Technical Analysis for Major Currencies

EURO

After several attempts to breach the mentioned support yesterday (1.3175) the Euro versus the dollar failed to breach the key support for the upside channel resulting in a rebound to trade within the above mentioned channel where our outlook remains to the upside with an initial target at 1.3315 and 1.3585 to continue the short term trend that is targeting 1.4000. The pair needs to breach the minor resistance at 1.3260 to reach the initial target yet 1.3100 must remain intact

The trading range for today is among the key support at 1.2970 and the key resistance at 1.3735

The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2200 1.2120

Support: 1.3195, 1.3135, 1.3100, 1.3060, 1.3035
Resistance: 1.3260, 1.3315, 1.3370, 1.3415, 1.3445

Recommendation: According to our analysis, we believe its best to buy the pair above 1.3195 with targets at 1.3315 and stop loss with a four hour close below 1.3100

GBP

The GBP/USD pair declined yesterday to trade near the key support at 1.4180 where it attempted several times to breach it and maintain levels below it yet the positive pressure from momentum indicators showing the pair being oversold resulted in a rebound. The 1.4065 level mush remain intact (the 76.4% correction) for the short term trend to remain to the upside where our outlook remains targeting 1.4635 and 1.4985 after reaching yesterday's target at 1.4310. However, once again 1.4065 must remain unbroken and the pair should successfully breach 1.4420

The trading range for today is among the key support at 1.3980 and the key resistance at 1.4635

The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440 and 1.2960

Support: 1.4250, 1.4225, 1.4160, 1.4105, 1.4065
Resistance: 1.4340, 1.4380, 1.4405, 1.4420, 1.4495

Recommendation: According to our analysis, we believe its best to buy the pair above 1.4225 with targets at 1.4420 and stop loss with a four hour close below 1.4105

JPY

The Dollar versus the Japanese yen successfully breached the 96.90 level to decline towards 95.90 yet was able to halt further losses which we expected to reach 94.85 (38.2% Fibonacci correction) supported by the oversold signals on momentum indicators that resulted in a rebound to the resistance level at 98.15. The scenario that started on March 11 formed a bullish technical pattern with a neck line at 98.85 with targets that could pass 102.00 and reach levels above 104.00 as the complete targets. However, the incline needs three conditions:

1) a successful breakout of 98.85
2) a daily close above 98.85
3) the 96.90 level must remain unbroken to confirm the upside trend on the short term

The trading range for today is among the key support at 99.00 and the key resistance at 102.60

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

Support: 97.95, 97.35, 96.90, 96.35, 95.90
Resistance: 98.85, 99.65, 100.00, 100.55, 101.25

Recommendation: According to our analysis, we see its best to buy the pair above 98.85 with targets at 100.55 and 101.25 and stop loss with a four hour close below 97.35

CHF

The USD/CHF pair continued to gradually decline after reversing from the key resistance at 1.1525 where it current stalled near the support level at 1.1445. We expect the pair to pressure the level to the downside to decline to target 1.1330 initially before confirming the direction to 1.1165 on the short term. The downside movements prevail as far as 1.1615 remains unbroken

The trading range for today is among the key support at 1.0975 and the key resistance at 1.1725

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2055 and 1.2160

Support: 1.1445, 1.1390, 1.1330, 1.1280, 1.1235
Resistance: 1.1535, 1.1570, 1.1615, 1.1695, 1.1750

Recommendation: According to our analysis, we believe its best to sell the pair with the breach of 1.1445 with targets at 1.1330 and stop loss with a four hour close above 1.1535

CAD

The Dollar versus the Loonie inclined sharply yesterday to breach the resistance level at 1.2535 – 1.2545 yet failed to extend gains as it reached the 76.4% correction near 1.2615 which is a pivot point for the short term trend. If this level remains unbroken, the short term trend will be to the downside yet will be confirmed after the breach of the current 1.2565 support (previously breached resistance level) where this breach will take the pair to 1.2470 and 1.2400 before completing the bearish movements towards the key support for the ascending channel at 1.2320

The trading range for today is among the key support at 1.2185 and the key resistance at 1.2800

The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3400

Support: 1.2565, 1.2470, 1.2400, 1.2320, 1.2305
Resistance: 1.2615, 1.2670, 1.2705, 1.2740, 1.2780

Recommendation: According to our analysis, we believe its best to sell the pair below 1.2615 with targets at 1.2470 and stop loss with a four hour close above 1.2705

Ecpulse

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