Major Currencies’ Midday Report 15/ June /2010

EURUSD

e pair declined inline with expectations to build a base on 1.2160 and then started the bullish wave supported by positive signs on Stochastic. Our expectations remain intact awaiting the bullish pattern to be activated by breaching its neckline at 1.2295.
EUR
The trading range for today is among the key support at 1.2085 and the key resistance at 1.2430.
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The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair is fluctuating with a bearish correction bias since this morning, yet it returned to attempt breaching the sensitive short term resistance at 1.4770. Our morning expectations remain intact except the unloading of negative momentum on Stochastic; our expectations remain valid unless 1.4585 is breached.GBP
The trading range for today is among the key support at 1.4635 and the key resistance at 1.4960.
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The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPY
The pair touched the support for the ascending channel at 91.20 initially attempting to build a base above 50% Fibonacci correction, preparing to breach the 50 MA, currently valued at 91.80. Thus, the bullish intraday scenario remains valid which requires 90.60 to remain intact.JPY
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.


USDCHF
The pair surpassed 1.1425 to touch the resistance for the bearish correctional channel that meets with the previously breached neckline at 1.1480. Stochastic provided a bearish reversal and thereby supporting our expectations for a bearish intraday move towards targets mentioned this morning that essentially require stability below 1.1480.CHF
The trading range for today is among the key support at 1.1245 and the key resistance at 1.1545.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCAD
The pair touched the retest level at 1.0335 once again and has started the awaited bearish wave, supported by negative signs from Stochastic. The morning scenario is activated for possible bearishness as far as no clear breach is set for 1.0425.CAD
The trading range for today is among the key support at 1.0130 and the key resistance at 1.0425.
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The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.


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