The pair touched the awaited level from this morning at 1.2215, where it started attacking the pivotal support at 1.2175; therefore, the suggested morning scenario will be activated since we have not witnessed a clear breach of 1.2290. Note the importance of the US Labor Report which might affect the movement.
The trading range for today is among the key support at 1.2000 and the key resistance at 1.2365.Major Currencies’ Midday Report 04/6/2010
GBPUSD
The pair is still wedged within the bearish triangle pattern shown above. We still hold onto our morning expectations as we await for the breach of 1.4550 to activate the suggested bearish scenario.
USDJPY
The pair built a base on the previously breached 76.4% Fibonacci correction preventing it from touching the suggested retest level mentioned this morning at 91.80. Momentum indicators still show negative signs, where we expect it to pressure the pair to move bearishly before resuming the expected bullish move, according to the suggested morning scenario.
USDCHF
USDCAD
The pair neared the retest level at 1.0435 once again, where we notice ongoing negative pressure constantly moving the pair below 61.8% Fibonacci correction at 1.0390; our morning expectations remain valid and we await reaching 1.0300 which will define the upcoming short term trend.
By: Yasir Mubarak
Main Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com