Technical Analysis for Major Currencies

EURO

The pair continued to trade around 1.382% correction from the upside wave that started on 11 September and ended on the 22 of the month which resides at 1.3560 which is now the trading pivot point. Stochastic indicator points for the possibility to move towards 161.8% level at 1.3335 yet ahead we can see that the key support level for the downside at 1.3415 is enough over intraday basis. The trading range for today might extend among the resistance level at 1.3730 and the support level at 1.3555; while the general trend remains to the downside targeting 1.3555 and 1.3420 as long as 1.5080 remains intact.

Support: 1.3500, 1.3460, 1.3415, 1.3395, 1.3335
Resistance: 1.3590, 1.3605, 1.3655, 1.3695, 1.3730

GBP

No clear closing was seen above 1.7645 and for that sterling continued to the downside and settled with 23.6% correction for the downside wave that started on 25-09-2008 and is still ongoing; trading below 1.7475 holds the pair to the downside in a strong pattern despite the creation of solid support at 1.7370 yet the level does not hold still good demand for the pair as according to momentum and direction indicators they did not witness much rise yesterday after the pair hit those levels. The trading range for today might extend among the resistance level at 1.7645 and the support level at 1. 7105; while the general trend remains to the downside targeting 1.7280 and 1.6965 as long as 1.9400 remains intact.

Support: 1.7370, 1.7340, 1.7280, 1.7210, 1.7105
Resistance: 1.7475, 1.7530, 1.7595, 1.7600, 1.7635

JPY

The pair seems determined to set the full target for the technical pattern pointed before at 98.55 which will be valid over the short term as far as trading is below 101.50 which as we said is the 61.8% targets for the bearish pattern. The trading range for today might extend among the resistance level at 103.95 and the support level at 97.50; while the general trend remains to the downside targeting 100.20 and 98.55 as long as 104.60 remains intact.

Support: 100.40, 99.70, 98.85, 98.55, 97.50
Resistance: 100.80, 101.50, 102.00, 103.15, 103.95

CHF

The pair broke out the intraday upside channel and now is trading below 1.1410-1.1420, the move does not affect the general and medium term upside trends yet will only support the correction to the downside ahead of indulging in a new upside wave. The trading range for today might extend among the resistance level at 1.1565 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: 1.1340, 1.1320, 1.1280, 1.1230, 1.1186
Resistance: 1.1410, 1.1420, 1.1460, 1.1525, 1.1565

CAD

The pair settled with a slight correction to resume then to the upside and currently trading above the major resistance at 1.1405 which is now solid support that withholds buying orders for the pair; with continued trading above this level today the pair will target 1.1125 and might extend towards 1.1170 on the way to medium term targets at 1.1285, trading below 1.1045 will not cancel the upside yet only will delay the move. The trading range for today might extend among the resistance level at 1.1220 and the support level at 1.0865; while the general trend remains to the upside targeting 1.1285 and 1.1760 as long as 1.0350 remains intact.

Support: 1.1045, 1.1025, 1.0970, 1.0905, 1.0865
Resistance: 1.1125, 1.1170, 1.1220, 1.1285, 1.1305

Crown Forex

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