Technical Analysis for Major Currencies

EURO

The pair approached the main target at 1.3525 to return and fluctuate around MA 50. Stochastic entered overbought areas; therefore we expect a bearish intraday direction that targets 1.3525 and then will attempt to breach it and head towards 1.3430. It is vital that trading remain below 1.3685 to maintain chances of achieving this suggested scenario.

The trading range for today is among the key support at 1.3430 and the key resistance at 1.3705.

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

Support: 1.3525, 1.3485, 1.3430, 1.3360, 1.3315
Resistance: 1.3610, 1.3655, 1.3685, 1.3735, 1.3800

Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.3610 targeting 1.3525 and stop loss above 1.3685, might be appropriate.

GBP

The pair returned to retest yesterday's breached pivotal support at 1.4990, after levels halted at 1.4930 in front of achieving the awaited targets. We see more expected bearish intraday direction that will start its targets at 1.4850 and requires trading to remain below 1.5095 to achieve it.

The trading range for today is among the key support at 1.4795 and the key resistance at 1.5195.

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

Support: 1.4940, 1.4900, 1.4850, 1.4795, 1.4730
Resistance: 1.4990, 1.5030, 1.5095, 1.5145, 1.5195

Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.4990 targeting 1.4850 and stop loss above 1.5095, might be appropriate.

JPY

After achieving yesterday's minor bearish technical pattern's targets, the pair is fluctuating around MA 200 and therefore helping it clearly gain negative momentum that is appearing on momentum indicators; where it encourages us to resume the expected bearish direction over an intraday basis and build a base on MA 200 to head towards 89.35 as a first target, followed by 88.70. The breach of 90.60 will weaken chances of achieving these expectations.

The trading range for today is among the key support at 88.70 and the key resistance at 90.60.

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

Support: 89.65, 89.35, 88.70, 88.20, 87.75
Resistance: 90.15, 90.60, 91.40, 92.15, 92.40

Recommendation Based on the charts and explanations above our opinion is selling the pair from 90.15 targeting 89.35 and stop loss above 90.60, might be appropriate.

CHF

After the breach of the falling wedge level in yesterday's reports, the pair is currently attempting to retest this level at 1.0745 – shown in the side image -. Stochastic is nearing oversold levels; therefore we expect a bullish intraday direction heading towards 1.0895 as a main target that requires the four-hour closing to be above 1.0645 to be achieved.

The trading range for today is among the key support at 1.0605 and the key resistance at 1.0895.

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

Support: 1.0745, 1.0715, 1.0645, 1.0605, 1.0560
Resistance: 1.0795, 1.0825, 1.0850, 1.0895, 1.0945

Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0745 targeting 1.0895 and stop loss below 1.0645, might be appropriate.

CAD

The pair returned and is wedged once more between both ends of the falling wedge pattern, after its only attempt to breach it yesterday; reaching this pattern, as well as the positive signs from momentum indicators, make us hold onto yesterday's expected direction. We see that the expected bullish direction over an intraday basis that will start with the breach of 1.0280 and targets the retest of the breached support level at 1.0365. The breach of 1.0230 will pave the way to resume the bearish short term direction without the need of an expected retesting process.

The trading range for today is among the key support at 1.0150 and the key resistance at 1.0365.

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

Support: 1.0230, 1.0190, 1.0150, 1.0080, 1.0000
Resistance: 1.0280, 1.0365, 1.0405, 1.0475, 1.0500

Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0280 targeting 1.0365 and stop loss below 1.0230, might be appropriate.

Ecpulse

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