Major Currencies’ Midday Report 11/ June /2010

EURUSD

The pair is fluctuating around the resistance for the descending channel and below 61.8% correction, alongside negative signals on momentum indicators. We preserve our morning expectations as far as the pair does not stabilize above 1.2150.
EUR
The trading range for today is among the major support at 1.1980 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.


GBPUSD
The pair is moving according to the morning suggested scenario and currently stopped at the first target of 1.4635. Momentum indicators are still providing negative signals signaling further bearishness for the rest of the day targeting 1.4570-40. Breaching 1.4730 fails the expectations for further downside movement today.
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The trading range for today is among the major support at 1.4540 and the major resistance at 1.4855.
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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 is trading in a tight range since this morning with an upside bias, nearing gradually the awaited 91.80 level. No major changes have been detected since our morning report and our expectations remain valid awaiting a clear breach of the mentioned area and required stability above 90.90.
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The trading range for today is among the major support at 90.60 and the major resistance at 93.30.
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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 strongly breached the resistance for the Falling Wedge shown this morning and is retesting this move. The pair still has bullish momentum over four-hour basis and therefore we still expect an intraday upside move targeting 1.1605 and requires four-hour closing above 1.1390.
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The trading range for today is among the major support at 1.1250 and the major resistance at 1.1605.
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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 is still restricted among 1.0360 and 1.0280 mentioned this morning, with one attempt at retesting the breached support which turned into resistance at 1.0360. This fluctuating is gradually unloading the bullish moment and the expected intraday bearishness remains valid awaiting a clear breach for 1.0280 areas as mentioned.
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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