Technical Analysis for Major Currencies

EURO

The euro versus dollar continued its attempts at bullishly correcting, where the neckline for the bullish technical pattern is at 1.3715 that supports this correction. From here, we see that the expected direction for today is bullish over an intraday basis; the start will be when the mentioned neckline is breached and initially targets 1.3840. It is vital that 1.3615 remain intact to achieve these expectations.

The trading range for today is among the key support at 1.3550 and the key resistance at 1.3840.

The general trend is to the upside as far as 1.3480 remains intact with targets at 1.6000.

Support: 1.3650, 1.3615, 1.3550, 1.3480, 1.3420
Resistance: 1.3715, 1.3740, 1.3800, 1.3840, 1.3925

Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.3715 targeting 1.3840 and stop loss below 1.3615, might be appropriate.

GBP

The predicted bullish correction yesterday is facing horizontal resistance at 1.5660, forming the neckline for the minor bullish technical pattern, where we expect the pair to pressure to the upside and achieve a bullish correction, expected in our previous reports. The primary targets for this awaited ascend is between 1.5745 – 1.5845. Chances of achieving a bullish intraday direction for today will prevail if 1.5570 remains intact.

The trading range for today is among the key support at 1.5465 and the key resistance at 1.5845.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Support: 1.5570, 1.5525, 1.5500, 1.5465, 1.5375
Resistance: 1.5660, 1.5745, 1.5785, 1.5845, 1.5900

Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.5660 targeting 1.5785 and stop loss below 1.5570, might be appropriate.

JPY

The dollar versus yen continues on moving within a narrow range, while the resistance level for the descending short term channel is declining towards 89.50. Momentum indicators are currently neutral, where we await for today a bearish intraday direction; targeting 88.50 then 87.75. A break of 89.15 will help the bearish trend gain speed.

The trading range for today is among the key support at 87.75 and the key resistance at 90.45.

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

Support: 88.90, 88.50, 87.75, 87.35, 86.40
Resistance: 89.50, 89.90, 90.50, 91.30, 91.80

Recommendation Based on the charts and explanations above our opinion is selling the pair from 89.50 target 88.50 and stop loss above 90.45, might be appropriate.

CHF

The 38.2% Fibonacci correctional level stood as a strong resistance against the pair's attempts at descending, while the neckline for the bearish technical pattern appears to be at 1.0690, where breaching it would pave the way to head towards 1.0615 initially, as we should observe this pair's movement at this level. Meanwhile, breaching this level will lead to more descend towards 1.0500. A break of 1.0815 will make chances of achieving a bearish intraday correction fail.

The trading range for today is among the key support at 1.0500 and the key resistance at 1.0890.

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.

Support: 1.0690, 1.0615, 1.0555, 1.0490, 1.0400
Resistance: 1.0750, 1.0815, 1.0835, 1.0890, 1.0935

Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0690 targeting 1.0615 and stop loss above 1.0750, might be appropriate

CAD

The pair is trading in a sideway manner between resistance 1.0780 and support 1.0650 – 23.6% Fibonacci correction level -. The stochastic is showing negative signs that make us expect the breach of mentioned support then paving the way for a continuous bearish correction expected for today towards 1.0565 then 1.0520. the MA 50 could impede the expected bearish correction process, protecting trades within the ascending short term channel.

The trading range for today is among the key support at 1.0520 and the key resistance at 1.0845.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

Support: 1.0650, 1.0565, 1.0520, 1.0450, 1.0400
Resistance: 1.0720, 1.0780, 1.0865, 1.0900, 1.0960

Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0640 targeting 1.0520 and stop loss above 1.0720, might be appropriate.

Ecpulse

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