Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Aug 18 08 06:55 GMT |

EURO

The pair is trying to correct to the upside but no signs on any of the indicators support the correction with the exception of the momentum indicator on the daily chart showing the price being oversold. From here we see that we are close to the correctional wave to the upside yet we need to see some confirmation on that. Trading is expected to be sideways below the 1.4825 resistance level where it is still valid to reach the 1.4530 - 1.4540 support levels.

The trading range for today might extend among the support level at 1.4540 and the resistance level at 1.4960

The general trend remains to the downside as far as 1.5830 remains intact with targets at 1.4870 and 1.4340

Support: 1.4725, 1.4670, 1.4605, 1.4580, 1.4540
Resistance: 1.4790, 1.4800, 1.4850, 1.4925, 1.4960
GBP

As we expected in our previous report, the pair will iinitiate a correctional wave around the 1.8500 which is the 61.8% correctional level for the long term trend where we today we see the continuation of the correction to reach the lows at 1.8510. Momentum indicators are heavily oversold and direction indicators are signaling a possible correction where from here we believe the correctional movement is to the upside but we might witness a drop to gather momentum. The pair will target the 1.90 level as long as trading is above the 1.8500 and the correction to the upside remains. The trading range for today might extend among the support level at 1.8515 and the resistance level at 1.9005 The general trend remains to the downside as far as 1.9485 remains intact with targets at 1.8070

Support: 1.8670, 1.8650, 1.8605, 1.8560, 1.8515
Resistance: 1.8760, 1.8815, 1.8890, 1.8950, 1.9005
JPY

Trading is above the 50% correctional level where the medium term trend is clearly to the upside now. We could witness a sideways correction unless the pair remains above the 109.80 which will assure the upsode trend targeting the 111.15 level. The trading range for today might extend among the support level at 109.30 and the resistance level at 111.80 The general trend remains to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 109.80, 109.30, 109.00, 108.70, 108.40
Resistance: 110.30, 110.60, 111.05, 111.15, 111.55

Recommendation: Buy the pair above 109.80 with targets at 111.00 and stop loss below 109.30
CHF

After almost reaching the target at the strong resistance level between 1.1010 and 1.1025 prices started to decline today. We expect the short term trend to change to the downside where the correction will be evident. Despite the medium term trend being to the upside, momentum indicatrs are heavily overbought indicating the need of a correction today targeting the 1.0800 correctional level as long as 1.1025 remains intact or else the pair will continue to incline and neglect being overbought. The trading range for today might extend among the support level at 1.0795 and the resistance level at 1.1025 The general trend remains to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.0900, 1.0875, 1.0845, 1.0800, 1.0795
Resistance: 1.0960, 1.0980, 1.1025, 1.1070, 1.1095

Recommendation: Sell the pair below 1.0960 with targets at 1.0845 and stop loss above 1.1030
CAD

Several attempts to breach the 1.0750 level has failed well the momentum indicators started to weaken. From here we expect the short term trend to alter to the downside targeting the 1.0500 gradually and perhaps extend to reach the 38.2% correctional level for the upside channel at 1.0445. However, the medium term trend is still to the upside targeting 1.0825. Today we believe trading to be sideways yet the overall direction will be to the downside. The trading range for today might extend among the support level at 1.0445 and the resistance level at 1.0750 The general trend remains to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0545, 1.0510, 1.0470, 1.0445, 1.0400
Resistance: 1.0580, 1.0605, 1.0630, 1.0680, 1.0710

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.