Major Currencies’ Midday Report 10/ June /2010

EUR USD

The pair breached the awaited resistance at 1.2045 though hit the 50 MA which restricted the upside movement. Our suggested intraday scenario was activated and the pair is now retesting the breach. Our expectations remain intact as far as the pair does not consolidate below 1.1975.

The trading range for today is among the major support at 1.1870 and the major resistance at 1.2220.

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The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.EUR


GBPUSD
The pair breached the neckline mentioned this morning at 1.4605 and returned for the retest after the upside move halted at 50% correction on the four-hour chart above. Our expectations remain valid towards the morning set targets which require four-hour closing above 1.4555.
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The trading range for today is among the major support at 1.4450 and the major resistance at 1.4795.
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The short term trend is to the downside as far as 1.5590 is intact with targets at 1.3800.GBP


USDJPY
The pair set an initial breach for the mentioned support this morning at 90.90, while the pair rebounded to the upside within the ascending intraday channel. Stochastic is still pointing south, and accordingly our morning expectations remain valid awaiting consolidation below the mentioned support and targeting 89.00.
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The trading range for today is among the major support at 89.00 and the major resistance at 92.90.
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The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.JPY


USDCHF
The pair retested the critical 1.1480 area and head to the downside; nonetheless, the pair still faces strong support around 1.1420-25. The suggested morning scenario has been activated as we await an intraday bearish move for the rest of the day which requires a successful breach for 1.1425 in addition to four-hour closing below 1.1480.
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The trading range for today is among the major support at 1.1250 and the major resistance at 1.1550.
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The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295.CHF


USDCAD
The pair neared the critical support area mentioned this morning among 1.0340-1.0330 with continued negative pressure due to the negative crossover on Stochastic. We favor an intraday bearish move initiated with the breach of 1.0330 targeting mainly 1.0155. In case of a successful breach, the pair must consolidate below 1.0350 with four-hour closing for our expectations to remain valid.
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The trading range for today is among the major support at 1.0170 and the major resistance at 1.0510.
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The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.CAD


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