Major Currencies’ Midday Report 23/ June /2010

EURUSD

The pair neared the awaited pivotal resistance at 1.2330, yet still struggling to stabilize above the 50 MA. The suggested morning scenario remains intact, yet we again point out to the signs of an expected bearish technical pattern formation that will extend the bearishness taking the pair towards 1.2100. EUR
The trading range for today is among the key support at 1.2100 and the key resistance at 1.2450.
.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair was able to breach the pivotal resistance at 1.4850 and closely near the initial key target at 1.4960. Some fluctuation may be witnessed to retest the breached level before resuming the expected intraday direction. The breach of 1.4820 could rule out further bullish movement. GBP
The trading range for today is among the key support at 1.4730 and the key resistance at 1.5010.
.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPY
The pair has found strong resistance around 90.60 represented which represents the 38.2% Fibonacci correction shown above, which continues pushing the pair to the downside. The suggested morning scenario will remain intact, although we may witness some fluctuation around current levels due to the positivity appearing through momentum indicators. The MA 50 supports the expected bearish trend.JPY
The trading range for today is among the key support at 89.00 and the key resistance at 91.60.
.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


USDCHF
The pair is still trading within the narrow range wedged between both ends of the triangle mentioned this morning, while Stochastic is about to provide a negative crossover that has been awaited to activate the bearish intraday move. It is vital that 1.1115 – 1.1140 remain intact for the expectations to prevail.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 rushed to touch the awaited retest level at 1.0330 that met with the 100 MA, in addition to 38.2% Fibonacci correction for the last bearish wave that has started from the second top for the bearish technical pattern previously explained. Momentum indicators are showing clear overbought signs that make us maintain our expectations for a  bearish intraday direction, according to the suggested morning scenario. It is vital for the pair to stabilize below 1.0330 for our expectations to prevail. CAD
The trading range for today is among the key support at 1.0100 and the key resistance at 1.0450.
.
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