Major Currencies’ Midday Report 28/ June /2010

EURUSD

The pair is moving within a narrow range since this morning within the minor ascending channel that is on its way in forming the right shoulder for the suggested bullish technical pattern in our weekly report this morning.
Momentum indicators are negative over four-hour basis thus maintaining fluctuations within the minor channel before reaching the vital resistance around 1.2470. We recommend keeping an eye on the pair around the support level at 1.2280 and resistance 1.2470 to insure the precise direction.
EUR
The trading range for today is among the key support at 1.2280 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 is also trading within a narrow trading range; whereas no vital change has been witnessed since this morning. The suggested morning scenario remains intact and will not fail unless 1.4940 is breached.
GBP
The trading range for today is among the key support at 1.4940 and the key resistance at 1.5150.
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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 near the pivotal support at 89.15 shown this morning touching the support for the bearish channel, which has organized the last bearish wave’s trading. Momentum indicators are moving in oversold areas and thereby the expected direction for today is a bullish scenario, which will remain intact if we do not witness stability in trading below 89.15.
JPY
The trading range for today is among the key support at 88.35 and the key resistance at 90.20.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.

USDCHF
The pair is closely nearing the awaited key support level at 1.0825; therefore, we warn of a possible bullish rebound due to the effect of positive momentum, shown above over four-hour basis. We recommend observing the pair’s movement when it reaches the mentioned support level to insure the expected direction more precisely.
CHF
The trading range for today is among the key support at 1.0790 and the key resistance at 1.0970.
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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 attempted to breach 1.0330 as it currently fluctuates around it, while the four hour candlestick closing is below it, supporting the expected bearish intraday scenario, alongside building a base below the MA 100. It is vital to observe the positive signs on momentum indicators, which may continue to push the pair to the upside. Four-hour stability below 1.0370 will maintain chances of achieving the expected bearish trend today.
CAD
The trading range for today is among the key support at 1.0265 and the key resistance at 1.0410.
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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