 advertisement Friday February 3 , 2012 10:06 GMT Euro Midday Report Trading remains choppy ahead of NFP data release where SMA 50 continued protecting the pair pushing it mildly upwards. The trading range is very tight and we still waiting for a sustained breakout below 1.3110 zones to confirm weakening the neckline areas of the intraday bearish classical pattern. Over short term, areas around 1.3375 should hold to protect bears, but breaching through this level will bring additional bullishness. The trading range for today is among key support at 1.2830 and key resistance at 1.3375. The general trend over short term basis is to the downside targeting 1.1865 as far as areas of 1.3550 areas remain intact.
Great British Pound (GBP) Midday Report Cable didn't show any big move since morning while a lower top was placed at 1.5860 zones. RSI 14 is on its way to enter overbought zones again but we can't suggest a potential downside wave for intraday traders until it takes 1.5780 support. On the upside, clearing 61.8% for the wave from 1.6165 to 1.5360 -first wave- will send the pair towards 1.5975 areas. The technical situation remains neutral for the rest of the day and we should wait for more conformations. The trading range for today is among key support at 1.5515 and key resistance at 1.6025. The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
Japanese Yen (JPY) Midday Report The pair moved slightly upwards influenced by the positive divergence on RSI 14 hinted earlier; whilst Stochastic remains positive. Thereby, we hold onto our bullish predictions for the rest of the day. A break above 76.50 will be a very positive catalyst that will assist buyers to treasure their positions. The trading range for today is among key support at 75.20 and key resistance now at 77.30. The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Swiss Franc (CHF) Midday Report Moving to the four-hour interval will prove that the sideways range continued dominating the price behaviors during the past sessions. But, we can see RSI 14 approaching oversold zones and that may solidify the support around 0.9115-0.9105 zones. The bigger bullish picture discussed in the previous and weekly reports remains intact as far as trading remains above 0.9030. Finally, breaching through moving averages may bring aggressive buying interests. The trading range for today is among key support at 0.8985 and key resistance at 0.9360. The general trend over short term basis is to the upside targeting 0.9950 as far as areas of 0.8850 areas remain intact.
Canadian Dollar (CAD) Midday Report The pair is trading narrowly just below parity,where a short term possible bullish falling wedge formation could be developing as shown on chart, while price is consolidating above the 200-days SMA; therefore we hold onto our intraday bullish scenario, however steady trading below 0.9890 shall invalidate any possible short term rebound. The trading range for today is expected among the major support at 0.9890 and the major resistance at 1.0075. The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
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