Technical Analysis for Major Currencies

EURO

The euro entered the downside wave expected which was quite vigorous taking the pair near the 1.3310 level yet was able to rebound as we currently see trading above the 100% correction at 1.3475 where from there we expect the pair could find the chance to correct to the upside. However, the general trend for the pair remains to the downside and any upside correction will be an attempt to gather bearish momentum to reverse once again. At any moment trading falls below the 1.3475 level, the downside trend will continue. The trading range for today is among the key support at 1.3280 and the key resistance at 1.3805 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2340 and 1.2225

Support: 1.3505, 1.3475, 1.3455, 1.3385, 1.3335
Resistance: 1.3540, 1.3585, 1.3615, 1.3640, 1.3675

Recommendation Buy above 1.3505 with targets at 1.3575 and stop loss with a four hour close below Buy above 1.3505 with targets at 1.3575 and stop loss with a four hour close below 1.3470. If the stop loss is triggered, sell the pair below 1.3475 with targets at 1.3375 and stop loss with a four hour close above 1.3540

GBP

Trading above the 1.4720 level we pointed out to yesterday helped the pair incline to reach the 1.49 levels above the 100 day MA on the four hour charts and also above the 38.2% correction for the downside channel seen in the above picture. Although the medium term trend is still to t he downside, today we see a chance for the pair to incline despite being overbought on the momentum indicators since the 38.2% correction at 1.4875 is providing the pair with the bullish momentum needed to perhaps reach the 50% correction at 1.5035. The trading range for today is amongh the key support at 1.4585 and the key resistance at 1.5160 The general trend is to the downside as far as 1.9400 remains intact with targets at 1.4135 and 1.4095

Support: 1.4875, 1.4860, 1.4830, 1.4785, 1.4720
Resistance: 1.4945, 1.4975, 1.5035, 1.5065, 1.5140

Recommendation: Buy the pair above 1.4910 with targets at 1.4975 and 1.5035 and stop loss with a four hour close below 1.4830

JPY

The pair extended its gains to reach levels exceeding our targets adding more confirmation to that the short term trend is to the upside and is strong. Today the pair reversed to trade below the key resistance for the short term ascending channel at 94.10 yet is also near the 100% correction at 93.65 attempting to breach it to the downside where from here we expect to see a downside correction today but failing to reverse the trend. The trading range for today is among the key support at 92.10 and the key resistance at 95.20 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60

Support: 93.40, 92.85, 92.64, 92.10, 91.85
Resistance: 93.80, 94.10, 94.60, 94.90, 95.20

Recommendation: Sell the pair between 93.70 and 94.10 with targets at 92.85 and stop loss with a four hour close above 94.60

CHF

The pair continued to incline yesterday without correction to the downside yet today it slightly reversed back to the downside but still above the 50 day MA on the one hour chart at 1.1100. From here we see that the pair should trade below this level on the hourly chart in order to decline. The trading range for today is among the key support at 1.0840 and the key resistance at 1.1380 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2570 and 1.2780

Support: 1.1115, 1.1100, 1.1070, 1.1025, 1.0985
Resistance: 1.1180, 1.1220, 3.1310, 1.1380, 1.1405

Recommendation: Buy the pair above 1.1115 with targets at 1.1180 and 1.1220 and stop loss with a four hour close below 1.1070

CAD

The pair continued to decline to reach the 76.4% correction at 1.1825 where we are expecting further losses. Looking at the relative strength indicator, we see that the pair is heavily oversold and therefore could witness an upside correction but no matter what happens today, as long as we don't see a four hour close above 1.1950, the short term downside trend will continue. The trading range for today is among the key support at 1.1660 and the key resistance at 1.2140 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465

Support: 1.1825, 1.1780, 1.1760, 1.1705, 1.1660
Resistance: 1.860,1.1910, 1.1950, 1.1970, 1.2050

Recommendation: Sell the pair below 1.1910 with targets at 1.1825 and stop loss with a four hour close above 1.1970

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.