Technical Analysis for Major Currencies

EURO

The European currency is on the way to rise and shine again, we just need to see a breach to the 1.5550 level in order for the movement to expand till 1.5700, and then start achieving higher targets, yet we might see some consolidation around those levels to gather more momentum.

The trading range is among the key resistance level at 1.5650 and the key support level at 1.5485.

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

Support: 1.5525, 1.5503, 1.5485, 1.5442, 1.5420
Resistance: 1.5550, 1.5587, 1.5632, 1.5648, 1.5687

Recommendation: buying Euro above 1.5510, targets at 1.5580 and stop loss below 1.5480

GBP

We are still in the descending channel for the British pound, with lower highs and lower lows, and the next expected low is around 1.9420, yet the technical indicators are still showing a possibility for the pair today to move upwards above 1.9600 again with a possible target around 1.9770 which is the upper band of the weekly descending channel.

The trading range is among the key resistance level at 1.9650 and the key support level at 1.9420.

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

Support: 1.9530, 1.9508, 1.9490, 1.9445, 1.9419
Resistance: 1.9560, 1.9585, 1.9620, 1.9635, 1.9687

Recommendation: Buying Sterling above 1.9515, with targets at 1.9620 and stop loss below 1.9480

JPY

The dollar against the Japanese yen is still aiming lower and sticking to a new descending channel over the short to the medium term, and the target is supposedly at the 100 level, yet the momentum is not strong enough to generate such a movement, so we need to see technical indicators adjusting to give us such a powerful movement.

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: 103.45, 103.20, 102.90, 102.55, 102.23
Resistance: 103.89, 104.00, 104.25, 104.82, 105.17

Recommendation: Sell the pair below 104.20 with a target at 103.20 and a stop loss above 104.65

CHF

The pair is still consolidating between two 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 mentioned. However, the movement is expected to be today for the downside with a possibility to break the 1.0390 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: 1.0410, 1.0390, 1.0365, 1.0320, 1.0295
Resistance: 1.0445, 1.0469, 1.0500, 1.0526, 1.0550

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: 1.0030, 1.0000, 0.9970, 0.9935, 0.9910
Resistance: 1.0085, 1.0099, 1.0120, 1.0160, 1.0195

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.