Technical Analysis for Major Currencies

EURO

The pair managed to strongly breach the awaited resistance from the primary targets at the resistance level for the short term descending channel. The negative effect from momentum indicators is forcing the pair to retest the broken level at 1.3655, followed by a bullish rebound and achieving through it the expected bullish intraday direction; heading towards the first main target 1.3800. In order to for these expectations to prevail it requires the four hour closing to remain above 1.3600.

The trading range for today is among the key support at 1.3485 and the key resistance at 1.3800.

The general trend is to the upside if we do not witness a daily close below 1.3485 with targets at 1.5150.

Support: 1.3655, 1.3585, 1.3525, 1.3485, 1.3445
Resistance: 1.3720, 1.3800, 1.3890, 1.3920, 1.4000

Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.3655 targeting 1.3800 and stop loss below 1.3585, might be appropriate.

GBP

The pair succeeded in achieving the first target perfectly at 1.5130, where we notice that the bullish wave is currently stabilizing within the minor ascending channel, shown in the image above. We expect normal trading within this channel, where the pair will build a base through it on the current support at 1.5030, followed by the expected bullish trend resumption over an intraday basis; heading towards 1.5190 then 1.5270. Keep in mind that negative signs appearing on Stochastic might negatively pressure the pair, however, the expected bullish trend will remain intact if trading prevails above 1.4960.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5270.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Support: 1.5030, 1.4960, 1.4900, 1.4850, 1.4785
Resistance: 1.5085, 1.5130, 1.5190, 1.5230, 1.5270

Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5030 targeting 1.5190 and stop loss below 1.4960, might be appropriate.

JPY

The retesting level of 88.80 stood in front of the pair; therefore pushing it to descend according to expectations. Meanwhile, yesterday's suggested scenario will remain intact, where we could witness a new touch of mentioned resistance and followed by the expected bearish direction prevailing over an intraday basis; main targets start at 87.75 then 86.90. Chances of achieving this bearish direction will remain intact if the four-hour closing remains below 89.70.

The trading range for today is among the key support at 86.90 and the key resistance at 90.10.

The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Support: 88.20, 87.75, 86.90, 86.40, 85.80
Resistance: 88.80, 89.30, 89.70, 90.10, 90.85

Recommendation Based on the charts and explanations above our opinion is selling the pair from 88.80 target 87.75 and stop loss above 89.70, might be appropriate.

CHF

The pair was able to insure the breach of pivotal support, shown yesterday, at 1.0715 as the pair currently attempts a minor bullish correction to retest the breached level. On the overall, we expect a bearish intraday direction where its targets start at 1.0605 then 1.0560. Keep in mind the importance of the four-hour candlestick closing remains below 1.0715 to insure achieving these expectations.

The trading range for today is among the key support at 1.0560 and the key resistance at 1.0850.

The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Support: 1.0645, 1.0605, 1.0560, 1.0515, 1.0460
Resistance: 1.0715, 1.0775, 1.0850, 1.0895, 1.0945

Recommendation: Based on the charts and explanations above our opinion is selling the pair from 1.0715 targeting 1.0605 and stop loss above 1.0775, might be appropriate.

CAD

The pair's trading stabilized below the broken 76.4% correctional level – 1.0355 – in an attempt to breach the pivotal support of 1.0305. Momentum indicators are heading towards overbought areas gradually as the pair nears touching 1.0355; therefore making us expect a reversal, where the pair through it will achieve a possible bearish direction over an intraday basis where its main targets start at 1.0220. Achieving these expectations require trading to remain below 1.0405.

The trading range for today is among the key support at 1.0150 and the key resistance at 1.0470.

The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.

Support: 1.0305, 1.0270, 1.0220, 1.0190, 1.0150
Resistance: 1.0355, 1.0405, 1.0475, 1.0500, 1.0565

Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0355 targeting 1.0270 and stop loss above 1.0405, might be appropriate.

Ecpulse

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