Technical Analysis for Major Currencies

EURO

The pair is still in a downside channel as we near our medium term target at 1.3690 and the potention to extend its losses to 1.3580 in a short period of time if trading is below 1.4080 which is providing the pair with bearish momentum, neglecting the fact that it is being oversold. The trading range for today is among the key support at 1.3570 and the key resistance at 1.4250 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.3690 and 1.3580

Support: 1.3850, 1.3775, 1.3700, 1.3660, 1.3570
Resistance: 1.3865, 1.3980, 1.4050, 1.4080, 1.4120

GBP

We see the continuation of the downside trend as we come close to the key support for the descending channel. We expect today further downside movements aoround the 1.7485 - 1.7475 levels as far as trading remains below the 1.7740 levels. The trading range for today is among the key support at 1.7485 and the key resistance at 1.7960 The general trend is to the downside as far as 1.9400 remains intact with targets at 1.7280 and 1.6965

Support: 1.7615, 1.7600, 1.7595, 1.7560, 1.7485
Resistance: 1.7740, 1.7770, 1.7790, 1.7850, 1.7960

JPY

The pair returned to the 105.00 levels where the 104.60 - 104.70 level is still strong enough to limit further losses. We expect today another attempt to breach the 104.60 level where if failed, we will see the pair rebounding to the 106 levels once again. A weekly close below the 104.60 level could help in the alteration of the medium term trend yet remaining above the mentioned level will result in a clear upside trend in the upcoming period. The trading range for today is among the key support at 103.15 and the key resistance at 107.50 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 105.00, 104.70, 104.35, 103.90, 103.15
Resistance: 105.60, 106.20, 106.65, 107.00, 107.50

CHF

We pointed out yesterday that its difficult for the pair to breach the 1.1410 level without a correction where the pair reversed from that level. On the four hour chart we see a downside divergence on the ADX indicator which makes us expect further downside movements that have started since the pair reached the 1.1415 mentioned resistance. The first correction level for today is at 1.1270 and then 1.1186. The trading range for today is among the key support at 1.1050 and the key resistance at 1.1515 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1455 and 1.1685

Support: 1.1270, 1.1235, 1.1186, 1.1120, 1.1050
Resistance: 1.1335, 1.1415, 1.1430, 1.1460, 1.1515

CAD

We see the pair trading around the 1.07 level after successfully breaching the 1.0715 and 1.0735 levels where remaining above these levels will takt he paire to the 1.0825 at the very least. The trading range for today is among the key support at 1.0550 and the key resistance at 1.0925 The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0715, 1.0695, 1.0655, 1.0580, 1.0550
Resistance: 1.0775, 1.0800, 1.0825, 1.0865, 1.0925

Crown Forex

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