Major Currencies’ Midday Report 16/ June /2010

EURUSD

The pair touched the mentioned retest level from this morning, where it is currently at 1.2290 as the four hour candlestick closing builds a base above it. Therefore, our morning expectations remain valid as far as 1.2215 remains intact. EUR
The trading range for today is among the key support at 1.2215 and the key resistance at 1.2500.
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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 retested yesterday’s breached pivotal resistance at 1.4770 and rushed once again to build a base above it. Momentum indicators are showing negative signs that may maintain fluctuation near 1.4770 until it gains enough bullish momentum to support the upside intraday trend.GBP
The trading range for today is among the key support at 1.4635 and the key resistance at 1.5045.
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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 managed to build a new base on the support for the upside channel around 91.35, with signs of an ascending triangle pattern appearing as we expect it to support the expected bullish intraday direction. We hold onto our morning expectations as far as trading remains above 90.60.JPY
The trading range for today is among the key support at 90.60 and the key resistance at 93.30.
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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 facing a hard time surpassing 23.6% Fibonacci correction, despite of the positive signals from Stochastic. We recommend a bearish intraday trend for the remainder of trading today, due to the bearish technical pattern shown in our previous reports as well as trading within the current descending channel. Keep in mind the importance of building a base below 1.1405 to insure achieving the awaited bearish scenario for today.CHF
The trading range for today is among the key support at 1.1115 and the key resistance at 1.1405.
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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 neared touching the awaited 1.0300, where the expected bearish intraday scenario will be activated. Stochastic still holds bullish momentum that may cause some fluctuation between 1.0300 – 1.0335 before heading towards achieving the awaited targets, suggested this morning. Areas of 1.0385 should hold for our expectations to prevail.CAD
The trading range for today is among the key support at 1.0125 and the key resistance at 1.0385.
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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
Main Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com