Technical Analysis for Major Currencies

EURO

Most of yesterday's trading was around the 1.3630 level where even an incline towards the 1.3680 level wasn't strong enough to result in trading above the neckline. Today we see trading is still affected by the negative trend and trading below 1.3500 will result in the pair to form more bottoms at the 1.33 levels The trading range is among the key support at 1.3135 and the key resistance at 1.3630 ; whereas the general trend is to the downside as far as 1.5080 remains intact with targets at 1.3420 and 1.3335

Support: 1.3360, 1.3305, 1.3290, 1.3260, 1.3220
Resistance: 1.3435, 1.3500, 1.3530, 1.3560, 1.3630

GBP

We indicated the importance of the 1.7475 level yesterday and this is what we see today as the pair failed to maintain trading above the mentioned levle has resulted in a sharp decline to take the pair to the 23.6% correction for the descending channel that started on September 25, 2008. the 1.7105 level will be the last hope to help the pair rebound ont he short term in an attempt to reach 1.7725 yet trading below that level will result in the pair to extend its losses to reach the medium term targets at 1.6965 and 1.6550. The trading range is among the key support at 1.6920 and the key resistance at 1.7500 ; whereas the general trend is to the downside as far as 1.9400 remains intact with targets at 1.6965 and 1.6550

Support: 1.7215, 1.7140, 1.7090, 1.7060, 1.6995
Resistance: 1.7295, 1.7360, 1.7430, 1.7475, 1.7500

JPY

The pair failed once again to successfully breach the 102.95 level for the second time yesterday which resulted in the pair to enter a sharp downside channel. We see today the pair is extended the losses but the overall trend for the today is expected to be of high volatility and sideways as we see mixed signals from momentum indicators showing the pair being overbought on the stochastic indicator and being oversold on the relative strength indicator alongside the weakening downside direction seen on the MACD indicator on the hourly chart. The trading range is among the key support at 97.05 and the key resistance at 103.20; whereas the general trend is to the downside as far as 104.60 remains intact with targets at 98.55 and 97.30

Support: 99.90, 99.30, 98.95, 98.40, 97.90
Resistance: 100.35, 100.70, 101.25, 101.60, 102.10

CHF

The pair inclined once again to near the 1.1500 level but it failed to build a solid base above the 1.1485 level which is a critical level on the short term since it is a key resistance that separates the pair from entering a strong upside channel. Today we will monitor this level where trading velow it will result in a decline as it is also supported by momentum indicators that show the need for a downside correction as it is being overbought. Note that maintaining above the mentioned resistance level will result in significant upside movements where the pair will neglect the need for a downside correction. The trading range is among the key support at 1.1290 and the key resistance at 1.1635; whereas the general trend is to the upside as far as 1.0570 remains intact with targets at 1.1455 and 1.1685

Support: 1.1405, 1.1380, 1.1305, 1.1290, 1.1275
Resistance: 1.1485, 1.1510, 1.1580, 1.1635, 1.1685

CAD

The pair today was able to initiate a bullish wave from 1.1765 where we expect it to continue to reach the 138.2% fibonacci extention at 1.1995 and then targeting the 161.8% extention at 1.2075 as long as trading is above 1.1870. The trading range is among the key support at 1.1765 and the key resistance at 1.2145; whereas the general trend is to the upside as far as 1.0730 remains intact with targets at 1.1775 and 1.2610

Support: 1.1870, 1.1835, 1.1765, 1.1685, 1.1595
Resistance: 1.1995, 1.2015, 1.2050, 1.2075, 1.2145

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.