Major Currencies’ Morning Report 24/ June /2010

EURUSD

The pair has attempted to breach pivotal support 1.2240, but was not able to build a base below it to push to the upside to achieve yesterday’s awaited targets flawlessly, as it currently stabilizes at the mentioned targets 1.2330.
The last four-hour closing that stood at 1.2330; therefore, we need to insure stability above this level to insure discontinuing the previously shown bearish technical pattern. The upward slant and trading above SMA 50 are factors that make us expect a bullish intraday trend that will start with the breach of 1.2350 targeting mainly 1.2455. Keep in mind that the inability to breach the mentioned level will push the pair to descend to complete the bearish direction, where its targets at 1.2240 then 1.2170.EUR
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2470.
.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair succeeded in achieving yesterday’s suggested scenario surpassing the first target of 1.4960 to touch 1.5000. Some kind of bearish correction is expected due to the negativity appearing on momentum indicators to retest the minor resistance at 1.4935 before heading towards resuming the expected bullish intraday trend. Targets will start at 1.5120 then 1.5190.GBP
The trading range for today is among the key support at 1.4870 and the key resistance at 1.5120.
.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPY
The pair has pushed to the downside after building a base on 90.60 and is nearing support for the key bullish channel around 89.10, accompanied by momentum indicators entering oversold areas, where we recommend keeping in mind paying attention to a bullish rebound that may occur in the upcoming period. Keep in mind that the pair today will attempt to bearishly move over an intraday basis; targeting  the mentioned support and then observe the pair’s movement around this level to insure the upcoming intraday short term direction. The stability of this level will maintain trading for the current bullish medium term wave intact, where breaching it will pave the way towards a bearish direction that targets levels below 87.00.JPY
The trading range for today is among the key support at 88.00 and the key resistance at 91.50.
.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


USDCHF
The pair has attempted to breach the bearish trend shown above, where the pair will return to breach support for the triangle pattern suggested yesterday; thus, making us expect the bearish intraday to continue as its key targets are between 1.0970 – 1.0925. It is vital that stability is achieved below 1.1115 to achieve these expectations.CHF
The trading range for today is among the key support at 1.0925 and the key resistance at 1.1175.
.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCAD

The pair strongly pushed to the upside to retest support for the previously breached bullish channel that has currently turned into resistance at 1.0460 and meets with 61.8% Fibonacci correction level for the last bearish wave, in line with momentum indicators entering overbought areas. This makes us expect the bearish intraday trend to resume and head towards 1.0265 then 1.0175. Keep in mind that building a base above 1.0460 will make the pair return within the bullish direction and end chances of achieving the bearish correction the pair is currently attempting.CAD
The trading range for today is among the key support at 1.0175 and the key resistance at 1.0550.
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