Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Jul 29 08 06:58 GMT |

EURO Trading is now between the 20 and 50 hour moving average and the 100 and 200 moving average just shows confusion in the direction of the pair as momentum indicators show the pair being oversold on the short-term and overbought on the intraday charts. From here we see a sideways pattern with no specific trend today until a breakout of the 1.5830 level or a reverse to the downside to trade below the 1.5585 level at 61.8% correctional level. The trading range is seen among 1.5585 support levels and 1.5900 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: 1.5700, 1.5680, 1.5660, 1.5635, 1.5585 Resistance: 1.5750, 1.5794, 1.5820, 1.5850, 1.5900 GBP The expected upside movements occured and we have now neared the key resistance level of the downside channel that lies within a short term ascending channel where these downside movements are only seen on the intraday but if the pair falls below 1.9840 the directions will be to the downside on the short term. The resistance level is extened to 2.0000 psychological barrier and the continuous reversal from it made it a strong resistance level. Today we expect trading to remain within the same levels seen yesterday to the downside yet we could witness possible upside movements to near the 2.0000 level but the directions will be neutral as momentum indicators still show uncertainty. The trading range is seen among 1.9685 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: 1.9915, 1.9840, 1.9810, 1.9785, 1.9740 Resistance: 1.9960, 1.9980, 2.0000, 2.0085, 2.0165 JPY We can't determine a specific trend as long as trading is between 107.00-108.00 levels where the 107 level now is attracting speculative trading. Momentum indicators signal for a slight incline today in an attempt to breach the 108.00 but if it fails, we will definitely see a reverse to the downside in the evening sessions. The trading range is seen among 106.20 support levels and 108.80 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: 107.10, 106.90, 106.60, 106.20, 105.90 Resistance: 108.00, 108.40, 108.50, 108.80, 109.30 CHF Another attempt to breach higher resistance levels will be seen today but the momentum indicators show the pair being highly oversold on the short term where it is showing difficulty in breaking these levels especially at 1.0435. We expect a new downside wave to be initiated as the pair attempts to face the solid resistance levels. The trading range is seen among 1.0260 support levels and 1.0485 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: 1.0320, 1.0305, 1.0285, 1.0260, 1.0225 Resistance: 1.0355, 1.0375, 1.0405, 1.0435, 1.0485 Recommendation: Sell the pair between 1.0400 and 1.0435 with targets at 1.0320 and perhaps 1.0285 and stop loss above 1.0485 CAD Breaching the key resistance level and building a solid base above it gave the possibility for further incline yet momentum indicators show the pair highly overbought during the intraday which could be difficult for the pair to move to the upside where the range between 1.0250 and 1.0350 contains a lot of resistance levels. The trading range is seen among 1.0120 support levels and 1.0280 resistance levels. The general trend is to the downside as far as 1.0570 remains intact with targets at 0.9720 and 0.9305 Support: 1.0210, 1.0180, 1.0150, 1.0120, 1.0100 Resistance: 1.0230, 1.0260, 1.0285, 1.0330, 1.0350 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.