Technical Analysis for Major Currencies

EURO

The pair is trading sideways amid general calm trading. The downside trend movement continues to control the pair as it nears the resistance level for the descending channel accompanied with overbought signals on momentum indicators. Those factors support our expectations for an intraday downside move targeting 1.4215 and require 1.4470 to remain intact.

The trading range for today is among the key support at 1.4715 and the key resistance at 1.4570.

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.

Support 1.4300 1.4260 1.4215 1.4175 1.4110
Resistance 1.4395 1.4470 1.4500 1.4570 1.4620
Recommendation Based on the charts and explanations above, our opinion is selling the pair from 1.4395 to 1.4300 and stop loss above 1.4470 might be appropriate

GBP

The pair rushed to the upside steeply yesterday to continue the upside correction reaching 61.8% while trading above the support level for the descending channel. Momentum indicators are providing negative signals supporting the strength of the correction level and therefore we expect a downside intraday move today targeting initially 1.5975 and then 1.5920 and require 1.6155 to remain intact with four hour closing.

The trading range for today is among the key support at 1.5830 and the key resistance at 1.6255.

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

Support 1.6035 1.5975 1.5920 1.5830 1.5805
Resistance 1.6090 1.6125 1.6155 1.6235 1.6255
Recommendation Based on the charts and explanations above, our opinion is selling the pair from 1.6090 to 1.5975 and stop loss above 1.6155 might be appropriate

JPY

The pair succeeded in touching the awaited resistance level which currently resides at 92.40 accompanied by Stochastic and RSI trading near overbought areas. Therefore, we expect an intraday downside move targeting initially the channel’s support at 91.80 to open the way to the short term downside wave which target next 90.75. Note that steady trading above 92.40 might cancel the strength of this level and might take the pair higher towards 93.60 to continue trading within this channel.

The trading range for today is among the key support at 90.75 and the key resistance at 93.60.

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

Support 91.80 91.35 90.75 90.15 89.60
Resistance 92.40 92.80 93.35 93.60 94.30
Recommendation Based on the charts and explanations above, our opinion is selling the pair from 92.40 to 91.80 and stop loss above 92.80 might be appropriate

CHF

The pair faced strong resistance at 1.0390 which as seen on the chart formed the neckline for a bullish pattern which targets further upside moves over intraday basis. Stochastic is close to close to providing a positive crossover supporting a possible intraday upside move for today and will be confirmed with the breach of the mentioned neckline initially at 1.0500-1.0520. Those expectations remain valid as far as 1.0275 is intact.

The trading range for today is among the key support at 1.0200 and the key resistance at 1.0520.

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

Support 1.0300 1.0275 1.0200 1.0140 1.0075
Resistance 1.0390 1.0425 1.0450 1.0500 1.0520
Recommendation Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.0390 to 1.0520 and stop loss below 1.0275 might be appropriate

CAD

The pair is trading perfectly within the suggested scenario yesterday and is currently retesting the pivotal breached resistance at 1.0510 which turned into support. We might witness some volatility around the new support level in an attempt to gain upside momentum to support the bullish expectations for further upside moves over intraday basis which targets initially 1.0650; the upside move requires the stability of 1.0445.

The trading range for today is among the key support at 1.0335 and the key resistance at 1.0745.

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

Support 1.0510 1.0445 1.0410 1.0360 1.0335
Resistance 1.0545 1.0590 1.0650 1.0680 1.0745
Recommendation Based on the charts and explanations above, our opinion is buying the pair from 1.0510 to 1.0650 and stop loss below 1.0445 might be appropriate

Ecpulse

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