Major Currencies’ Midday Report 14/ June /2010

EURUSD

The Pair rushed to the upside after building a base on 1.2160 while currently touching the resistance for the minor ascending channel that organizes the current intraday upside move. Momentum indicators are showing overbought signs that are forcing the pair to attempt a minor bearish correction before resuming the bullish overall trend for today.
The trading range for today is among the key support at 1.2115 and the key resistance at 1.2355.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
EUR

GBPUSD

The pair was able to breach the pivotal resistance at 1.4660 and therefore activating the suggested weekly scenario this morning. Our morning expectations remain intact awaiting the attempt at the neckline for the bullish pattern shown below at 1.4770, opening the way towards the bullish target. Stochastic supports our expectations.
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The trading range for this week is among the key support at 1.4635 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 is still trading between 50% and 61.8% Fibonacci correction within the minor ascending channel shown below. The upside channel alongside bullish momentum over daily basis support our upside expectations for today which require breaching the 50 MA then head towards technical targets around 93.30. It is vital that stability is achieved above 91.45 today for our expectations to prevail.
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The trading range for today is among the key support at 90.60 and the key resistance at 93.30.
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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 succeeded in breaching the pivotal support mentioned this morning at 1.1425, where it currently is trading within the descending channel that organizes the bearish intraday correctional wave. The suggested scenario in our weekly report will be activated where we will witness some fluctuation to retest the breached level, due to the positivity on momentum indicators before resuming the bearish direction towards the first key target at 1.1245.
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The trading range for today is among the key support at 1.1245 and the key resistance at 1.1480.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.CHF


USDCAD

The pair built the required base on the retest level previously mentioned at 1.0335 to start the suggested bearish wave. We expect more bearish intraday movement after building a base below the breached ascending channel support shown below, where key targets start around 1.0000. It is vital that the daily closing is below 1.0335 – 1.0370 for our suggested scenario to remain valid.
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The trading range for today is among the key support at 1.0115 and the key resistance at 1.0370.
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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