the key support at 1.0390 and the key resistance at 1.0680.
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