Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 12 08 08:06 GMT |

EURO The key support for the sideways channel was breached and the pair was able to reach the 100% correction for the descending channel that started on 5-11-2008 and ended on 7-11-2008 where this level lies at 1.2485. Today we see the pair inclining in correction movements in another attempt to retest the support level that was breached yesterday which has now shifted to 1.2750. The minor resistance which is the 61.8% correction for the above mentioned downside channel at 1.2660 could be a critical point for the pair as it might provide it with bearish momentum. The trading range for today is among the key support at 1.2325 and the key resistance at 1.2990. The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2480 and 1.2340. Support: 1.2580, 1.2535, 1.2495, 1.2455, 1.2410 Resistance: 1.2660, 1.2695, 1.2750, 1.2800, 1.2880 Recommendation: Sell the pair below 1.2750 with targets at 1.2325 and stop loss above 1.2887 GBP A clear downside channel was initiated after yesterday's drop where the key resistance for the channel is also the 100 hour MA at 1.5670. If trading remains below this level, the pair will continue to decline however we still see the possibility for slight upside corrections from time to time but the trend remains to the downisde in the short term. The trading range for today is among the key support at 1.5425 and the key resistance at 1.5885. The general trend is to the downisde as far as 1.9400 remains intact with targets at 1.5450 and 1.5175. Support: 1.5425, 1.5360, 1.5280, 1.5210, 1.5180 Resistance: 1.5475, 1.5535, 1.5595, 1.5670, 1.5725 Recommendation: Sell the pair below 1.5535 and be ready to sell below 1.5680 with targets at 1.5210 and stop loss above 1.5723 JPY The pair reached the minor support which halted further losses to allow trading to become sideways with tendency to the upside where the 97.30 support level is what is providing the pair with the upside potential. Trading is still trading below the 100 hour MA at 98.00 yet we see the possibility for upside movements today as long as trading is above 96.80. The trading range for today is among the key support at 95.15 and the key resistance at 99.90. The general trend is to the downisde as far as 104.60 remains intact with targets at 91.95 and 89.30. Support: 97.30, 96.80, 96.40, 95.70, 95.15 Resistance: 98.00, 98.25, 98.60, 99.50, 99.90 Recommendation: Buy the pair above 97.35 with targets at 98.25 and stop loss below 96.73 CHF The pair inclined just as expected but it failed to build a solid base above the 1.19 level up to this moment and today we see the pair gathering bearish momentum due to the psychological barrier at 1.1900 - 1.1905 yet trading above the 1.1780 level will give the pair the chance to advance and retest levels above 1.1900. However if the pair fails, it will reverse back to the downside since the stochastic indicator shows the pair being heavily overbought. The trading range for today is among the key support at 1.1685 and the key resistance at 1.2020 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1945 and 1.2065 Support: 1.1780, 1.1765, 1.1745, 1.1715, 1.1685 Resistance: 1.1860, 1.1895, 1.1915, 1.1950, 1.2020 Recommendation: Buy the pair above 1.1790 with targets at 1.2000 and stop loss below 1.1671. CAD A clear pattern confirms the fact the pair could reach 1.2415 in the upcoming period yet we see a significant reverse from the 38.2% correction at 1.2505 which opens the way for further declines to the 100 hour MA at 1.1890 which could extend to as low as 1.1805 to retest the neckline. However, indicators show that this decline is nothing more than an attempt to gather bullish momentum to rebound to the upside and breach several resistance levels to reach our upside targets. The trading range for today is amont the key support at 1.1805 and the key resistance at 1.2200. The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465. Support: 1.1990, 1.1930, 1.1895, 1.1860, 1.1805 Resistance: 1.2025, 1.2050, 1.2095, 1.2100, 1.12200 Recommendation: Sell the pair below 1.1990 with targets at 1.1890 and stop loss above 1.2053; then buy the pair above 1.1895 with targets at 1.2230 and stop loss below 1.1731 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.