Technical Analysis for Major Currencies

EURO

The decline that occurred yesterday was a correction to the 38.2% fibonacci at 1.4600 for the upside cahnnel that started on September 19,2008. We are now in an ascending channel targeting this week's peak around 1.4800 as far as trading remains above 1.4700. The trading range for today is among the key support at 1.4510 and the key resistance at 1.4960 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.4040 and 1.3860

Support: 1.4700, 1.4665, 1.4600, 1.4590, 1.4510
Resistance: 1.4790, 1.4830, 1.4880, 1.4960, 1.4995

Recommendation: Buy the pair above 1.4700 with 50% profit at 1.4800 and the remainder at 1.4950 and stop loss below 1.4590

GBP

We see that the pair was able to appreciate as it was loaded with buying orders around the 1.8480 level which is one of the important correctional levels for the medium term descending channel that started on July 15, 2008. From here we expect the upside movements to continue to target the 18700 level as an initial target The trading range for today is among the key support at 1.8365 and the key resistance at 1.8810 The general trend is to the downside as far as 1.9400 remains intact with targets at 1.7600 and 1.7280

Support: 1.8570, 1.8510, 1.8485, 1.8415, 1.8365
Resistance: 1.8650, 1.8700, 1.8755, 1.8810, 1.8860

Recommendation: Buy above 1.8485 with targets at 18700 and stop loss below 1.8400

JPY

Although the pair was able to remain above the 106.00 level yesterday, today we see the pair incapable of maintaining the bullish momentum. We expect today to see downside movements but it won't be strong as the 105.00 level is an obstacle for the pair as it is the 38.2% correction for the long term channel. However, if the pair was able to breach the mentioned level, the downside wave will extend to 104.70 at the very least. The trading range for today is among the key support at 104.65 and the key resistance at 107.80 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 105.35, 105.00, 104.90, 104.70, 104.30
Resistance: 105.80, 106.25, 106.60, 106.90, 107.20

CHF

The upside trend that has been pointed out as a short term tren ended today after the key support for the channel at 1.0850 was breached. We now expect gradual downside movements due to the pair being in an oversold area as seen on the Stochastic indicator on the hourly chart; yet at the end, we see that if trading remains below 1.0925, this will confirm the decline. The trading range for today is among the key support at 1.0590 and the key resistance at 1.1025 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.0825, 1.0740, 1.0715, 1.0675, 1.0590
Resistance: 1.0885, 1.0925, 1.0940, 1.0990, 1.1025

Recommendation: Sell the pair below 1.0900 with targets at 1.0825 and stop loss above 1.0940

CAD

Despite the medium term trend is still to the upside, yet we see a sideways correction for the short term downside trend that has been formed as the pair traded between the 50% correction levle at 1.0400 and the 61.8% correction level at 1.0305. From here we expect the neutral trend to continue but at any moment, a downside channel will form to initially target 1.0256 before heading to 1.0190 as a complete target. The trading range for today is among the key support at 1.0190 and the key resistance at 1.0550 The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0275, 1.0245, 1.0210, 1.0190, 1.0150
Resistance: 1.0395, 1.0425, 1.0455, 1.0490, 1.0550

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.