Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Sep 11 08 07:15 GMT |

EURO

Before reaching the 1.42 levels, the pair underwent a massive selling wave reflected on the MACD indicator on the hour chart yesterday. We see the pair now declining further after trading below the 1.3980 level targeting the 50% correction for the upside channel that started on November 2005 which lies at 1.3840 The trading range for today is among the key support at 1.3765 and the key resistance at 1.4185 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.4040 and 1.3860

Support: 1.3935, 1.3875, 1.3840, 1.3805, 1.3765
Resistance: 1.3980, 1.4035, 1.4055, 1.4135, 1.4185
GBP

The resistance level at 1.7680 was able to reverse the pair to the downside heavily but at the time the pair couldn't reach levels below the bottom at 1.7470. From here we expect to see an upside correection today but it lacks enough momentum to take the pair above yesterday's 1.7680 resistance level. The trading range for today is among the key support at 1.7365 and the key resistance at 1.7725 The general trend is to the downside assured by the breach of 1.7800 with targets at 1.7600 and 1.7280

Support: 1.7470, 1.7425, 1.7380, 1.7365, 1.7305
Resistance: 1.7645, 1.7575, 1.7625, 1.7680, 1.7725
JPY

We saw yesterday the strength of the 106.60 support level that helped rebound the pair to the upside where today we witness upside movements on the medium term as any sideways tradying or even downside movements are not of concern as far as 106.60 remains intact. Direction and momentum indicators show the upside channel nearing but until the 107.80 and 108.50 levels we advice trading to be cautious. The trading range for today is among the key support at 105.70 and the key resistance at 109.20 The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 107.35, 107.10, 106.60, 106.00, 105.70
Resistance: 107.70, 108.10, 108.40, 109.00, 109.20
CHF

As we pointed out the breakout of the 1.1200 level resulted in strong bullish movements and here we are witnessing these movements clearly. The pair is targeting the 1.1455 level as far as 1.1310 remains intact on the short term and 1.1200 on a weekly basis. There is a big possibility of reaching the target yet we might witness slight corrections on the medium term. The trading range for today is among the key support at 1.1200 and the key resistance at 1.1455 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.1325, 1.1270, 1.1200, 1.1160, 1.1110
Resistance: 1.1380, 1.1410, 1.1455, 1.1500, 1.1585
CAD

Closing above the 1.0715 level after many attempts has now initiated a new upside wave. We could see another retes for the 1.0695 levels, but our prior target at 1.0825 is now possible after indications during the last period showing the difficulty to reach it. But until we confirm an upside movements, the pair must build a solid base above the 1.0695 level or a successful breach of the 1.0750 level is witnessed. The trading range for today is among the key support at 1.0570 and the 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: 1.0695, 1.0660, 1.0625, 1.0600, 1.0570
Resistance: 1.0730, 1.0765, 1.0795, 1.0825, 1.0875

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.