Technical Analysis for Major Currencies

EURO

The euro entered and upside wave on intraday short term basis as this trend usually does not prevail long yet we expect further incline today reaching 1.3755 at least as far as 1.3590 is intact. The trading range for today might extend among the resistance level at 1.3820 and the support level at 1.3335; while the general trend remains to the downside targeting 1.3555 and 1.3420 as long as 1.5080 remains intact.

Support: 1.3655, 1.3605, 1.3590, 1.3500, 1.3460
Resistance: 1.3695, 1.3730, 1.3755, 1.3805, 1.3820

GBP

We do not have any clear closing above 1.7645 the pair remained to the downside and settled for setting 23.6% correction level for the downside wave that started on 25-09-08 which is still undergoing as the pair cleared the channel to reach 1.71 levels. The pair is trading below 1.7475 and for that the downside is to extend; the support level at 1.7140 might create an upside correction yet as the pair remains below the mentioned level it might breach the support to set the next target at 1.6965 ahead of 1.9640; we need to be careful as the 1.69 levels might be very strong to contain the medium term downside trend and contain huge demand which set high volatility for trading. 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: 1.7210, 1.7160, 1.7135, 1.7105, 1.7015
Resistance: 1.7280, 1.7340, 1.7370, 1.7405, 1.7475

JPY

Yesterday the pair managed to set very close levels to our medium term targets for the technical pattern at 98.55 ahead of rebounding above 100 levels; we expect the upside to continue due to the breach for the downside intraday resistance that led us to our targets yet high volatility is still to remain. 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, 99.10, 98.85, 98.55
Resistance: 101.20, 101.50, 102.00, 103.15, 103.95

CHF

The pair yesterday traded within a downside wave lead by the 20 and 50 hourly MA and today we expect high volatility ahead of the pair's clear headings to the downside. 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: 1.1230, 1.1186, 1.1120, 1.1095, 1.1005
Resistance: 1.1300, 1.1320, 1.1360, 1.1410, 1.1420

CAD

As it was expected the breach for 1.1045 caused a quick acceleration to set out first target over the medium term at 1.1285 which is solid resistance and resides ahead of the major resistance for the upside at 1.1340 as it’s the most important resistance over the short and medium term; for that we expect to see the beginning of a correction after the pair gathers negative momentum from 1.1285 and 1.1340 levels.

The trading range for today might extend among the resistance level at 1.1365 and the support level at 1.1025; while the general trend remains to the upside targeting 1.1285 and 1.1760 as long as 1.0350 remains intact.

Support: 1.1220, 1.1175, 1.1125, 1.1045, 1.1025
Resistance: 1.1285, 1.1340, 1.1365, 1.1455, 1.1470

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.