Technical Analysis for Major Currencies

EURO

The pair continued to decline yesterday to near our initial target at 1.2725 where it is currently correcting to the upside to 1.2810 as it attempts to retest the breached key support that was pointed out to yesterday to confirm the downside move to 1.2725 and 1.2540 respectively. We expect high volatility on the intraday basis but our short term trend remains to the downside.

The trading range for today is among the key support at 1.2540 and the key resistance at 1.3315

The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2540 and 1.2405

Support: 1.2750, 1.272,5 1.2705, 1.2660, 1.2595
Resistance: 1.2810, 1.2890, 1.2930, 1.29651, 1.3010

Recommendation: Sell the pair below 1.2810 with targets at 1.2705 and 1.2660 and stop loss with a four hour close above 1.2890

GBP

The pair inclined to 1.4690 as we expected before declining to 1.4525 where it continued to move through a downside channel that we expect to prolong until we see a rebound to the key resistance of the descending channel at 1.4775. A slight decline could be seen on the intraday basis to 1.4500 which is the 61.8% correction for the last incline that started at 1.4370 as momentum indicators show the pair being overbought and then rebound to the above mentioned key resistance.

The trading range for today is among the key support at 1.4155 and the key resistance at 1.4770

The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3520 and 1.3370

Support: 1.4595, 1.4550, 1.4500, 1.4475, 1.44105
Resistance: 1.4675, 1.4690, 1.4710, 1.4770, 1.4830

Recommendation: Sell below 1.4675 with targets at 1.4500 and stop loss with a four hour close above 1.4770

JPY

What we expected occured as the pair breached several resistance levels to reach our suggested target before reversing from the key resistance f the upside channel. The pair is now near the 50% correction for yesterday's sharp incline where we believe that the pair will rebound from 90.70 to reach the next critical resistance at 92.45

The trading range for today is among the key support at 86.15 and the key resistance at 92.10

The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60

Support: 90.70, 90.35, 89.90, 89.55, 89.20
Resistance: 91.30, 91.50, 91.80, 92.20, 92.45

Recommendation: Buy the pair above 90.70 with targets at 92.45 and stop loss with an hourly close below 89.60

CHF

The pair was able to appreciate to reach our targets at 1.1675 and extend its gains after breaching the pivot point at 1.1675 as it was supported by a bullish technical pattern. We expect to see more incline towards 1.2080 but it is important to note that momentum indicators show the pair bieng overbought alongside negative signs on the Stochastic indicator since that could result in a significant decline making the pair retest the the 1.1650 - 1.1675 area before rebounding to the upside.

The trading range for today is among the key support at 1.1405 and the key resistance at 1.2080

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1805 and 1.2055

Support: 1.1675, 1.1645, 1.1570, 1.1545, 1.1510
Resistance: 1.1755, 1.1805, 1.1825, 1.8885, 1.1920

Recommendation: Buy the pair above 1.1675 with targets at 1.1805 and stop loss with a four hour close below 1.1570

CAD

The 1.2265 support level was able to limit further losses by the pair to rebound back to the upside and breach a minor resistance level. We expect movements to continue to the upside to reach our short term target at 1.2945 as far 1.2295 remains intact. On the intraday basis for today, the pair may decline to hit the above mentioned level before rebounding to the upside as momentum indicators on the intraday show the pair being overbought.

The trading range for today is among the key support at 1.2070 and the key resistance at 1.2590

The general trend is to the upside as far as 1.1780 remains intact with targets at 1.2890 and 1.3025

Support: 1.2305, 1.2295, 1.2265, 1.2220, 1.2180
Resistance: 1.2380, 1.2410, 1.2495, 1.2520, 1.2550

Recommendation: Buy the pair above 1.2295 with targets at 1.2380 and stop loss with a four hour close below 1.2220

Crown Forex