Major Currencies’ Midday Report 13/ July /2010

EURUSD
The pair attacked the critical 1.2545 support but reversed to the upside to stabilize above it once again. Accordingly our morning scenario is activated and remains valid as far as areas of 1.2470 remain intact. eur
The trading range for today is among the major support at 1.2470 and the major resistance at 1.2750..The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.


GBPUSD

The pair rushed to the upside attacking the crucial resistance at 1.5080 which meets with the 50 MA activating our morning scenario. Momentum indicators provide negative signals which keep our expectations valid as far as the pair does not set a four-hour closing above 1.5080.gbp
The trading range for today is among the major support at 1.4870 and the major resistance at 1.5145..The short term trend is to the downside as far as 1.5590 is intact with targets at 1.3800.


USDJPY
The pair initially breached the critical support at 88.40 and attempting to stabilize below it which activates our morning expectations. We await stability below the mentioned support to confirm the bearish expectations for today which require areas of 88.95 to remain intact. jpy
The trading range for today is among the major support at 87.00 and the major resistance at 89.55..The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.


USDCHF
The MA stopped the upside move for the pair to reverse to the downside towards the support awaited to be breached at 1.0560. Accordingly, our expectations remain valid and we are waiting for the confirmation of the breach opening the way towards the main target at 1.0415.chf
The trading range for today is among the major support at 1.0415 and the major resistance at 1.0750..The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295. 


USDCAD
The pair settled for the reaching 1.0385 and reversed to the downside affected by the negativity from momentum indicators. The last four-hour closing was below the 61.8% Fibonacci correction at 1.0340 increasing our favors for the intraday bearishness towards 1.0260 then 1.0210. The daily closing below 1.0405 remain the most important factor to preserve our expectations.cad
The trading range for today is among the major support at 1.0220 and the major resistance at 1.0445..The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.


By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com