Major Currencies’ Midday Report 06/ August /2010

EURUSDThe pair neared the bullish channel that has currently ascended to 1.3150; therefore no change it evident on the suggested morning scenario, as long as stability is above 1.3115 as we await for the release of the US jobs report today. EUR
The trading range for today is among the key support at 1.3025 and the key resistance at 1.3400.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.


GBPUSD
The pair descended sharply since this morning setting a temporary breach for support of the bullish channel that has currently ascended to 1.5875; momentum indicators are showing positive signs that make us maintain our morning expectations, where they remain valid as long as trading is above 1.5765.GBP
The trading range for today is among the key support at 1.5725 and the key resistance at 1.6070.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.


USDJPYThe pair is trading within a narrow range since this morning as it continues fluctuating around 86.00. No change is witnessed since this morning and therefore we maintain our morning expectations as far as we do not witness a clear breach of 85.70.JPY
The trading range for today is among the key support at 85.35 and the key resistance at 87.45.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.


USDCHF
Narrow range trading is controlling the pair’s trading as Stochastic is close to reaching overbought levels; thus,supporting our expectations for an overall bearish trend over intraday basis, where targets start at 1.0395 and require a base below 1.0560 to prevail.CHF
The trading range for today is among the key support at 1.0280 and the key resistance at 1.0645.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.


USDCAD
The pair strongly rushed to the upside due to the affect of the unemployment data from Canada, accompanied by momentum indicators entering overbought areas. Therefore, the suggested morning scenario remains intact as long as trading stabilizes below 1.0265.CAD
The trading range for today is among the key support at 0.9925 and the key resistance at 1.0300.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