Major Currencies’ Midday Report 21/ June /2010

EURUSD

The pair bearishly reversed due to negative pressures from momentum indicators over four-hour basis shown above, trading is still within the minor bullish channel while we await it to carry the pair to touch the resistance for the main bearish trend at 1.2565. We expect this current descend to build a base on the support for the mentioned ascending channel at 1.2360, and might extended to retest the breached neckline at 1.2330 before resuming the bullish intraday trend which requires stability above 1.2330.
EUR
The trading range for today is among the key support at 1.2270 and the key resistance at 1.2565.
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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 trading around the pivotal support mentioned this morning around 1.4850, with a minor bearish technical pattern formation seen which might forcing the pair to decline supported by negative pressure from momentum indicators before resuming the expected bullish intraday direction. The pair must stabilize above 1.4735 for our expectations to prevail. 
GBPThe trading range for today is among the key support at 1.4735 and the key resistance at 1.5000.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.

USDJPY
The pair rushed to the upside to touch the pivotal resistance at 91.45 activating the suggested morning scenario. Our expectations remain intact and require areas of 92.00 – 92.35 to remain intact.JPY
The trading range for today is among the key support at 89.55 and the key resistance at 92.35.
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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 near touching the retest level mentioned this morning at 1.1115, accompanied by Stochastic nearing overbought areas; therefore, our expectations will prevail as we await for a bearish reversal from the resistance towards targets starting from 1.0970. Achieving the expected intraday targets requires four-hour closing below 1.1115 – 1.1140.  CHF
The trading range for today is among the key support at 1.0970 and the key resistance at 1.1215.
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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 within a very narrow range since this morning around 1.0160, with momentum indicators constantly moving within oversold areas. Therefore, no change is seen on our morning expectations, where we expect a slight bullish movement to touch the previously breached resistance for the bearish channel at 1.0210 and then resume the bearish move for today. Our expectations require the resistance areas of 1.0210-1.0235 to remain intact. CAD
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0330.
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