Technical Analysis for Major Currencies

EURO

The pair wasn't able to maintain enough momentum today to stay above the 38.2% correction level at 1.4700 for the upside channel that started on September 19, where from there we see the pair correcting to the downside. We expect to see upside movements for today in an attempt to retest the resistance level for the downside correction at 1.4725 where if the pair succeeds, we might see the pair targeting the 1.48 level as an initial target

The trading range for today is among the key support at 1.4435 and the key resistance at 1.4830.

The general trend is to the downside as far as 1.5080 remains intact with targets at 1.4040 and 1.3860

Support: 1.4605, 1.4590, 1.4525, 1.4500, 1.4435
Resistance: 1.4700, 1.4725, 1.4790, 1.4830, 1.4880

Recommendation: Buy above 1.4600 with 50% profit at 1.4670 and the remainder at 1.4725 and stop loss below 1.4570

GBP

The pair neared the key support for the upside short term channel at 1.8300 which is supported by the 50 day moving average on the four hour chart around the 1.8280 level. Trading above these levels will result in upside movements for the pair to complete the previous target at 1.87.

The trading range for today is among the key support at 1.8190 and the key resistance at 1.8780.

The general trend is to the downside as far as 1.9400 remains intact with targets at 1.7600 and 1.7280

Support: 1.8340, 1.8300, 1.8280, 1.8230, 1.8190
Resistance: 1.8415, 1.8450, 1.8490, 1.8510, 1.8650

Recommendation: Buy above 1.8310 with targets at 1.8700 and stop loss below 1.8280

JPY

The pair is experiencing high volatility resulting to trade outside the channel on the short term. A strong signal shows a sharp decline for the pair to reach 100.50 at the very least and nothing can stop that unless trading is above the 108.65 level. From here, we advise you to wait for more confirmation on the trend of the pair. Trading below the 104.05 level assures the downside trend yet movements limited between the mentioned level and the 108.65 level will result in sideways consolidation.

The trading range for today is among the key support at 103.95 and the key resistance at 108.65.

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, 104.50, 104.05, 103.95
Resistance: 106.25, 106.60, 106.90, 107.50, 107.95

CHF

A downside trend for the past week was disrupted by a sideways correction for the today and the past three days where we expect it to continue for today before adjusting to the downside as far as trading is below the 1.0965 level. The daily charts gave an upside signal yet it hasn't been confirmed on the short term.

The trading range for today is among the key support at 1.0660 and the key resistance at 1.1030.

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, 1.0760, 1.0715, 1.0660, 1.0575
Resistance: 1.0885, 1.0965, 1.0985, 1.1030, 1.1080

Recommendation: Sell the pair below 1.0920 with targets at 1.0825 and stop loss above 1.0965

CAD

The sideways correction for the upside channel that started on July 15, 2008 and ended on September 11; between the 61.8% correction at 1.0305 and the 50% correction at 1.0400 is still dominating the pair. Intraday momentum indicators show the pair being oversold alongside the weakening of the downside direction on the ADX indicator on the four hour chart could allow the pair to retest the 1.0400 level once again.

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: 1.0300, 1.0275, 1.0245, 1.0210, 1.0190
Resistance: 1.0395, 1.0425, 1.0455, 1.0490, 1.0550

Recommendation: Buy above 1.0300 with targets at 1.0390 and stop loss below 1.0270

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.