Technical Analysis for Major Currencies

EURO

Trading below 1.5835 for the euro set it back within the sideways wave after heavy profit taking seen yesterday, the trading is now sideways and the upside potential remains valid. The pair is still trading with the upside channel on short-term basis though it reside around the bottom of the channel and trading below 200 Hours MA sets more volatility weakening the upside and providing more potential for the euro to breach the upside channel. If the euro does not manage to consolidate above 1.7530 the upside might fail which might lead it to 1.5610 support levels.

The trading range is seen among 1.5910 resistance levels and 1.5580 support levels; while the pair's general trend is to the upside targeting 1.6178 and 1.6405 with 1.4900 intact.

Support: 1.5675, 1.5610, 1.5580, 1.5545, 1.5505
Resistance: 1.5730, 1.5765, 1.5810, 1.5830, 1.5910

GBP

Downside potential for the pound led by the 50 Hours MA yet at the same time the support level at 1.9815 offers upside momentum for the pair. Sterling still resides in oversold levels and for that an upside correction is sought which will be faced by the 1.9900 resistance; not being able to consolidate above that level we expect the pair to retreat to the previous Neckline at 1.9750.

The trading range is seen among 2.0075 resistance levels and 1.9700 support levels; while the pair's general trend is to the downside targeting 1.9267 and 1.9053 with 2.0460 intact.

Support: 1.9820, 1.9770, 1.9750, 1.9700, 1.9665
Resistance: 1.9890, 1.9910, 1.9950, 1.9990, 2.0075

JPY

The dollar against the Japanese Yen is within the upside wave that has taken the shape of a Rising Wedge, yet if the resistance at 107.05 was not breached successfully the pair will resume a strong downside wave towards 106.40 then 106.25; breaching the later is considered strong negativity for the dollar while it is expected that the pair will indulge in positive headings before returning to the downside tendency that started this week.

The trading range is seen among 107.75 resistance levels and 105.05 support levels; while the pair's general trend is to the upside targeting 109.90 and 113.24 with 103.00 intact.

Support: 106.40, 106.25, 105.85, 105.05, 104.80
Resistance: 107.05, 107.20, 107.75, 108.00, 108.40

CHF

The pair is affected by 1.0274 resistance level which resembles 38.2% Fibonacci level for the downside wave that started since 13-06-2008 and ended yesterday. Despite that the medium-term trend remains to the downside yet the dollar might acquire upside momentum against the Franc as technical indicators reflect the possibility as some are saturated with selling orders; the pair is expected to move to the downside first in correction to yesterday's upside move while then 1.0210 will be the first level to offer good demand on the pair.

The trading range is seen among 1.0475 resistance levels and 1.0070 support levels; while the pair's general trend is to the upside targeting 1.0725 and 1.0860 with 1.0010 intact.

Support: 1.0210, 1.0165, 1.0110, 1.0070, 1.0010
Resistance: 1.0274, 1.0325, 1.0375, 1.0440, 1.0475

CAD

The sideways direction still dominates the pair's trading on intraday and short-term basis, it is expected that the sideways wave will prevail today until further indications are provided for the upcoming wave.

The trading range is seen among 1.0350 resistance levels and 1.0010 support levels; while the pair's general trend is to the downside targeting 0.9720 and 0.9305 with 1.0570 intact.

Support: 1.0130, 1.0070, 1.0010, 0.9970, 0.9940
Resistance: 1.0180, 1.0210, 1.0240, 1.0280, 1.0350

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.