Technical Analysis for Major Currencies

EURO

Remaining below the 1.4450 level will keep the trend to the downside where failing to breach the mentioned level will halt further upside corrections! Despite breaking several resistances, the mentioned level is the most crucial for today since it is the key resistance for the short term ascending channel that has become one with the medium term downside wave on August 28, 2008. We expect today the pair to decline unless the pair was able to close above 1.4550 for fifteen minutes at least. The trading range for today is among the key support at 1.4315 and key resistance at 1.4675 The general trend is to the downside as far as 1.5830 remains intact with targets at 1.4515 and 1.4340

Support: 1.4490, 1.4470, 1.4415, 1.4315, 1.4300
Resistance: 1.4535, 1.4550, 1.4575, 1.4620, 1.4675

Recommendation: Sell the pair below 1.4530 with targest at 1.4470 and 1.4380 and stop loss above 1.4575

GBP

The pair is still suffering from downside pressure, but on the other hand, it was able to create an intraday support at 1.7710 where if the pair maintains above the level, it could open the chance for an upside correction yet breaking this level will take the pair further to the downside. The medium term trend has not changed and the target remains at 1.74. The trading range for today is among the key support at 1.7585 and key resistance at 1.8010 The general trend is to the downside assured by breaching the 1.7800 level and targets at 1.7600 and 1.7280

Support: 1.7760, 1.7710, 1.7670, 1.7605, 1.7585
Resistance: 1.7830, 1.7890, 1.7945, 1.7980, 1.8010

Recommendation: Buy the pair above 1.7760 with targets at 1.7890 and stop loss below 1.7700

JPY

Unfortunately, the pair wasn't able to breach the resistance we pointed out yesterday at 109.20 but reversed from levels slightly lower. The pair is trading with bearish momentum to the downside but these movements are not of high volumes yet we see that the support level at 108.00 and the pivot point at 108.40 are losing their strength gradually as the selling of the pair is resulting in this weakness. The medium term trend is still to the upside while the short term trend is also adjusting to the upside as far as 107.80 and 107.25 remains intact. The trading range for today is among the key support at 107.10 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: 108.00, 107.80, 107.50, 107.25, 107.10
Resistance: 108.40, 108.90, 109.20, 109.40, 109.80

CHF

The 1.1150 level successfully limited further upside movements where the pair is now heading towards the key support once again near the 1.1000 level which follows the 20 day moving average on the four hour chart. The pair is being highly oversold on the stochastic indicator, neutral on the RSI and with the drop seen in the ADX we believe the bearish movements have come to an end and we will witness a new upside wave in another attempt to build a solid base above 1.1150. Our expectations will fail if the 1.0980 level is breached on the short term yet on the medium term, the pair still has more room to ascend. The trading range for today is among the key support at 1.0915 and key resistance at 1.1.1205 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.1000, 1.0990, 1.0960, 1.0915, 1.0835
Resistance: 1.1065, 1.1090, 1.1145, 1.1165, 1.1205

Recommendation: Buy the pair above 1.1015 with targets at 1.1130 and stop loss below 1.0980

CAD

Despite remaining above the 1.0715 level whichi separating us from the target at 1.0825, the pair reached 1.0775 before reversing to the downside. This high volatility is quite normal and is seen on the technical indicators where the pair is in an overbought area on the RSI and pointing to the upside on the MACD indicator. On the medium term, any trading above the 1.0500-1.0550 level keeps our targets intact. On an intraday basis, we see the pair has signaled downside movements and therefore we are waiting to witness these movements after testing levels near 1.0650. The trading range for today is among the key support at 1.0500 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: 1.0580, 1.0550, 1.0515, 1.0450, 1.0425
Resistance: 1.0660, 1.0685, 1.0715, 1.0770, 1.0825

Recommendation: Sell the pair below 1.0650 with targets at 1.0580 and stop loss above 1.0680

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.