Major Currencies’ Midday Report 03/6/2010

EURUSD

The pair set a four-hour closing above the awaited morning resistance at 1.2290; therefore activating the suggested morning scenario, although the affect of the 50 MA and Stochastic’s negativit y has pushed the pair to move to the downside in a volatile manner below the resistance for the breached channel that has currently descended below 1.2280; our morning expectations will prevail if we do not witness a breach of 1.2175.
The trading range for today is among the key support at 1.2175 and the key resistance at 1.2480.
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The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
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EUR


GBPUSD
The pair managed to gradually descend after touching 1.4730 in an attempt to build a base on the mentioned morning support level at 1.4635. Morning expectations will remain intact and require stability above 1.4590 to continue.
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The trading range for today is among the key support at 1.4530 and the key resistance at 1.4850.
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The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.GBP


USDJPY
The pair rushed to the upside to build a base on 91.50, while it currently breaches 92.50 – 76.4% Fibonacci correction -. A bullish direction is expected today in an attempt to reach the key targets between 93.60 – 94.00, which require the daily closing above 91.50 to prevail.
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The trading range for today is among the key support at 90.70 and the key resistance at 94.00.
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The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
JPY


USDCHF
The pair neared the retest level for yesterday’s breached support that has currently ascended towards 1.1560 due to the positive effect from momentum indicators. Our morning expectations will prevail only if the four hour closing is below 1.1560.
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The trading range for today is among the key support at 1.1380 and the key resistance at 1.1685.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.CHF


USDCAD
The pair inched towards the awaited morning resistance level at 1.0390 to activate the expected bearish intraday scenario. Our morning expectations will prevail as we await reaching 1.0285 to insure the pair’s short term direction as pointed out this morning.
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The trading range for today is among the key support at 1.0200 and the key resistance at 1.0500.
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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
www.ecpulse.com