Technical Analysis for Major Currencies

EURO

The European currency is still consolidating above the 1.5390 area with low momentum to beat any support or resistance that will make it define a specific trend, yet we still believe that the upside direction is the highest probability but we need to see a break to the 1.5490 area.

The trading range is among the key resistance level at 1.5500 and the key support level at 1.5390.

The general trend is to the upside as far as 1.4260 remains intact; targets are set at 1.6080 and 1.6360.

Support: 1.5415, 1.5392, 1.5386, 1.5354, 1.5320
Resistance: 1.5440, 1.5465, 1.5480, 1.5501, 1.5545

Recommendation: buying Euro above 1.5390, targets at 1.5480 and stop loss below 1.5350

GBP

The british pound is still moving in its descending channel which makes it achieve every day a lower lows or a lower high, today the bottom of the channel will be around the 1.9435 area, and the technical indicators are adjusting to push the currency up from that support level.

The trading range is among the key resistance level at 1.9650 and the key support level at 1.9435.

The general trend is to the downside as far as 2.0200 remains intact; targets are set at 1.9230 and 1.8700.

Support: 1.9445, 1.9435, 1.9420, 1.9350, 1.9312
Resistance: 1.9490, 1.9505, 1.9533, 1.9555, 1.9582

Recommendation: Buying Sterling above 1.9430, with targets at 1.9520 and stop loss below 1.9405

JPY

The dollar against the Japanese yen is still forming a new downside minor channel, in a movement that can extend on the weekly horizon to 100, yet might face a very critical support around 102.20s and 101.60s, and the risk limit for this upside channel is above 104.80.

The trading range for today is among the key resistance level at 104.30 and the key support level at 102.20.

The general trend is to the downside as far as 109.00 remains intact; targets are set at 92.40 and 90.00.

Support: 103.20, 102.90, 102.61, 102.20, 101.90
Resistance: 103.30, 103.70, 103.92, 104.32, 104.82

Recommendation: Sell the pair below 103.50 with a target at 102.80 and a stop loss above 103.95

CHF

The pair is consolidating between tow important levels at 1.0390 and 1.0620 creating a tight range and preparing for a bigger movement to come if it managed to close above or below any of those, yet the movement today may stop around the 1.0500 level.

The trading range is among the key resistance level at 1.0620 and the key support level at 1.0390.

The general trend is to the downside as far as 1.1000 remains intact; targets are set at 0.9670 and 0.9370

Support: 1.0465, 1.0432, 1.0389, 1.0365, 1.0320
Resistance: 1.0495, 1.0520, 1.0569, 1.0595, 1.0620

CAD

The USD/CAD pair is still trading within a narrow range that keeps tightening further and further; where even the technical indicators are not showing any tendency towards breaking any of the limits of the range between the 1.0300 and parity.

The trading range is among the key resistance level at 1.0160 and the key support level at 1.000.

The general trend is to the downside as far as 1.0700 remains intact; targets are set at 0.9030 and 0.8840.

Support: 1.0086, 1.0065, 1.0030, 1.0000, 0.9970
Resistance: 1.0123, 1.0160, 1.0185, 1.0220, 1.0235

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.