Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 20 08 08:38 GMT |

EURO The euro's incline against the dollar did not hold strong volume, even with the breach to the major resistance level for the downside wave yet it was set and not embedded within the candle's body which accounts it as a false breakout; heavy selling saturation over Stochastic assures high volatility for today while failure to close above 1.2735 over four-hour basis or hourly closing above 1.2785 will keep the trend to the downside supported by the sideways pattern as the decline will be validated with trading below 1.2410. The trading range is among the key resistance level at 1.2885 and the key support level at 1.2285. The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225. Support: 1.2450, 1.2410, 1.2375, 1.2350, 1.2310 Resistance: 1.2525, 1.2575, 1.2595, 1.2670, 1.2735 Recommendation: Sell euro below 1.2575 with targets at 1.2350, stop loss with hourly closing above 1.2735 GBP AS other majors sterling was capable of breaching the key downside resistance level at 1.5105 which was not accompanied with strong volume of trade and with not successful closing, the pair also failed to close above 23.6% correction level at 1.5051 over four-hour basis and for that the pair continued to trade within the downside channel and expected for the pair to head a bearish move today as far as 1.5050 remains intact with no closing above over four-hour basis. The trading range is among the key resistance level at 1.5215 and the key support level at 1.4690. The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095. Support: 1.4910, 1.4890, 1.4840, 1.4760, 1.4715 Resistance: 1.4985, 1.5050, 1.5105, 1.5140, 1.5215 Recommendation: Sell sterling below 1.4985 with targets interlude at 1.4890 and 1.4840, stop loss with four-hour closing JPY The dollar against the Japanese yen managed to breakthrough the major support level that was preventing the downside trend for the pair within the downside channel the direction is now clearly to the downside; the pair will face the 61.8% correction at 94.60 for the second time and will attempt to breach the level which we expect to see the pair test after an upside move to adjust momentum as the pair is oversold. The trading range for today is among the key resistance level at 97.40 and the key support level at 92.24. The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30. Support: 94.85, 94.60, 94.10, 93.90, 93.35 Resistance: 95.70, 96.00, 96.20, 96.70, 97.20 Recommendation: Sell the pair below 95.70 with targets at 94.65, stop loss above 97.20 CHF After the pair managed to decline yesterday it then indulged in a strong upside wave leading to a breach for a critical resistance level though now its heavily overbought; the level among 1.2150-1.2210 withholds numerous resistance level along side the buying saturation sets the bias to the downside in a correctional wave for as far as trading is above 1.2100 we need to address the pair cautiously, as after the pair set the first downside target it rebounded to the upside; for that the confirmation for the pair is needed with consolidation below the mentioned level while the 1.2210 resistance also remains intact for the pair to continue the correction. The trading range is among the key resistance level at 1.2340 and the key support level at 1.1905. The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780. Support: 1.2105, 1.2070, 1.2015, 1.1995, 1.1945 Resistance: 1.2150, 1.2190, 1.2210, 1.2235, 1.2285 Recommendation: Sell the pair below 1.2140 with targets interlude at 1.2050 and 1.1995, stop loss with four-hour closing above 1.2210 CAD The upside was confirmed yesterday as the pair reached that 127% for the downside correction that started on 12 till 17-11-2008 where this level resides at 1.2550 preceding the 123.2% level at 1.2600; the pair now is in need of a downside correction which will remain within the short-term upside wave. The trading range is among the key resistance level at 1.2740 and the key support level at 1.2280. The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465. Support: 1.2510, 1.2495, 1.2445, 1.2415, 1.2390 Resistance: 1.2550, 1.2600, 1.2640, 1.2685, 1.2740 Recommendation: Sell the pair below 1.2550 and also sell at 1.2600 with targets at 1.2440, stop loss with four-hour closing above 1.2690 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.