Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Sep 01 08 06:50 GMT |

EURO

Another attempt to decline towards the key support for the upside channel that started in November 2005 and ended on July 15, 2007 at the 1.4465 level yet we see a minor strong support at 1.4515 where the latter is our first target. Due to the pair being heavily oversold on most of the momentum indicators, we expect to witness high volatility during today yet trading below the 1.4660 level will help the pair reach the target in a short time period.

The trading range for today is among the key support at 1.4515and key resistance at 1.4810

The general trend is to the downside as far as 1.5830 remains intact with targets at 1.4515 and 1.4340

Support: 1.4630, 1.4600, 1.4590, 1.4560, 1.4515
Resistance: 1.4690, 1.4715, 1.4770, 1.4810, 1.4840
GBP

Nothing is stopping the vigorous decline of the pair! Here we see another breach of a key support level around 1.8150. The pair is being highly oversold and it is expected to see an upside correction yet at the end, the pair continues to decline targeting the key support for the long term upside channel that started on June 3, 2001 and ended on November 4, 2007 where this support lies around the 1.78 level

The trading range for today is among the key support at 1.7860 and key resistance at 1.8230

The general trend is to the downside as far as 1.9485 remains intact with targets at 1.8070

Support: 1.8005, 1.7980, 1.7960, 1.7900, 1.7860
Resistance: 1.8050, 1.8080, 1.8110, 1.8170, 1.8230
JPY

Another attempt to breach the several supports between 108.40 and 108.00 has failed. After reaching these levels today, the pair rebounded to start a new upside wave yet on the short term, trading will be to the downside as far as it remains below the 109.80. But it's certain that the medium term trend is still pointing to the upside. The trading range for today is among the key support at 107.75 and key resistance at 110.25 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 108.30, 108.20, 108.10, 107.75, 107.30
Resistance: 108.95, 109.35, 109.45, 109.80, 110.25

Recommendation: Buy above 108.20 with targets at 109.35 and stop loss below 107.60
CHF

New attempts of breaking the 1.1030 level is clear as the key support for the upside channel provided the pair with strong bullish momentum. However, the stochastic indicator shows the bair being slightly overbought which could limit the upside movements to breach the mentioned level today. From here we expect sideways trading in order to breach the 1.1030 resistance but the pair needs to escape the overbought area first. The trading range for today is among the key support at 1.0890 and key resistance at 1.1150. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.0990, 1.0920, 1.0890, 1.0865, 1.0850
Resistance: 1.1030, 1.1075, 1.1110, 1.1150, 1.1225
CAD

The pair successfully breached the resistance level at 1.0570 where we expect the upside movements to extend reaching hte medium term target at 1.0825 yet we could witness slight downside correction movements since momentum indicars show the pair being slightly overbough. The trading range for today is among the key support at 1.0415 and key resistance at 1.0825. The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0580, 1.0540, 1.0515, 1.0435, 1.0415
Resistance: 1.0690, 1.0715, 1.0745, 1.0825, 1.0915

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.