Technical Analysis for Major Currencies

EURO

As the pair failed to remain above the 1.4390 level yesterday, this resulted in downside movements taking the pair to the downside target at 1.4305. Today, trading returned above the 1.4380 level which is the same 1.4390 level yesteday but slightly adjusted. Building a solid base above 1.4380 will result in clear upside movements and nothing will stop it unless trading is below the 1.4300 level. The trading range is among the key support at 1.4220 and the key resistance at 1.4570 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.4040 and 1.3860

Support: 1.4380, 1.4360, 1.4300, 1.4260, 1.4220
Resistance: 1.4440, 1.4480, 1.4520, 1.4570, 1.4620

Recommendation: Buy above 1.4380 with 50% profits at 1.4480 and the remainder at 1.4520 and stop loss below 1.4330

GBP

The large decline seen yesterday is supposed to be the end of a downside correction on the pair where it will be assured if trading returns above 1.8100. We could witness today high volatility but building a solid base above the 1.8000 level most of the time will open the way for the pair to reach levels above the critical level at 1.8100 The trading range is among the key support at 1.7835 and the key resistance at 1.8350 The general trend is to the downside as far as 1.9400 remains intact with targets at 1.7600 and 1.7280

Support: 1.8020, 1.8000, 1.7960, 1.7905, 1.7835
Resistance: 1.8100, 1.8135, 1.8190, 1.8200, 1.8290

Recommendation: Buy (carefully) above 1.8020 with 50% profits at 1.8100 and the remainder at 1.8135 and stop loss below 1.7957

JPY

The pair declined heavily yesterday to reach levels below the 104.60 mark which is the neckline that could send the pair to target 102.90 and 101.55 respectively. The continuation of daily closes below the 104.60 level will assure further downside movements to reach the targest suggested. However, trading should be watched varefully since momentum and direction indicators are showing mixed signals on different time frames. We could see today upside correctional movements but we must watch daily closes more carefuly then intraday trading. The trading range is among the key support at 102.90 and the key resistance 106.95 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 103.80, 103.10, 102.90, 102.20, 101.55
Resistance: 104.65, 105.00, 105.40, 105.80, 106.20

Recommendation: Sell the pair below 104.65 with targets at 103.20 and perhaps 102.20 and stop loss above 105.40

CHF

Even with the breach of the key support for the upside trend yesterday at 1.0885, the pair returned to trade above it. We expect to see slight upside movements on the short term but could be disrupted by the high volatility. The trading range for today is among the key support at 1.0805 and the key resistance at 1.1120 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.0920, 1.0885, 1.0805, 1.0780, 1.0750
Resistance: 1.0990, 1.1040, 1.1075, 1.1120, 1.1165

Recommendation: Buy the pair above 1.0920 with targets at 1.1000 and 1.1040 and stop loss below 1.0885

CAD

After breaching the 1.0400 level yesterday the pair entered a bearish trend that took the pair to the 38.2% correction for the period starting July 15, 2008 and ended on September 11, 2008. The short term trend is now concerned with the breach of the 1.0500 level which is the mentioned correction where if trading remains below it, this could take the pair to 1.0400 but if it was able to build a solid base above it, this will open the way to reach targets at 1.0560 and 1.0655. The trading range for today is among the key support at 1.0305 and the key resistance at 1.0560 The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0465, 1.0425, 1.0395, 1.0340, 1.0305
Resistance: 1.0530, 1.0560, 1.0580, 1.0605, 1.0655

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.