Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Sep 12 08 07:46 GMT |

EURO The descending cahhnel will continue to dominate the pair as far as trading is below the 1.4110 level as it heads towards the 1.3845 target. We expect to see heavy fluctuations in the markets today between the 1.4110 level and 1.3845 level as we see a mix of signals concerning the direction of the pair on the intraday charts between the short and medium term trends. The trading range for today is among the key support at 1.3810 and the key resistance at 1.4190. The general trend remains to the downside as far as 1.5080 remains intact with targets at 1.4040 and 1.3860 Support: 1.3980, 1.3960, 1.3915, 1.3875, 1.3845 Resistance: 1.4040, 1.4070, 1.4110, 1.4120, 1.4190 Recommendation: Sell below 1.4040 with targets at 1.3960 and 1.3850 and stop loss above 1.4120 GBP The upside correction we pointed out yesterday continues and up till now there are no signs that support the continuation of this direction where we don't expect trading to be above the 1.7680 - 1.7690 level for long since this level is strong and the pair lachs enough bullish momentum on the intraday charts to breach it and therefore we believe the donwside direction will remain. However, if this level is breached we could witness another bullish wave targeting the level at 1.7750 - 1.7790 The trading range for today is among the key support at 1.7360 and the key resistance at 1.7770. The general trend remains to the downside assured by the breach of the 1.7800 level with targets at 1.7600 and 1.7280 Support: 1.7580, 1.7540, 1.7470, 1.7400, 1.7360 Resistance: 1.7645, 1.7680, 1.77.0, 1.7770, 1.7820 JPY Even with any decline we see no danger for the upside trend unless we witness a daily close below the 106.40 where from there we expect a neutral trend. The downside movements witnessed every now and then is normal where we can see similar movements had occured in the past and now we are watching the daily close and not the intraday price. At the end, trading above the 106.60 - 107.15 level supports the strong upside direction that will start at any moment as long as the pair is above the mentioned support level or else it will depreciate heavily targeting the 105.00 level. The trading range for today is among the key support at 105.70 and the key resistance at 109.20. The general trend remains to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24 Support: 107.10, 106.80, 106.60, 106.00, 105.50 Resistance: 107.70, 108.10, 108.40, 109.00, 109.20 Recommendation Buy the pair above 107.35 with targets at 108.10 and 109.10 and stoop loss with daily close below 106.40 CHF Nothing has changed since ysterday as the 50 day moving average on the hourly chart is providing the pair with bullish momentum supported by direction indicators that have strengthened after breaching the 1.1200 level. We expect the upside direction to remain for today targeting the 1.1390 - 1.1400 level at the very least as far as 1.1300 remains intact. The trading range for today is among the key support at 1.1200 and the key resistance at 1.1470. The general trend remains to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455 Support: 1.1310, 1.1285, 1.1250, 1.1200, 1.1110 Resistance: 1.1380, 1.1410, 1.1440, 1.1470, 1.1500 Recommendation: Buy above 1.1350 with targets at 1.1390 and 1.1450 and stop loss below 1.1280 CAD The pair was able to near the 1.0825 target as it hit 1.0820 before reversing to the downside as this level represents a strong resistance. We now see the formation of a sideways pattern between the levels of 1.0695 and 1.0825 where trading within these levels does not indicate a specific direction unless the pair breaches the support or resistance. The medium term trend however remains clearly to the upside. The trading range for today is among the key support at 1.0625 and the key resistance at 1.0895. The general trend remains 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, 1.0575, 1.0500 Resistance: 1.0755, 1.0810, 1.0825, 1.0860, 1.0895 Recommendation: Buy above 1.0695 with targets at 1.0755 and stop loss below 1.0660 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.