Technical Analysis for Major Currencies

EURO

The steep downside channel that the euro was trading within since 22-09-2008 lead the pair to the 61.8% extension level for the downside wave that started on 15-07-2008. The 1.3555 level is considered the breaking point for the trend to start a short term correction or continue to the downside discarding the overselling saturation over short and medium terms. Today's closing or continued trading above the mentioned level strengthens the possibility for an upside correction while we will not initiate targets for the correction until its confirmed and for that today 1.3730 is considered the major resistance for the pair and is the major level for the intraday descending wave. The trading range for today might extend among the resistance level at 1.3805 and the support level at 1.3390; while the general trend remains to the downside targeting 1.3555 and 1.3420 as long as 1.5080 remains intact.

Support: 1.3575, 1.3555, 1.3500, 1.3420, 1.3390
Resistance: 1.3595, 1.3640, 1.3695, 1.3730, 1.3805

GBP

Sterling is once more trading within the short term downside channel with resides within the medium term downside channel. The channel targets now 1.7475 over the short term supported as we said by the medium term channel which still targets lower at 1.7280. We still expect the downside heading to prevail today yet with high volatility due to the pair's heavy selling saturation. The trading range for today might extend among the resistance level at 1.7615 and the support level at 1.7390; while the general trend remains to the downside targeting 1.7280 and 1.6965 as long as 1.9400 remains intact.

Support: 1.7530, 1.7475, 1.7435, 1.7390, 1.7340
Resistance: 1.7595, 1.7600, 1.7615, 1.7740, 1.7770

JPY

Last week's closing on Friday in New York for the pair below 104.60 confirmed once more the bearish trend which might take the pair to 101.60 levels. From that we can see that both the short and medium terms are now to the downside targeting the mentioned levels at least; while still we can not rule out the heavy volatility due to conflicting momentum indicators, while the pattern will not fail unless trading is seen above 104.60 with daily closings. The trading range for today might extend among the resistance level at 105.60 and the support level at 101.85; while the general trend remains to the upside targeting 111.00 and 113.24 as long as 103.00 remains intact.

Support: 103.15, 102.90, 102.00, 101.85, 101.50
Resistance: 103.50, 103.90, 104.00, 104.70, 105.60

CHF

The 1.1410 remains solid for the pair and we might see new attempts for a breach according to the steep divergence on Stochastic Indicators. The 20 four-hour MA is providing upside momentum which resides at 1.1300, if the pair was able to breach that level to extend towards 1.1420 we might see a strong upside pattern; despite that we see the potential for the move yet the heavy selling saturation will create high volatility ahead of the set breach for 1.1410-1.1420 resistance levels. The trading range for today might extend among the resistance level at 1.1580 and the support level at 1.1186; while the general trend remains to the upside targeting 1.1455 and 1.1685 as long as 1.0570 remains intact.

Support: 1.1370, 1.1300, 1.1270, 1.1235, 1.1186
Resistance: 1.1410, 1.1420, 1.1460, 1.1515, 1.1580

CAD

Breaching 1.0715 and steadying above it created a strong upside wave that lead us to the first target over the medium term at 1.0825; we can see that the direction is still bullish with trading above the initial targets flagging the coming target at 1.0975 which is the major resistance level for the medium term upside channel. The heavy buying saturation over the short term might create a correctional wave which as we see with not affect the overall trend for the pair. The trading range for today might extend among the resistance level at 1.1025 and the support level at 1.0775; while the general trend remains to the upside targeting 1.0975 and 1.1000 as long as 1.0350 remains intact.

Support: 1.3575, 1.3555, 1.3500, 1.3420, 1.3390
Resistance: 1.3595, 1.3640, 1.3695, 1.3730, 1.3805

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.