Major Currencies’ Midday Report 28/ July /2010

EURUSDThe pair continues fluctuating around the pivotal resistance of 1.2990 keeping in mind that the stochastic has started to move to the upside. No notable change it witnessed, therefore morning expectations will remain intactas long as the daily closing is above 1.2945. eur
The trading range for today is among the key support at 1.2885 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 touched the awaited support level at 1.5540 and rebounding to the upside in an attempt to insure the suggested morning bullish trend scenario . Morning expectations will remain intact, but keep in mind that the negative momentum appearing on momentum indicators could cause some fluctuation and bearish slant that might push the pair to retest the previously breached 1.5495 before heading to resume the expected bullish direction.gbp
The trading range for today is among the key support at 1.5360 and the key resistance at 1.5805. .The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.


USDJPYThe pair retested 88.00 to start the suggested morning bearish wave that is supported by the clear negativity appearing over the four-hour interval. We hold onto morning expectations as long as the daily closing is below 88.00.jpy
The trading range for today is among the key support at 85.35 and the key resistance at 88.80..The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.


USDCHF
The pair is attacking the support for the rising wedge shown this morning, influenced by negative pressure from momentum indicators. Therefore, morning expectations will prevail as it awaits the clear breach of 1.0560, which will activate the awaited bearish direction.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 moved to the downside due to the effect of the minor bearish technical pattern appearing on an intraday basis; however, momentum indicators are showing clear oversold signs that make us the pair to head towards retesting breached support that has currently turned into resistance around 1.0380, before resuming the bearish intraday basis. This scenario depends on trading below 1.0440 to prevail.cad
The trading range for today is among the key support at 1.0180 and the key resistance at 1.0440..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