Major Currencies’ Midday Report 30/ June /2010

EURUSD

The pair strongly rushed to the upside and is nearing the retest level for yesterday’s breached channel around 1.2315. The 50 MA is attempting to impede restrict more bullish movement, with stochastic entering overbought areas. Our morning expectations remain intact if stability is not set above 1.2315. EUR
The trading range for today is among the key support at 1.2070 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 built a base on minor support 1.5010 while attempting to breach it, although the pair returned to stabilize above. The morning scenario was activated as we await the targets in our morning report, but keep in mind that breaching 1.5010 will fail the expected bullishness. GBP
The trading range for today is among the key support at 1.4900 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.


USDJPY
The pair touched the awaited resistance at 88.70 and continues fluctuating around it, thus causing stochastic to gradually lose its bullish momentum. Our expectations remain intact as we currently require the breach of the minor support at 88.45 giving the pair a push to the downside.JPY
The 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.


USDCHF
The pair attempted to surpass 1.0825 once, but was not able to build a base above it to return and negatively pressure the pivotal support at 1.0790. Momentum indicators are stilling showing positive signs which is why we preserve our morning expectations as far as a clear breach was not set for 1.0790.CHF
The trading range for today is among the key support at 1.0695 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 clear effect of momentum indicators is evident on the pair as it heads to the downside retesting the previously breached 1.0470 – 61.8% Fibonacci -. As mentioned this morning, if 1.0470 remains intact the expected bullish scenario for today remains valid. The expected bullishness for today remains intact but requires returning above 1.0510 as well as stabilizing above 1.0470.CAD
The trading range for today is among the key support at 1.0410 and the key resistance at 1.0675.
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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