Major Currencies’ Midday Report 16/ July /2010

EURUSD
The pair built a base on 1.2880 to rush and touch the awaited key target at 1.2985. The negativity of momentum indicators is addin g strength to this level and therefore we should witness some fluctuation and minor bearish correction, before continuing the expected bullish intraday trend targeting next 1.3090. eur
The trading range for today is among the key support at 1.2775 and the key resistance at 1.3250..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair is close to the awaited support at 1.5350 while Stochastic gradually unloading the negative momentum. Therefore, our morning expectations remain intact if we do not witness a breach of 1.5350 and stability below it.gbp
The trading range for today is among the key support at 1.5250 and the key resistance at 1.5700..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 suggested correction at 87.45 and returned to fluctuate once again near the pivotal support at 89.95. No mentionable change has occurred since our morning report, therefore we hold onto our suggested scenario as long as stability is below 88.00.jpy
The trading range for today is among the key support at 84.80 and the key resistance at 88.00..The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


USDCHF
The pair is trading within a narrow range since this morning as Stochastic has started to surpass 30.00 rising point. We still await the retest of 1.0495 to start the expected bearish intraday direction that requires a base built below 1.0540 to prevail.chf
The trading range for today is among the key support at 1.0250 and the key resistance at 1.0565..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 reach levels around 1.0470 and bearishly reverse, according to the suggested morning scenario. Our expectations remain intact due to support from negative signs through momentum indicators.cad
The trading range for today is among the key support at 1.0180 and the key resistance at 1.0470..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