Major Currencies’ Midday Report 21/ July /2010

EURUSD
The pair succeeded in breaching the pivotal support levels mentioned this morning at 1.2845, as it attempts to stabilize below it to insure that morning scenario is activated. From here, morning expectations will remain intact as long as a base is built below 1.2900. eur
The trading range for today is among the key support at 1.2725 and the key resistance at 1.2985..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair sharply descended this morning closely nearing the awaited primary target at 1.5155, but has strongly rebounded to the upside within volatile trading that will help the pair stabilize around pivotal resistance 1.5275. Keep in mind that morning expectations will remain intact if we do not witness a strong breach of 1.5355.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 pair is currently attacking support levels of the minor bullish channel shown in our morning report supported by the bearish trend appearing through the stochastic. Therefore, morning expectations will remain intact as we await a clear breach of 86.95 paving the way towards achieving the awaited bearish direction.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 is finding a difficult time in breaching the awaited resistance level at 1.0545 that is supported by the MA 50’s strength, alongside the negative from momentum indicators. Chances of achieving the expected bullish intraday trend remain intact due to support from the suggested morning bullish technical pattern; requiring stability above 1.0450.chf
The trading range for today is among the key support at 1.0450 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 achieve the suggested bearish scenario yesterday and near the first awaited target at 1.0365. Some possible fluctuation from the positivity of momentum indicators is expected to retest 1.0425, before heading towards achieving more bearish intraday movement; with starting targets at 1.0310. These expectations require trading to stabilize below 1.0510.cad
The trading range for today is among the key support at 1.0275 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
[email protected]
www.ecpulse.com