Technical Analysis for Major Currencies

EURO

Trading below the 1.4550 level has to pressure the pair to the downside further where as we said yesterday, this level is where the medium term and short term trends intersect. Today, after the sharp fall seen, the upside correction that occured from 1.4215 reaching the 1.43 level was enough to add bearish momentum to the pair as we still expect high volatility that perhaps will take the pair to the next medium term target at 1.41. The trough of the bearish movements seen yesterady was at the 200% correction level for the upside wave that ended yesterday. From here we see the importance of the 1.4230 level but today we expect further downside movements where if the pair closes below 1.4230, our next target will be at 1.4120. The trading range for today is among the key support at 1.4085 and key resistance at 1.4420 The general trend is to the downside as far as 1.5080 remains intact with the targets at 1.4040 and 1.3860

Support: 1.4245, 1.4230, 1.4175, 1.4120, 1.4085
Resistance: 1.4295, 1.4320, 1.4345, 1.4395, 1.4420

Recommendation: Sell the pair below 1.4320 with targets at 1.4215 and 1.4125 and stop loss above 1.4430

GBP

It seems like the pair is attempting to reach the medium term target at 1.74! The current movement to the downside hasn't been seen since 1992 and here we see history repeating itself. We expect the trend to remain bearish neglecting being in the oversold area to reach the next target at 1.74 but we see heavy volatily as previously seen throughout history when the pair went a steep bearish wave. The trading range for today is among the key support at 1.7250 and key resistance at 1.7980 The general trend is to the downside assured by the breaking of 1.7800 with the targets at 1.7600 and 1.7280

Support: 1.7585, 1.7555, 1.7480, 1.7395, 1.7250
Resistance: 1.7720, 1.7820, 1.7890, 1.7945, 1.7980

Recommendation: Carefully buy pair below 1.7720 with targets at 1.7485 and stop loss above 1.7820

JPY

Breaking the 107.25 level was the last hope for the pair to remain to the upside, resulting in vigorous downside movement during the Asian session. Targets are at 105.70 then 104.90 where the levels between them are considered to be today's targets. On the other hand, the high volume trading is expected today where the contradiction seen with the momentum and direction indicators make us predict that. We advice to stay alert and be carefull when trading the pair where the 104.90-104.80 is a good demand point to limit further downside movements. The trading range for today is among the key support at 104.35 and key resistance at 109.15 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 106.50, 106.00, 105.40, 104.90, 104.35
Resistance: 107.20, 107.55, 108..10, 108.40, 109.15

CHF

The resistance level at 1.1150 has shifted to the upside to 1.1185 which is halting further gains by the pair. On the other hand, the 1.1030 support level is now at the 50 day moving average on the four hour chart. From here we see that trading among these levels is to the upside but the movement is quite weak. However, trading below the 1.1000 level could alter the short term trend to the downside while the medium term trend remains clearly to the upside. The trading range for today is among the key support at 1.0915 and key resistance at 1.1255 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.1075, 1.1030, 1.1000, 1.0965, 1.0915
Resistance: 1.1065, 1.1090, 1.1145, 1.1170, 1.1210

Recommendation: Buy the pair above 1.1035 with targets at 1.1130 and stop loss below 1.0980

CAD

After the pair continued to decline to near the 1.0540s level, it rebounded to the upside showing that the mentioned level holds a lot of buying orders. Up to this point, the pair failed to close above the 1.0700- 1.0715 which is considered to tbe the pivot point to continue the upside trend to our target at 1.0825 on the medium term at the very least. We expect today volatility to the downside but as far as 1.0530 remains intact, the next movement will probably target 1.0715 depite momentum indicators being neutral. Yet once again we need the point out that near this level, we need to be careful as we witnessed yesterday the pair declining to gather momentum The trading range for today is among the key support at 1.0490 and key resistance at 1.0845 The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0640, 1.0590, 1.0530, 1.0490, 1.0445
Resistance: 1.0685, 1.0715, 1.0745, 1.0795, 1.0825

Recommendation: Buy (carefully) above 1.0640 with targets at 1.0715 and stop loss below 1.0590

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.