Major Currencies’ Midday Report 24/ June /2010

EURUSD

The pair has been moving to the downside since this morning due to the effect of the strength from the pivotal resistance at 1.2330 that is currently forming resistance for the bearish channel that seems to be in control of the pair’s present intraday wave, supported by negative signs appearing on the stochastic.

Crossover signs are appearing on the pair. We recommend keeping an eye on the pair’s intraday trading.
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 was able to build a base on the suggested morning support at 1.4935, as it closely reached the initial key target at 1.5040. From here, our morning expectations remain intact and will not fail unless 1.4885 is breached.GBP
The trading range for today is among the key support at 1.4870 and the key resistance at 1.5120.
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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 moved to the downside since this morning nearing the vital support for the pair’s short term trend, accompanied by momentum indicators entering oversold areas. We recommend observing the pair’s movement when reaching the pivotal support at 89.15; where if the pair breaches this level or it fails in doing so it will define the upcoming direction as we mentioned in the morning report.  JPY
The trading range for today is among the key support at 88.00 and the key resistance at 91.50.
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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 continues fluctuating near the resistance for the current bearish direction shown above, while stabilizing below the previously breached symmetrical triangle. Our morning expectations remain intact as we await the bearish targets shown this morning, our expectations remain valid as far as trading remains below 1.1115.CHF
The trading range for today is among the key support at 1.0925 and the key resistance at 1.1175.
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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 is trading within a very narrow range since this morning, while continuing to fluctuate around 50% Fibonacci correction at 1.0410. No change has occurred since our morning report and therefore our morning expectations remain valid supported by bearishness on momentum indicators. Keep in mind the importance of stability below 1.0460 for our expectations to remain intact.CAD
The trading range for today is among the key support at 1.0175 and the key resistance at 1.0550.
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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