Major Currencies’ Midday Report 29/ June /2010

EUR USD

The pair was able to breach the support mentioned this morning at 1.2210 activating the bearish scenario; therefore, we expect a bearish direction for today, where its key targets are around 1.2070 and require stability below 1.2300.  EUR
The trading range for today is among the key support at 1.2080 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.


GBP USD
The pair managed to build the awaited base on the support at 1.5025 and rebounded, where we see that it hasresumed the bullish trend according to our morning report. Stochastic has started to get rid of the negative momentum. We maintain our morning expectations if we do witness stability below 1.5020.GBP
The trading range for today is among the key support at 1.4960 and the key resistance at 1.5230.
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The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USD JPY
By taking a closer look at the pair we witness that it has managed to breach the support for the current bearish short term wave in an attempt to accelerate the bearish move, but due to the effect of momentum indicators the pair is pushed to the upside in an attempt to retest the previously breached key support at 89.25.JPYThe trading range for today is among the key support at 87.30 and the key resistance at 89.70.
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The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


USD CHF
The pair touched the awaited support level at 1.0825 and rebounded to the upside activating the suggested morning scenario. Presently, the pair is close to facing the vital resistance that will determine the short term trend at 1.0925. We may witness some fluctuation with Stochastic entering overbought areas before continuing theexpected bullish intraday trend. The suggested scenario will prevail as long as 1.0825 remains intact.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.


USD CAD
The pair strongly rushed upwards to near the vital resistance at 1.0500, but 61.8% Fibonacci correction stands at 1.0470 is a strong barrier in front of the pair supported by clear overbought signs on momentum indicators. We recommend observing the pair, where the breach of 1.0500 will officially bring the pair back within the previously breached bullish trend; whereas its stability could force it to revisit 1.0330 once again.CAD
The trading range for today is among the key support at 1.0265 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