Major Currencies’ Midday Report 22/ June /2010

EURUSD

The pair is negatively pressuring pivotal support mentioned this morning at 1.2280; whereas we see the possibility of a bearish technical pattern appearing on the four hour chart below. 
EUR
This negative pressure and bearish technical formation is met with positive signs on Stochastic, where it could help complete forming the right shoulder for this pattern. We recommend observing trading today until a complete formation of the bearish technical target is insured, or the breach of 1.2330 will retrieve yesterday’s breached bullish trend’s pace.
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The trading range for today is among the key support at 1.2170 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.


GBPUSDGBP
The pair is currently witnessing more negative pressure, which is causing some trading below 1.4730 but will not obtain a clear closing without it. Morning expectations will prevail due to support from Stochastic.
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The trading range for today is among the key support at 1.4635 and the key resistance at 1.5935.
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The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPYJPY
The pair is moving within the minor descending channel shaded in yellow in the chart above; as we await to build a base below 90.80 that represents the neckline for the bearish technical pattern that we expect will assist achieving the expected intraday trend in a major way. The morning scenario will remain intact if a breach of 92.35 is not witnessed.
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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.


USDCHFCHF
The pair is fluctuating around pivotal resistance 1.1115, while ongoing negative signs remain appearing through the stochastic; therefore, morning expectations still remain intact due to the start of the suggested bearish wave that has started its targets at 1.0970.
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The trading range for today is among the key support at 1.0970 and the key resistance at 1.1215.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCADCAD
The pair touched resistance for the bearish channel at 1.0250 as it continues to fluctuate around it. The stochastic is showing negative crossover signs that make us hold onto the suggested morning scenario, which will remain intact if stability is not achieved above 1.0330.
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The trading range for today is among the key support at 1.0000 and the key resistance at 1.0330.
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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