Major Currencies’ Midday Report 26/ July /2010

EURUSDThe pair is fluctuating around the resistance for the bullish channel attempting to confirm its breach; however, the negativity by Stochastic is pressuring the pair to move to the downside. We hold onto our morning expectations, aswe await a possible upside move for the remainder of trading today if 1.2835 is breached. eur
The trading range for today is among the key support at 1.2775 and the key resistance at 1.3065..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSDThe pair is attempting to breach the pivotal resistance at 1.5495 mentioned this morning in an attempt to pave the way for an expected bullish move. Our morning expectations remain intact as long as 1.5360 is not breached.
gbpThe trading range for today is among the key support at 1.5360 and the key resistance at 1.5695..The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPYThe pair was unable to build a base above the support for the previously breached minor bullish channel, where it indulged in a strong bearish move breaching the support for the rising wedge at 87.35, supported by negative signs on Stochastic. These factors make us expect a bearish intraday trend targets areas from 86.25 and requires four-hour closing below 87.35.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 reversed from levels around the resistance for the sideways range shown this morning at 1.0560, accompanied by clear overbought signs on Stochastic. From here, we can expect a bearish intraday directiontargeting 1.0390 which requires four-hour closing below 1.0560 to prevail.chf
The trading range for today is among the key support at 1.0390 and the key resistance at 1.0670..The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCAD
The pair is negatively pressuring the pivotal support at 1.0355 in an attempt to breach it, forming the neckline for the bearish technical pattern shown above. Thus, we  expect a bearish intraday direction with targets from 1.0280 then 1.0180 and requires four-hour closing to remain below 1.0400. cad
The trading range for today is among the key support at 1.0180 and the key resistance at 1.0400..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