Major Currencies’ Midday Report 25/ June /2010

EURUSD

The negative pressure has returned on the pair once again within yesterday’s broken descending channel, as it neared pivotal support 1.2240.  Stochastic is still showing positive signs that will maintain chances of achieving morning expectations, if we do not witness a clear breach of 1.2240.
EUR
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2470.
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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 support for the bullish channel around 1.4910 as it nears touching pivotal support for the intraday trading around 1.4850. Bullish signs keep appearing through Stochastic; therefore, morning expectations will prevail if a base is not built below 1.4850.GBP
The trading range for today is among the key support at 1.4850 and the key resistance at 1.5200.
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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 is trading within a narrow range since this morning with a minor bullish slant while fluctuating around minor resistance 89.55. No change is witnessed on pair’s trading, thus morning expectations will remain intact as long as stability is achieved above 89.15.jpy
The trading range for today is among the key support at 88.00 and the key resistance at 91.00.
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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 trading around resistance for the current bearish direction with negative crossover signs appearing through stochastic, which point out that the suggested morning scenario is about to be activated. The bearish direction for today is still expected to occur; targets start at 1.0925 and require trading to stabilize below 1.1115.CHF
The trading range for today is among the key support at 1.0835 and the key resistance at 1.1115.
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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 moving within a very narrow range since this morning as it prepares for an expected intraday bearish wave, due to the negative signs appearing through momentum indicators, while stabilizing below 1.0470 after the two bullish technical targets. These expectations will remain intact as long as stability is achieved with the four-hour closing below 1.0470.CAD
The trading range for today is among the key support at 1.0270 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