Major Currencies’ Midday Report 17/ June /2010

EURUSD

The pair rushed to the upside to return within the ascending channel shown above, while at the same time activating the bullish technical pattern after breaching the neckline at 1.2325. From here, we expect a bullish intraday direction supported by positive signs on Stochastic targeting 1.2470. Our expectations remain intact as far as trading is above 1.2300.
EUR

The trading range for today is among the key support at 1.2165 and the key resistance at 1.2470.

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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 set a false break for the focal support at 1.4675 yet before completing the proposed bearish pattern mentioned this morning. The pair rushed to the upside breaching the critical resistance over short term basis at 1.4770 failing the bearish scenario, where the pair returned to the upside wave mentioned yesterday supported by positive signs on Stochastic. We expect the pair to continue the bullishness for the rest of the day targeting 1.4850 then 1.4960.GBP
The trading range for today is among the key support at 1.4540 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.


USDJPY
The pair is trading within a very narrow range and therefore no change is noted since our morning report. Our expectations remain intact and we await a clear breach for 90.80.JPY
The trading range for today is among the key support at 89.55 and the key resistance at 92.25.
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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 strongly breach the support for the descending channel mentioned in our report, touching 50% Fibonacci correction around 1.1115. This breach helped accelerate the bearish move, where the pair is expected to extend the decline for the remainder of trading today; targeting next 61.8% Fibonacci correction around 1.0970. The bearish trend remains valid as far as the daily closing remains below 1.1260.CHF
The trading range for today is among the key support at 1.1050 and the key resistance at 1.1260.
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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 has neared the pivotal support at 1.0220; thus pointing to a near breach for this activating the bearish intraday direction. Our morning expectations remain intact with targets initially around 1.0120.CAD
The trading range for today is among the key support at 1.0125 and the key resistance at 1.0400.
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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
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com