Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 05 08 07:40 GMT |

EURO The pair is trading with the tendency to the downside on an intraday basis, facing a major resistance at 1.2740 where the 1.2705 is also an obstacle for the pair. We see today that movements will be to the upside in an attempt to breach these mentioned levels once again after rebounding from the 76.4% correction at 1.2565. If the pair was able to maintain trading above this level, we could see it extend gains to the resistance levels yet at the same time, we shouldn't forget that the trend for today still holds downside potential. The trading range for today is among the key support at 1.2405 and the key resistance at 1.2910 The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2480 and 1.2340 Support: 1.256, 1.2525, 1.2500, 1.2480, 1.2405 Resistance: 1.2705, 1.2740, 1.2815, 1.2870, 1.2910 Recommendation: Buy the pair above 1.2600 with targets at 1.2680 and stop loss below 1.2560 GBP Yesterday's fall was halted by the 76.4% correction at 1.5595 which also lies on a minor support. Despite the downside trend is clear, the pair is trading within an oversold area as seen on the momentum indicaors where we expect to witness an upside correction in the early trading session today. The trading range for today is among the key support at 1.5340 and the key resistance at 1.6000 The general trend is to the downside as far as 1.9400 remains intact with targets at 1.5450 and 1.5175 Support: 1.5475, 1.5540, 1.5585, 1.5595, 1.5630 Resistance: 1.5725, 1.560, 1.5800, 1.5965, 1.6000 Recommendation: Buy the pair above 1.5600 with targets at 1.5720 and stop loss below 1.5540 JPY Trading remains above the key resistance for the descending channel near the 100 day moving average on the four hour charts. As long as 98.60 remains intact, this will assure the upside movement, which so far hasn't differed much from yesterday's neutral trend, where the pair is currently attempting to gather more bullish momentum. The trading range for today is among the key support at 96.80 and the key resistance at 101.80. The general trend is to the downisde as far as 104.60 remains intact with targets at 91.95 and 89.30 Support: 98.60, 98.15, 97.75, 97.35, 96.80 Resistance: 99.55, 99.70, 100.10, 100.50, 101.10 Recommendation; Buy the pair above 98.90 with targets at 99.70 and 101.75 and stop loss below 98.15 CHF An unexpected rise was able to return the pair to the 1.17 levels where the pair is now suffering downside pressures as it has entered an overbought area which could limit gains at the 1.1875 - 1.1920 levels as they represent major resistances for the pair. The trading range for today is among the key support at 1.1390 and the key resistance at 1.2020. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1795 and 1.1850 Support: 1.1700, 1.1670, 1.1655, 1.1565, 1.1390 Resistance: 1.1830, 1.1875, 1.1920, 1.1935, 1.2020 Recommendation: Sell the pair below 1.1830 with targets at 1.1710 and stop loss above 1.1600 CAD We are near our initial target for the downside trend yesterday where the pair is not trading within an oversold area suggesting an upside correction before reversing back to the downside to target 1.1670 as far as trading remains below 1.1990 The trading range for today is among the key support at 1.1590 and the key resistance at 1.2240 The general trend is to the downside as far as 1.1780 remains intact with targets at 1.3305 and 1.3465 Support: 1.1815, 1.1770, 1.1690, 1.1670, 1.1590 Resistance: 1.1895, 1.1905, 1.1990, 1.2050, 1.2080 Recommendation: Sell the pair below 1.1870 with targets at 1.1775 and stop loss below 1.2050 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.