Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Jul 25 08 06:43 GMT |

EURO Depite attempting to break the 50% corrections level, the move failed to continue as the pair witnessed many buying orders at support leveles near the 1.5660. From here we expect the upside trend to remain on the short-term but we could see high volatility as momentum indicators are still showing mixed signals on whether the pair is overbought or oversold. The trading range is seen among 1.5575 support levels and 1.5870 resistance levels. The general trend is to the upside as far as 1.4900 remains intact with targets at 1.6178 and 1.6405 Support: 1.5660, 1.5635, 1.5605, 1.5575, 1.5545 Resistance: 1.5740, 1.5765, 1.5800, 1.5850, 1.5870 Recommendation Buy above 1.5660 with targets at 1.5740 and 1.5760 and stop loss below 1.5580 GBP A sharp downfall yesterday took the pair to the key support of the ascending channel and despite reaching levels below that support, it was able to close above it and maintain trading levels near it. Continuing to trade above 1.9860 will take the pair to the upside again whereas trading below it will initiate possibly a new downside wave. The trading range is seen among 1.9710 support levels and 2.0100 resistance levels. The general trend is to the downside as far as 2.0460 remains intact with targets at 1.9267 and 1.9053 Support: 1.9860, 1.9845, 1.9820, 1.9765, 1.9710 Resistance: 1.9900, 1.9960, 1.9980, 2.0050, 2.0100 JPY Expectations to see a correction to the downside yesterday extended to break the 107 level and this move could possibly take the pair to 106.40 and even as low as 105.90 where prices now are at the 38.2% correction level. Momentum and technical indicators in the short term show that the yen is being extremely overbought whereas the daily indicators point to the dollar being overbought. From here we will witness fluctuations in the patterns with no specific trend for today, but the overall movement seems to be taking the pair to the downside if the it doesn't reverse back above 107.00 The trading range is seen among 105.30 support levels and 107.50 resistance levels. The general trend is to the upside as far as 103.00 remains intact with targets at 109.90 and 113.24 Support: 106.40, 105.90, 105.10, 104.65, 104.30 Resistance: 106.95, 107.10, 107.50, 107.85, 108.25 CHF The pair fell before reaching the key resistance yesterday and that was due to the high volume trading to teh downside on the pair and from here we see that due this volume, the pair has entered an overbought area on the short-term. We expect the movement to be to the downside but we might witness today a slight upside movement in an attempt to reach the key resistance but today it seems like the pair will be fluctuating in both directions. The trading range is seen among 1.0180 support levels and 1.0490 resistance levels. The general trend is to the upside as far as 1.0010 remains intact with targets at 1.0725 and 1.0860 Support: 1.0315, 1.0300, 1.0265, 1.0180, 1.0130 Resistance: 1.0375, 1.0400, 1.0420, 1.0460, 1.0490 CAD We finally reached the target and are so close to the key resistance of the upside short-term channel that lies between 1.0160 and 1.0175. We expect that a downside wave to be initiated starting today unless the mentioned resistance was breached and the pair inclined. The trading range is seen among 1.0030 support levels and 1.0225 resistance levels. The general trend is to the downside as far as 1.0570 remains intact with targets at 0.9720 and0.9305 Support: 1.0120, 1.0090, 1.0050, 1.0030, 1.0000 Resistance: 1.0155, 1.0170, 1.0194, 1.0225, 1.0270 Recommendation: Sell below 1.0160 with targetst at 1.0090 and maybe 1.0030 and stop loss above 1.0225 Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.