Technical Analysis for Major Currencies

Written by Crown Forex | Feb 18 09 07:15 GMT |

EURO The pair continued to decline gradually yet trading was near the previous resistance level that has now become a support. We expect the downside movements to remain yet we might witness upside corrections to 1.2615 - 1.2650 as it is pressured by momentum indicators before reaching 1.2330 and 1.2100 The trading range for today is among the key support at 1.2330 and the key resistance at 1.3170 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2330 and 1.2100 Support: 1.2540, 1.2515, 1.2495, 1.2415, 1.2390 Resistance: 1.2600, 1.2615, 1.2670, 1.2705, 1.2750 Recommendation: According to our analysis, we see that its good to sell the pair below 1.2615 with targets at 1.2515 and stop loss with a four hour close above 1.2705 GBP Trading was steady within 100 pips since yesterday among the pivot support and resistance levels. Our intraday outlook to the downside towards 1.4140 and 1.4040 has not been altered, yet the 1.4310 must remain intact. The trading range for today is among the key support at 1.3890 and the key resistance at 1.4570 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3520 and 1.3170 Support: 1.4180, 1.4140, 1.4095, 1.4040, 1.3995 Resistance: 1.4260, 1.4315, 1.4365, 1.4430, 1.4455 Recommendation: According to our analysis, we see that its good to sell the pair below 1.4260 with targets at 1.4140 and 1.4040 and stop loss above 1.4365 JPY Trading has returned once again within the previously broken ascending channel where the key support for this channel was able to limit further losses supporting our outlook for a slight incline to reach 93.70 and 94.20 as far as 91.40 remains intact. On an intraday basis, it is expected that the pair is to touch the support at 94.20 before reaching 92.80 as an initial target where a breakout will open the way towards 93.70 and 94.20 The trading range for today is among the key support at 86.15 and the key resistance at 94.20 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60 Support: 92.00, 91.60, 91.40, 90.70, 90.40 Resistance: 92.70, 93.00, 93070, 94.20, 94.60 Recommendation: According to our analysis, we see that its good to buy the pair above 92.00 with targets at 92.80 and 93.70 and stop loss with an hourly close below 91.40 CHF Trading is within narrow ranges near the minor support at 1.1660 where the pair rebounding to the upside several times. We could witness a decline towards 1.1635 - 1.1615 in an attempt to gather bullish momentum to rebound to the upside and arget 1.1775 and 1.1825 as far as 1.1560 remains intact. The trading range for today is among the key support at 1.1460 and the key resistance at 1.1940 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1825 and 1.2055 Support: 1.1635, 1.1615, 1.1580, 1.1560, 1.1505 Resistance: 1.1715, 1.1775, 1.1805, 1.1825, 1.1895 Recommendation: According to our analysis, we see its good to buy the pair above 1.1635 with targets at 1.1775 and stop loss with a four hour close below 1.1560 CAD After yesterday's incline to reach the 100% fibonacci extention, trading remained between the above mentioned level and the 76.4% correction. We expect to see a downside correction towards 1.2575 and 1.2520 to gather bullish momentum before rebounding and targeting 1.2895 as far as 1.2375 remains intact. The trading range for today is among the key support at 1.2140 and the key resistance at 1.2745 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.2935 and 1.3065 Support: 1.2575, 1.2520, 1.2470, 1.2405, 1.2375 Resistance: 1.2660, 1.2700, 1.2735, 1.2765, 1.2805 Recommendation: According to our analysis, we see that its good to buy the pair above 1.2520 with targets at 1.2660 and stop loss with a four hour close below 1.2430 Crown Forex