Daily Forex Technicals | Written by Crown Forex | Jul 31 08 06:55 GMT |
EURO
The pair is trying to initiate an upside wave above the 61.8% level at 1.5580 where the support levels around the 1.5500 helped prices to rebound from below the 23.6% level where it is assured than a strong bullish wave will be seen. Let's not jump to conclusion because the trend is still to the downside as long as trading remains below 1.5630 and the pair now targets 1.5500. However, trading today must head towards 1.5570 where building a solid base above it will support the ascending channel as momentum indicators show that the pair is being oversold. Yet remaining under it will continue the downside movements to retest yesterday's levels. The trading range is seen among 1.5430 support levels and 1.5770 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: 1.5570, 1.5525, 1.5495, 1.5465, 1.5430
Resistance: 1.5620, 1.5645, 1.5675, 1.5710, 1.5770
GBP
Depite halting the downside movements, the pair is still below the 1.9860 indicating that the trend is still to the downside. If the pair was able to build a solid base above the mentioned level, we'll see bullish movements on the short term but we expecte that the direction remains unchanged to retest the support levels between 1.9760 and 1.9710 at least. The trading range is seen among 1.9580 support levels and 2.0000 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: 1.9760, 1.9710, 1.9680, 1.9640, 1.9580
Resistance: 1.9815, 1.9870, 1.9900, 1.9940, 2.0000
JPY
The directions hasn't changed much since yesterday as the strong resistance level at 108.40 has been pushed up as another resistance was formed at 108.30. Trading today could be fluctating in wide ranges as momentum indicators are neutral yet on the intraday basis the pair needs a correction to the downside where we expect the pair to continue to decline heading towards the oversold area below 30%. The trading range is seen among 106.70 support levels and 108.90 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: 107.85, 107.50, 107.00, 106.70, 106.20
Resistance: 108.00, 108.40, 108.60, 108.90, 109.30
CHF
Trading above 1.0400 indicates that the pair was able to breach the previous resistance level yet to assure that it has successfully breached it, the price must close above it on a daily basis. Momentum indicators show that the pair is overbought where we expect that the move will happen today. From here we blieve that trading today could be to the downside targeting 1.0400 at least.
The trading range is seen among 1.0305 support levels and 1.0600 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: 1.0415, 1.0390, 1.0360, 1.0305, 1.0235
Resistance: 1.0485, 1.0500, 1.0545, 1.0570, 1.0600
CAD
The pair is undergoing a sideways correction after a sharp incline that was witnessed where we expect it to remain in the short term to the upside targeting 1.0285 at least but we also believe that a downside correction could happen taking the pair to levels that initiated the upside wave.
The trading range is seen among 1.0120 support levels and 1.0380 resistance levels.
The general trend is to the upside 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: 1.0260, 1.0285, 1.0330, 1.0350, 1.0380
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.
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