Technical Analysis for Major Currencies

EURO

The profit taking wave affected the European currency big time, while the currency did not yet sabotage the upside shapes, it just looks a lot riskier now, as technical indicators are still pointing to the downside, and if the level 1.5520 gets breached and if the euro managed to close below it, that would probably generate another massive downside move. Target at 1.5950 is still intact yet we have to watch our from the 1.5520 level.

The trading range is among the key resistance level at 1.5720 and the key support level at 1.5520.

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

Support: 1.5580, 1.5555, 1.5535, 1.5520, 1.5490
Resistance: 1.5620, 1.5635, 1.5660, 1.5692, 1.5730

Recommendation: Buy Euro above 1.5560 with a target at 1.5665 and a stop loss below 1.5520

GBP

Solid as a Rock, that's what we can say about The British pound, which is still showing tendency to the upside as the technical indicators say after it managed to break out from the descending channel. Now the pound looks more strong than other currencies and not subject to a lot of profit takings, we should at the same time look out from the levels 1.9660 and 1.9580 respectively for the pair not to sink down into the channel again.

The trading range is among the key resistance level at 1.9820 and the key support level at 1.9460

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

Support: 1.9555, 1.9536, 1.9508, 1.9491, 1.9476
Resistance: 1.9581, 1.9610, 1.9625, 1.9660, 1.9684

Recommendation: Buy pound above 1.9660 till 1.9750 and a stop loss below 1.9625

JPY

The dollar against the Japanese yen climbed above the main trend line at 106.50 and its targeting now the 108.80 level all over again. The pair is moving steadily and with no hesitation, and there will be some sort of acceleration if this pace has been kept, and on the way there is no reliable resistance seems to offer a good selling point till 108.20-80, and the technical indicators are not giving yet any sign for a correction.

The trading range for today is among the key resistance level at 108.20 and the key support level at 105.50

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

Support: 106.60, 106.42, 106.10, 105.80, 105.50
Resistance: 106.82, 107.10, 107.36, 107.84, 108.20

CHF

The dollar against the Swiss frank is moving in harmony with the European currency, yet it built a stronger base than the euro which makes it more solid. On the other hand, technical indiactors are showing a great possibility for a new upside wave for the pair till 1.0430-80 if the level 1.0345 gets breached.

The trading range is among the key resistance level at 1.0480 and the key support level at 1.0220.

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

Support: 1.0312, 1.0280, 1.0245, 1.0220, 1.0180
Resistance: 1.0345, 1.0369, 1.0410, 1.0430, 1.0481

CAD

The pair is insisting on reaching the top 1.0380 that was achieved in January, technical indicators are showing an up normal move with high extension, and it looks like that the top will be reached before any profit taking might occur.

The trading range is among the key resistance level at 1.0380 and the key support level at 1.0000.

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

Support: 1.0220, 1.0201, 1.0180, 1.0155, 1.0120
Resistance: 1.0260, 1.0290, 1.0311, 1.0345, 1.0380

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.