Technical Analysis for Major Currencies

EURO

A downside trend for the Euro with a neckline at 1.3630. Failing to trade above the mentioned level will result in more downside movements targeting 1.3530 and perhaps 1.3500. We see on the relative strength indicator on the one hour chart is neutral while the stochastic indicator is nearing the overbought area and the ADX is still pointing to the upside yet the direction is weakening. From here we see that monitoring the 1.3630 is important for today and if the pair fails to trade above it then we will see a clear and significant decline. The trading range for today is among the key support at 1.3405 and the key resistance at 1.3830; whereas the general trend is to the downside as far as 1.5080 remains intact with targets at 1.3420 and 1.3335

Support: 1.3560, 1.3530, 1.3435, 1.3405, 1.3290
Resistance: 1.3630, 1.3690, 1.3750, 1.3790, 1.3800

Recommendation: Sell the pair below 1.3630 with targets at 1.3530 and stop loss with an hourly close above 1.3685

GBP

Despite declining today towards the expected targets, the pair was able to incline above the 1.7553 level where from here we see the pair attempting to reach the correctional target at 1.7720 which is the 50% fibonacci level for the downside channel that started September 25, 2008. On the other hand, trading is still near the 1.7475 pivot point where we should wait to see whether the pair will trade above it or below it. The short term trend adjusted to the upside releated to the 1.7475 level previously mentions and we shouldn't forget that the medium term trend is still to the downside. The trading range for today is among the key support at 1.7295 and the key resistance at 1.7725; whereas the general trend is to the downside as far as 1.9400 remains intact with targets at 1.6965 and 1.6550

Support: 1.7430, 1.7400, 1.7360, 1.7305, 1.7295
Resistance: 1.7500, 1.7520, 1.7585, 1.7630, 1.7725

JPY

The levels at 102.85 and 102.95 that we pointed out to yesterday were obstacles the pair couldn't breach to complete our targes at 104.60 as the pair reversed to the downside but was able to build a solid base above the 101.35 level that is the key support for the upside channel. From here, we expect upside movements today once again to try to build a solid above the 102 level to reach the initial target after it had previously failed. The trading range for today is among the key support at 99.90 and the key resistance at 104.60; whereas the general trend is to the downside as far as 104.60 remains intact with targets at 98.55 and 97.30

Support: 101.60, 101.25, 100.70, 100.30, 99.90
Resistance: 101.85, 102.10, 102.90, 103.20, 103.80

Recommendation: Buy above 101.35 with targets at 102.40 and stop loss below 100.70

CHF

Yesterday's trading was sideways within minor supports and resistances which illustrates low volume trading on the pair and te weak supply and demand. As long as trading is below 1.1485, we expect to see further downside movements on the pair. The trading range for today is among the key support at 1.1140 and the key resistance at 1.1580; whereas the general trend is to the upside as far as 1.0570 remains intact with targets at 1.1455 and 1.1685

Support: 1.1305, 1.1290, 1.1275, 1.1210, 1.1195
Resistance: 1.1380, 1.1405, 1.1445, 1.1470, 1.1490

Recommendation: Sell below 1.1380 with stop loss above 1.1450 and targets at 1.1185

CAD

The pair declined yesterday before correction to the upside to trade around the 23.6% corretion at 1.1590. We expect the pair to reverse to the downside as direction indicators show negative direcetion. The resistance level at 1.1765 is critical and as far as trading remains below it we expect the pair to retest the 1.1345 levels. The trading range for today is among the key support at 1.1345 and the key resistance at 1.1765; whereas the general trend is to the upside as far as 1.0730 remains intact with targets at 1.1775 and 1.2610

Support: 1.1500, 1.1415, 1.1380, 1.1345, 1.1280
Resistance: 1.1595, 1.1685, 1.1765, 1.1800, 1.1835

Recommendation: Sell the pair below 1.1600 with targets at 1.1500 and stop loss above 1.1680

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.