Technical Analysis for Major Currencies

EURO

The euro settled with 23.6% correction as the intraday upside move did not last as we said and now we are heading for a new downtrend expected to take us to a new low for the pair below the previous 1.34 levels. The pair now targets 1.3335 which is the correction level for the long term upside trend that started on 12-01-2005 and ended 13-07-2008. The trading range for today might extend among the resistance level at 1.3755 and the support level at 1.3335; while the general trend remains to the downside targeting 1.3420 and 1.3335 as long as 1.5080 remains intact.

Support: 1.3515, 1.3455, 1.3415, 1.3375, 1.3335
Resistance: 1.3590, 1.3605, 1.3655, 1.3695, 1.3730

Recommendation: Sell euro below 1.3650 with targets at 1.3420 and stop loss above 1.3730

GBP

The pair continues to slide lower in a steep downside channel despite the heavy selling saturation according to Stochastic and RSI; yet the MACD targets further decline thought now the need is high to an upside test for 1.7150 levels while continued trading blow this level will set further decline towards 1.6705; noting that also trading blow 1.7150 will continue the downside wave for the sterling over the long term. The trading range for today might extend among the resistance level at 1.7255 and the support level at 1.6530; while the general trend remains to the downside targeting 1.7280 and 1.6965 as long as 1.9400 remains intact.

Support: 1.6880, 1.6865, 1.6740, 1.6705, 1.6530
Resistance: 1.6965, 1.7015, 1.7150, 1.7200, 1.7255

Recommendation: Stay Aside

JPY

The pair is trading sideways among our previous target at 98.55 and the secondary resistance at 100.40; today we see the potential for further decline yet will in general remain sideways until it clears the confliction among momentum indicators on intraday one and four hour basis. The trading range for today might extend among the resistance level at 102.25 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: 98.60, 98.50, 98.05, 97.50, 97.25
Resistance: 99.10, 99.70, 100.05, 101.20, 102.25

CHF

The pair is not providing any response to momentum or direction indicators as it continues to trade sideways until a breach is seen for the range at 1.1410-1.1115; yet the medium term upside trend is still valid and targets 1.1685. 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: 1.1195, 1.1160, 1.1115, 1.1045, 1.0945
Resistance: 1.1290, 1.1375, 1.1410, 1.1456, 1.1525

CAD

Strong upside momentum took the pair back to the upside as it breached the short term resistance for the upside and the medium term resistance to create a steep upside wave. Now the 38.2% correction for the downside that started 01-2001 is our next target at 1.1760 yet volatility and fluctuations might be seen as the pair is heavily overbought on most maturities. The trading range for today might extend among the resistance level at 1.1825 and the support level at 1.1395; while the general trend remains to the upside targeting 1.1285 and 1.1760 as long as 1.0350 remains intact.

Support: 1.1600, 1.1585, 1.1490, 1.1395, 1.1235
Resistance: 1.1700, 1.1720, 1.1765, 1.1780, 1.1825

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.