Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair inclined sharply last Friday targeting 1.3585 where a breach of this level will open the way on the short term towards 1.3735. We expect the pair to touch this level today before correcting to the downside towards 1.3440 at the very most in an attempt to gather bullish momentum and target levels higher at 1.3845 and 1.4180 respectively. The short term inclines remains as far as 1.3320 is intact.

The trading range for today is among the key support at 1.3320 and the key resistance at 1.3845

The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120

Support: 1.3585, 1.3550, 1.3495, 1.3440, 1.3370
Resistance: 1.3710, 1.3735, 1.3770, 1.3810, 1.3845

Recommendation: According to our analysis, sell the pair below 1.3735 with targets at 1.3550 and stop loss with four hour closing above 1.3845

GBP

The Cable was able to breach the 1.5160 level and maintain levels above it which opened the way to target 1.5250. The pair still has more room for further inclines to reach 1.5950 yet it must successfully breach the 1.5270 pivotal resistance level. Downside movements may be witnessed towards 1.5070 in an attempt to gather enough bullish momentum where the incline continues as far as trading remains above 1.5070 today and above 1.4815 on the short term.

The trading range for today is among the keys support at 1.4815 and the key resistance at 1.5525

The general trend is to the upside as far as 1.5270 remains intact with targets at 1.3440

Support: 1.5175, 1.5135, 1.5070, 1.5030, 1.4975
Resistance: 1.5270, 1.5295, 1.5350, 1.5380, 1.5450

Recommendation: According to our analysis, sell the pair below 1.5175 with targets at 1.5070 and stop loss with four hour closing above 1.5240

JPY

The 99.55 level was able to halt further inclines for the USD/JPY pair as seen in the above picture, resulting in a decline towards 98.05 as it is in the process of forming a bearish technical pattern with a neckline at the above mentioned support. The negative pressure remains and therefore we expect the pair to decline to breach 96.55 - 96.25. The short term trend remains to the upside as far as 96.25 remains intact.

The trading range for today is among the key support at 96.00 and the key resistance at 101.40

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

Support: 98.05, 97.15, 96.35, 95.90, 95.45
Resistance: 98.85, 99.05, 99.55, 100.25, 100.65

Recommendation: According to our analysis, sell the pair below 98.05 with targets at 96.55 and stop loss with four hour closing above 99.05

CHF

The Dollar versus Swissy breached the support level as it currently is nearing the 1.0980 critical level. We expect volatility in the markets today which may result in an upside correction towards 1.1165 to recover previous losses before reversing back to the downside targeting 1.0745. This decline remains as far as 1.1355 is intact.

The trading range for today is among the key support at 1.0745 and the key resistance at 1.1355

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245

Support: 1.0980, 1.0910, 1.0855, 1.0795, 1.0710
Resistance: 1.1115, 1.1165, 1.1220, 1.1265, 1.1320

Recommendation: According to our analysis, sell the pair below 1.1165 with targets at 1.0980 and stop loss with four hour closing above 1.1265

CAD

The Dollar versus Loonie declined to reach the key support for the minor descending channel as it breached the key support at 1.1475 to target 1.1500. Trading below 1.1500 will open the way towards 1.1300 therefore we expect upside movements in an attempt to remain trading above 1.1500 and reach 1.1630 at the very most. As far as the last correction remains intact, targets are now at 1.1300.

The trading range for today is among the key support at 1.1335 and the key resistance at 1.1730

The general trend is to the upside as far 1.1335 remains intact with targets at 1.3400

Support: 1.1460, 1.1370, 1.1335, 1.1300, 1.1195
Resistance: 1.1505, 1.1570, 1.1630, 1.1670, 1.1715

Recommendation: According to our analysis, buy the pair above 1.1505 with targets at 1.1630 and stop loss with four hour closing below 1.1460

Ecpulse

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