Technical Analysis for Major Currencies

EURO

More bearish movements for the pair taking to the key support for the ascending channel that started in 2005. We see that this level will be breached since directions indicators are still supporting negative movements. Momentum indicators show the pair being heavily oversold and from here we see that trading today will be of high volatility where as long as trading is above 1.4400, this could give the pair the chance to correct to the upside. The medium term trend remains to the downside despite being near the key support for the long term upside channel that we assure will be broken. The trading range for today is among the key support at 1.4315 and key resistance at 1.4610 The general trend is to the downside as far as 1.5830 remains intact with targets at 1.4515 and 1.4340

Support: 1.4415, 1.4370, 1.4315, 1.4270, 1.4220
Resistance: 1.4470, 1.4500, 1.4535, 1.4580, 1.4610

GBP

Trading below the 1.7835 and 1.7800 levels has made the medium term and long term trends to the downside targeting the 1.74 level. Despite the direction being clear now, we expect vigorous upside correction at any moment since the pair is in an oversold area and has reached a level now seen since 1985. From here we strongly advice to stay aside from trading the pair since it could witness high volatility yet we see the 1.74 level a clear target supported by direction indicators alongside the negative intersection of the 20 and 100 day moving average on the weekly charts. The trading range for today is among the key support at 1.7540 and key resistance at 1.8090 The general trend is to the downside assured by breaking the 1.7800 level with targets at 1.7600 and 1.7280

Support: 1.7710, 1.7690, 1.7654, 1.7605, 1.7540
Resistance: 1.7740, 1.7830, 1.7880, 1.7975, 1.8090

JPY

The downside movements witnessed throughout the week was nothing more than the pair trying to gather enough momentum to incline once again. We see the pair attempting to breach the 109.20 level which offers a good obstacle. We expect this level to be breached sooner or later since the bullish momentum the pair has gathered is enough to pass the level yet the next stron resistance will be at the 50% correction level at 109.80 for the long term descending channel that started on June 17, 2007 which is the pivot point that will assure targets that extend towards 111. Today we believe the pair will gather more upside momentum from the 108.40-108.00 levels that has now become a good demand point but we see the upside direction clear on the short term and medium term direction indicators. The trading range for today is among the key support at 107.85 and key resistance at 109.80 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 108.50, 108.30, 108.20, 107.85, 107.35
Resistance: 109.00, 109.20, 109.60, 109.80, 110.05

CHF

The pair successfully built a solid base above the 1.1030 level which resulted in vigorous upside movements towards the short term target at 1.11. The resistance levels at 1.1150 and 1.1165 will cause a downside correction for the pair today where we expect this correction despite assuring the fact that the medium term trend is still to the upside. However at any moment the mentioned levels are breached, the next target will possibly be the 1.12 level. The trading range for today is among the key support at 1.0970 and key resistance at 1.1250 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.1080, 1.1065, 1.1025, 1.0990, 1.0970
Resistance: 1.1150, 1.1165, 1.1205, 1.1250, 1.1325

CAD

The 1.0715 level was able to limit the pair's upside movements however it is still clear that the pair is targeting the 1.0825 level where the MACD indicator showed strength towards the upside. The pair now has build a solid base above the 1.0715 level for a period not less than an hour to see strong bullish movements that will take us to the first medium term target The trading range for today is among the key support at 1.0540 and key resistance at 1.0825 The general trend is to the upside as far as 1.0350 remains intact with targets at 1.1000 and 1.0825

Support: 1.0655, 1.0620, 1.0590, 1.0540, 1.0515
Resistance: 1.0715, 1.0745, 1.0825, 1.0870, 1.0915

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.