Technical Analysis for Major Currencies

EURO

The pair stopped at the 1.4630 level and before reaching the 1.4615, it started to incline. We see the pair initiated an upside wave where the current decline could be what will help the pair gather bullish momentum on the short term as far as 1.4600 isn't breached. If the pair does successfully gather momentum before the mentioned level, we expect prices to reach 1.48 once again in the upcoming days. The trading range for today might extend among the support level at 1.4630 and the resistance level at 1.4890 The general trend remains to the downside as far as 1.5830 remains intact with targets at 1.4870 and 1.4340

Support: 1.4730, 1.4670, 1.4630, 1.4580, 1.4530
Resistance: 1.4795, 1.4840, 1.4865, 1.4890, 1.4955

Recommendation: Buy above 1.4730 with targets at 1.4835 and stop loss below 1.4660

GBP

Direction indicators that have been pointing to the upside started to weaken yet we still see the chance for more upside correction on the short term as long as closing in New York is above the 1.8500 level which is the 61.8% correction level for the long term ascending channel. Targets on the short term are at 1.8700 and then 1.8890 which are the minor and 23.6% correction levels respectively. The trading range for today might extend among the support level at 1.8445 and the resistance level at 1.8770 The general trend remains to the downside as far as 1.8770 remains intact with targets at 1.9485 and 1.8070

Support: 1.8570, 1.8530, 1.8500, 1.8490, 1.8445
Resistance: 1.8595, 1.8722, 1.8770, 1.8820, 1.8890

Recommendation: Buy above 1.8530 with targets at 1.8700 and stop loss below 1.8455

JPY

The USD/JPY pair is trading around the 50% correctional level for the downside trend on the long term that started in June 2007 and ended in March 2008 at 109.80. The trend is still to the upside as far as 109.20 remains intact on the short term and 108.40 on the medium term where we don't believe that these levels can be reached easily as trading today is expected to reach the 110 level. The trading range for today might extend among the support level at 109.20 and the resistance level at 111.10 The general trend remains to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 109.80, 109.60, 108.40, 109.20, 109.00
Resistance: 110.30, 110.55, 110.80, 111.10, 111.60

Recommendation: Buy above 109.80 with targets at 111.00 and stop loss below 109.30

CHF

The resistance level at 1.1025 - 1.1030 was able to reverse the pair to undergo a downside correction on the short term. Despite the medium term trend is still to the upside, we see further correction to reach the 1.0800 at the very least. On an intraday basis, we mighe see volatility as direction indicators point to the upside while momentum indicators show that the pair is being overbought.

The trading range for today might extend among the support level at 1.0820 and the resistance level at 1.1030

The general trend remains to the upside as far as 1.0570 remains intact with targets at 1.1025 nad 1.1455

Support: 1.0920, 1.0880, 1.0860, 1.0820, 1.0770
Resistance: 1.0950, 1.0980, 1.1010, 1.1030, 1.1070

Recommendation: Stay in yesterday's position while adjusting the target to 1.0820 after acquiring 50% of the previous target (Sell the pair below 1.1010 with targets at 1.0890 and stop loss above 1.1060)

CAD

A sideways correction with potential to the downside still lies within the upside channel on the medium term. Since the pair failed to breach the support level at the 38.2% fibonacci fan taken from 22 July 2008 until 12 August 2008 which is now at the 1.0605 level. We expect this level to be breached soon as long as trading remains below the 1.650 resistance level and the 1.0750 level that has stopped the pair from reaching the medium term target at 1.0825. But until these support or resistance levels are broken, the neutral trend will be evident on the pair.

The trading range for today might extend among the support level at 1.0520 and the resistance level at 1.0825

The general trend remains to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0610, 1.0570, 1.0545, 1.0520, 1.0470
Resistance: 1.0650, 1.0690, 1.0715, 1.0750, 1.0825

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.