Written by Crown Forex | Feb 25 09 07:40 GMT
EURO
The pair underwent its expected downside correction to reach the initial targets as it heads towards 1.2895. It is expected that on the intraday basis, the pair to trade within a minor ascending channel yet we believe it will reach 1.3050 as far as 1.2660 remains intact. However, the pair decline to 1.2660 in an attempt to gather bullish momentum to the upside.The trading range for today is among the key support at 1.2555 and the key resistance at 1.3220
The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2330 and 1.2100
Support: 1.2805, 1.2760, 1.2725, 1.2660, 1.2615
Resistance: 1.2895, 1.2945, 1.2995, 1.3070, 1.3095
Recommendation: According to our analysis, we see that its good to buy the pair above 1.2760 with targets at 1.2895 and stop loss with a four hour close below 1.2660
GBP
Trading remains above the key support (previous key resistance for the descending channel) as it is limited between 1.4370 and 1.4635 where a breach of the latter level will open the way towards 1.4660 and 1.4975 respectively. The trend remains as far as 1.4260 remains intact.The trading range for today is among the key support at 1.4260 and the key resistance at 1.4805
The generl trend is to the downside as far as 1.5270 remains intact with targets at 1.3540 and 1.2960
Support: 1.4500, 1.4475, 1.4440, 1.4400, 1.4370
Resistance: 1.4575, 1.4635, 1.4660, 1.4695, 1.4770
Recommendation: According to our analysis, we see that its good to buy the pair above 1.4440 with targets at 1.4635 and stop loss with a four hour close below 1.4260
JPY
The incline that started yesterday and continued till today's session was able to reach 97.40 where it is currently giving signs of a possibility for a downside correction after reversing from resistance levels as seen in the above picture. The pair may decline to reach the key support for the mentioned channel to retest the broken neckline for the bullish technical pattern at 94.35 before rebounding to the uspside targeting 101.00. Our outlook on the intrday basis is to the downside towards 96.25 - 95.55 at the very least where as far as these levels remains intact, the short term target is at 101.00The trading range for today is among the key support at 94.35 and the key resistance at 99.45
The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60
Support: 96.75, 96.25, 95.55, 94.30, 95.05
Resistance: 97.40, 97.75, 98.30, 98.85, 99.45
Recommendation: According to our analysis, we see that its good to sell the pair below 97.40 with targets at 96.25 and stop loss with a four hour close above 98.30
CHF
The pair corrected to the upside as expected and trading now is limited within a triangle which makes us believe that a price explosion may occur after breaching the 1.1585 support or 1.1660 resistance. Our outlook remains to the downside to reach the key support for the ascending channel at 1.1530 before confirming the targets at 1.1455 and 1.1390 The trading range for today is among the key support at 1.1390 and the key resistance at 1.1995 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1995 and 1.2055Support: 1.1585, 1.1530, 1.1455, 1.1390, 1.1330
Resistance: 1.1660, 1.1695, 1.1715, 1.1740, 1.1785
Recommendation: According to our analysis, we see that its good to sell the pair below 1.1660 with targets at 1.1530 and stop loss with a four hour close above 1.1740
CAD
Movements were within the channel illustrated in the above picture where it was breached to the downside as expected in an attempt to reach 1.2360. We see the pair once again near the resistance level at 1.2475 which will help determine the intraday trend. Our outlook remains to the downside targeting 1.2360 and 1.2235 especially after the formation of a minor descending channel that may help the pair decline faster towards the key support. The trading range for today is among the key support at 1.2235 and the key resistance at 1.2660 The general trend is to the upside as far as 1.1780 with targets at 1.2935 and 1.3065Support: 1.2435, 1.2380, 1.2330, 1.2290, 1.2235
Resistance: 1.2495, 1.2525, 1.2570, 1.2635, 1.2660
Recommendation: According to our analysis, we see that its good to sell the pair below 1.2495 with targets at 1.2380 and stop loss with a four hour close above 1.2570
Crown Forex
| Written by DeltaStock Inc. | Feb 25 09 08:12 GMT | | |||||||||||||||||||||||||||||||||||||||||||||||||
Forex Technical AnalysisEUR/USDCurrent level-1.2817EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are rising, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721. Yesterday's rise from 1.2663 has evolved in a three wave zig-zag and peaked at 1.2878. Intraday we favor one more slide to 1.2710, before next leg upwards, for a break above 1.3092, en route to 1.3328. Crucial on the 4 h. chart is 1.2553
 USD/JPYCurrent level - 96.95A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 90.78 and 100.29. Our target at 97.48, set after the break above 94.64, was almost filled with recent high at 97.33, so we favor a reverse around current levels, aiming at 94.64. Crucial for the current uptrend from 92.62 is 96.38, so this level will be also confirmative for a corrective phase towards 94.64.
 GBP/USDCurrent level- 1.4535The pair is in a larger corrective phase towards 1.60+, after bottoming at 1.3506. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5505 and 1.8341. Yesterday's corrective phase bottomed precisely at 1.4376, so we believe the pair is set for a rise towards 1.4986. However, a break above 1.4578 is needed to confirm the bullish outlook.
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