Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Sep 15 08 07:25 GMT |

EURO Trading below the 1.4550 level has to pressure the pair to the downside further where as we said yesterday, this level is where the medium term and short term trends intersect. Today, after the sharp fall seen, the upside correction that occured from 1.4215 reaching the 1.43 level was enough to add bearish momentum to the pair as we still expect high volatility that perhaps will take the pair to the next medium term target at 1.41. The trough of the bearish movements seen yesterady was at the 200% correction level for the upside wave that ended yesterday. From here we see the importance of the 1.4230 level but today we expect further downside movements where if the pair closes below 1.4230, our next target will be at 1.4120. The trading range for today is among the key support at 1.4085 and key resistance at 1.4420 The general trend is to the downside as far as 1.5080 remains intact with the targets at 1.4040 and 1.3860 Support: 1.4245, 1.4230, 1.4175, 1.4120, 1.4085 Resistance: 1.4295, 1.4320, 1.4345, 1.4395, 1.4420 Recommendation: Sell the pair below 1.4320 with targets at 1.4215 and 1.4125 and stop loss above 1.4430 GBP The sterling pound also reached the 23.6% correction after strong bullish movements that ended trading last week. We could witness high volatility on the pair as short term momentum indicators show a downside correction for the vigorous upside movements. If trading remains below the 1.8080 level, this will confirm furthe downside movements today. The trading range for today is among the key support at 1.7780 and the key resistance at 1.8370. The general trend is to the downside assured by the breach of the 1.7800 levels with targets at 1.7600 and 1.7280 Support: 1.8000, 1.7940, 1.7900, 1.7830, 1.7780 Resistance: 1.8080, 1.8130, 1.8215, 1.8340, 1.8370 JPY With trading below the 106.00 level, this has opened the way towards the 38.2% correction at 105.00. We expect to witness sideways volatility on the pair with tendencey to the downside for today where the medium term trend remains to the upside but if the pair declined and remains below the 105.00 level, we might witness this trend weakening. The trading range for today is among the key support at 104.60 and the key resistance at 107.60. The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24 Support: 105.50, 105.00, 104.85, 104.60, 103.90 Resistance: 106.05, 106.40, 106.60, 107.20, 107.60 CHF Similar to other pairs, the Swiss Franc also has undergone a correction just above the 23.6% fibonacci level to assure that this is just a weak dollar wave. On the other hand, the time has come to see a sideways correction for the pair where we expect it to continue for the remainder of the day but with tendency to the upside after the pair has gathered momentum due to it reaching the mentioned correction at 1.1088. The trading range for today is among the key support at 1.0990 and the key resistance at 1.1310. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455 Support: 1.1110, 1.1085, 1.1060, 1.1010, 1.0990 Resistance: 1.1190, 1.1200, 1.1250, 1.1285, 1.1380 CAD The pair has breached the key support for the short term upside channel at 1.0625 but we see that the 1.0560 level has enough strength to help the pair rebound to the upside yet we expect the mentioned level to be broken to test the level at 1.0500. However, at the end we will notice that these downside movments are nothing but a correction for the upside medium term wave. The trading range for today is among the key support at 1.0475 and the key resistance at 1.0810. The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000 Support: 1.0575, 1.0560, 1.0530, 1.0500, 1.0475 Resistance: 1.0660, 1.0695, 1.0715, 1.0755, 1.0810 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.