Major Currencies’ Midday Report 19/ July /2010

EURUSD
The pair is facing a hard time in surpassing the pivotal resistance around 1.3000, thus pushing the pair to the downside where we see that it will return to retest the previously breached resistance that has currently turned into support at 1.2810. Overall, we expect a bullish intraday trend targeting initially 1.3000. Stochastic provided bullish signs that support our expectations. EUR
The trading range for today is among the key support at 1.2810 and the key resistance at 1.3060..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair moved to the downside nearing the awaited support at 1.5245. Stochastic is showing positive signs that make us hold onto morning expectations intact (check our weekly report for more details) which require stability above 1.5125.GBP
The trading range for today is among the key support at 1.5190 and the key resistance at 1.5450..The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPY
The pair rushes to the upside towards the awaited correction at 87.30, but keep in mind that it is gradually losing bullish momentum. This makes us hold onto morning expectations intact as we await a bearish reversal that requires a base built below 88.00 to be activated.JPY
The trading range for today is among the key support at 85.95 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 ascended where we see that it’s retesting the pivotal resistance at 1.0545 that represents the previously breached support, while supporting the strength of this resistance is the MA 50. Therefore, we expect a bearish intraday move that targeting initially 1.0400 while requires four-hour closing below 1.0545.CHF
The trading range for today is among the key support at 1.0400 and the key resistance at 1.0600..The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCAD
The pair has started its suggested morning bearish wave, which is currently below 61.8% Fibonacci correction at 1.0520. Momentum indicators are providing bearish signals and accordingly we expect a bearish intraday direction, where its expected targets will start at 1.0425 and require stability below 1.0580.CAD
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0580..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