Major Currencies’ Midday Report 18/ June /2010

EURUSD

The pair touched the support for the mentioned ascending channel at 1.2360, as we await a bullish rebound to the upside as our expectations remain intact unless a base is established below 1.2325.
EUR
The trading range for today is among the key support at 1.2300 and the key resistance at 1.2565.
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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 managed to breach the pivotal resistance at 1.4850 with four-hour closing, but managed to return and descend below this level due to the negative effect on momentum indicators. We still hold onto our morning expectations for the remainder of trading today, but keep in mind that the breach of 1.4730 could reverse the intraday direction to the downside.GBP
The trading range for today is among the key support at 1.4735 and the key resistance at 1.5045.

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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 started the suggested bearish wave after insuring the expected bearish intraday scenario with four-hour closing below the previously breached pivotal support at 90.80. Therefore, our morning expectations remain valid as far as 91.70 remains intact.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 is trading within a narrow range since this morning stabilizing below the breached pivotal support at 1.1115; therefore, chances of achieving the bearish intraday trend move will prevail just restricted by positive signs on momentum indicators. The suggested scenario will persist is trading remains below 1.1215.CHF
The trading range for today is among the key support at 1.0925 and the key resistance at 1.1215.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.

USDCAD
The pair continues fluctuating within the sideways range shown this morning, while momentum indicators currently remain neutral. The suggested scenario will remain intact if we do not witness a breach of 1.0330 which will postponing the suggested targets.CAD
The trading range for today is among the key support at 1.0125 and the key resistance at 1.0415.
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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