Major Currencies’ Midday Report 20/ July /2010

EURUSD
The pair breached 1.2985 yet with no confirmations, where the four-hour closing was below this level as the pair started a sharp descend that neared  pivotal support levels between 1.2890 – 1.2860. The breach of the mentioned levels will reverse the move to the downside.  EUR
The trading range for today is among the key support at 1.2810 and the key resistance at 1.3165..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair breached the pivotal support at 1.5215 activating the bearish technical pattern, which could carry it further to the downside in the upcoming period. Stochastic is showing positive signs that maintain our expectations intact. Keep in mind that the breach of 1.5155 and consolidating below it will insure the bearish reversal over intraday basis.GBP
The trading range for today is among the key support at 1.5080 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 pivotal resistance at 87.20 has showed resilience in front of the pair’s upside attempts, reversing to the downside to attack the sensitive support levels between 86.65 – 86.60. Our expectations remain intact if we do not witness a breach of the support area mentioned which will lead the pair downside towards 85.95.JPY
The trading range for today is among the key support at 85.95 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 has currently touched the pivotal resistance at 1.0545 activating the suggested morning scenario; our  expectations remain intact as far as no four-hour closing is set above 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 attempted to breach the pivotal support at 1.0495, but it rebounded and remained wedged within the bearish triangle shown below. Our expectations will prevail as long as the pair stabilizes below 1.0580.CAD
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 0.9925 remains intact with targets at 1.1485.


By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com