Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Sep 29 08 06:58 GMT |

EURO

The pair is trading at the key support for the short term ascending channel at 1.4420-1.4425. We see the pair in an oversold area according to the Stochastic indicator on the four hour charts where from there we expect to see a slight upside correction as far as 1.4390 remains intact or else it will target 1.4305 at the very least. The trading range for today is among the key support at 1.4305 and the key resistance at 1.4570. The general trend is to the downside as far as 1.5080 remains intact with targets at 1.4040 and 1.3860

Support: 1.4435, 1.4420, 1.4390, 1.4360, 1.4305
Resistance: 1.4480, 1.4515, 1.4570, 1.4620, 1.4680

Recommendation: Buy above 1.4435 with 50% profit at 1.4480 and the remainder at 1.4515 and stop loss below 1.4390
GBP

The upside channel has been broken for the pair where it is currently trading below the 50 day moving average on the 4 hour charts. As the pair breached the key support, we expect to see a downside correction targeting the 38.2% correction at the very least at 1.8200 and 1.8205. Trading below this level will result in further correction to the 50% level at 1.8060. The trading range for today is among the key support at 1.8060 and the key resistance at 1.8510. The general trend is to the downside as far as 1.9400 remains intact with targets at 1.7600 and 1.7280

Support: 1.8200, 1.8190, 1.8140, 1.8120, 1.8060
Resistance: 1.8290, 1.8350, 1.8410, 1.8480, 1.8510
JPY

On the daily charts, it seems that trading for today and all of last week was between the opening and closing levels of the candle on September 19, 2008 where we see that there's a support level at 105.45 and a resistance level at 107.35 and as long as traidng remains between them, there will be no specific trend. The relative strength indicator on the daily charts shows a neutral trend similar to the stochastic indicator yet the MACD still shows a weak downside trend. From here we see the sideways trend will dominate trading for today as we expect slight downside movments to return to the 105 levels. The trading range for today is among the key support at 104.60 and the key resistance at 108.15. The general trend is to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

Support: 105.90, 105.35, 105.00, 104.60, 104.10
Resistance: 106.80, 107.35, 107.50, 107.95, 108.15
CHF

The pair underwent an upside wave since the opening of the markets where it is currently trading around the 38.2% correction for the downside channel that started on September 11, 2008 and ended on September 22, 2008. Momentum indicators show that the pair needs to decline once again on the intraday and daily charts but to confirm this, trading must be below the 1.0945 level. If this happens, the upside trend that has been initiated last Friday will be broken. The trading range for today is among the key support at 1.0695 and the key resistance at 1.1120. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1025 and 1.1455

Support: 1.0960, 1.0945, 1.0885, 1.0805, 1.0780
Resistance: 1.0990, 1.1040, 1.1075, 1.1120, 1.1165

Recommendation: Sell the pair below 1.0990 with targets at 1.0890 and stop loss above 1.1040
CAD

The pair inclined during todays session to reach the 50% correction for the upside trend that started on July 15, 2008 and ended on September 11, 2008 yet the sideways correction is still dominating the pair between the mentioned correction levle at 1.0405 and the 61.8% correction at 1.0305. We expect today the pair to continue moving within the same levels but note that breaching the 1.0425 level and building a solid base above it will result in further upside movements. The trading range for today is among the key support at 1.0190 and the key resistance at 1.0550. The general trend is to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000

Support: 1.0340, 1.0305, 1.0275, 1.0245, 1.0210
Resistance: 1.0395, 1.0425, 1.0455, 1.0490, 1.0550

Recommendation: Sell the pair below 1.0405 with targets at 1.0345 and stop loss above 1.0457

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.