Major Currencies’ weekly Report 28/ June /2010

EURUSD

The pair continues to trade within the main bearish channel nearing resistance is currently around 1.2470. This level is vital since its neckline for the bullish technical pattern is close to being completed.
The daily chart explains the idea more clearly, where this pattern’s bullish technical formation points to a possible reversal in the short and medium term direction; therefore we recommend observing the daily reports and keep an eye on the pair’s movement around pivotal resistance 1.2470 to insure the next upcoming direction more precisely.EUR
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2600.
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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 is heading towards achieving the bullish technical targets shown in our previous reports, which will be completed after the breach of its neckline is around 1.4770. Momentum indicators are currently negative and may force the pair to bearish correct, however, we expect a bullish trend for this week where its initial targets are the vital short term trend around 1.5310. The breach of 1.4860 could make the awaited bullish direction’s scenario fail.GBP
The trading range for today is among the key support at 1.4850 and the key resistance at 1.5310.
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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 touched support for the key bullish channel around 89.15 accompanied by momentum indicators entering oversold areas; therefore, we expect normal trading within the current channel as the pair heads towards achieving the expected bullish trend for this week as its key targets start around 91.85 then 92.90. Keep in mind that the closing must remain below 89.15 to complete trading within the ascending channel paving the way towards a descend on the initial short term.JPY
The trading range for today is among the key support at 88.00 and the key resistance at 92.90.
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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 is moving to the downside in a gradual pace within the current bearish channel, where it was able to insure the breach of 61.8% Fibonacci correction at 1.0970. The way seems to be open towards vital support levels for the short term direction around 1.0825 – 1.0790. Therefore, we expect more bearish movement to reach mentioned support levels and then observe the pair’s movement to insure the upcoming direction.CHF
The trading range for today is among the key support at 1.0700 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 trading at pivotal support 1.0330 shown in our previous reports that meet with  SMA 100, thus adding more strength to it. The stability of the retest level for the previously breached ascending channel that has currently turned into resistance at 1.470, alongside 61.8% Fibonacci correction, are factors that make us expectmore bearish direction this week that may be forced to slightly ascend; therefore completing the suggested bearish technical pattern shown above. The expected targets start at 1.0220 then 1.0140, but keep in mind that this scenario requires trading to remain below 1.0470 – 1.0490 to prevail.CAD
The trading range for today is among the key support at 1.0100 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