Major Currencies’ Midday Report 15/ July /2010

EURUSD

The pair breached resistance for the bullish channel that has currently turned into support at 1.2775, shown in the image above. Momentum indicators are still moving in overbought areas, but the stochastic is showing positive crossover signs that points to more bullish movement today. Keep in mind that the breach of 1.2775 and building a base above it will postpone achieving the awaited bullish targets. EUR
The trading range for today is among the key support at 1.2610 and the key resistance at 1.2975..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 1.5250 and neared the awaited initial key target at 1.5360. Some minor bearish correction is expected before resuming the expected bullish intraday trend; next targets are at 1.5500. We should point out that stabilizing above 1.5230 is vital to insure achieving these expectations.GBP
The trading range for today is among the key support at 1.5130 and the key resistance at 1.5500..The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPY
The pair has started its attempts at breaching the awaited pivotal support at 88.00, where the positivity of momentum indicators is impeding the process. The morning scenario has been activated as we maintain our morning expectations intact as long as a base is built below 89.15.JPY
The trading range for today is among the key support at 86.95 and the key resistance at 89.15..The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


USDCHF
The pair continues its bearish trend that has organized within the minor bearish channel shown above, where it currently touches support at 1.0455. A bearish intraday direction is expected due to the minor bearish technical target where its neckline 1.0500 has been breached; the awaited targets start at 1.0415 then 1.0350. It is vital that stability is achieved below 1.0600 to achieve the suggested scenario for today.CHF
The trading range for today is among the key support at 1.0365 and the key resistance at 1.0675..The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCAD
The pair was able to return within the bearish channel, according to the suggested morning scenario that is currently below resistance for the descending channel currently moving to the downside towards 1.0320. Morning expectations will remain intact if we do not witness a breach of 1.0405.CAD
The trading range for today is among the key support at 1.0175 and the key resistance at 1.0445..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
[email protected]
www.ecpulse.com