Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Nov 25 08 08:19 GMT |

EURO

As expected the euro continued the upside move and as well managed to breach the resistance level at 1.2725-1.2740 to reach the 23.6% correctional level at 1.2930 once again and managed to rise slightly above it; nevertheless the pair is now trading below that level and signs of buying saturation are appearing over momentum indicators on four hour basis and for that we expect the pair to decline towards the 400 Hour (100 4-hour MA) at 1.2690 which is valid as far as trading continues dominantly below 1.2930 levels. The trading range is among the key resistance level at 1.3150 and the key support level at 1.2525. The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.

Support: 1.2830, 1.2800, 1.2740, 1.2690, 1.2675
Resistance: 1.2885, 1.2915, 1.2915, 1.2985, 1.3060

Recommendation: Sell euro below 1.2915 with targets interlude at 1.2840 and 1.2800, stop loss with hourly closing above 1.3000
GBP

The pair is now consolidating above the 23.6% correction at 1.5060 and 1.5050 which favors the pair to rise further towards the 38.2% correction at 1.5365. Over intraday basis we can see a downside technical pattern that might take the pair to test support levels that might not exceed 1.4985 ahead of the expected upside wave. The trading range is among the key resistance level at 1.5365 and the key support level at 1.4885. The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.

Support: 1.5080, 1.5050, 1.4985, 1.4915, 1.4885
Resistance: 1.5180, 1.5215, 1.5280, 1.5365, 1.5475

Recommendation: Buy on dips towards 1.5050 with targets interlude at 1.5180 and 1.5280, stop loss with four-hour closing below 1.4915
JPY

Ahead of the set targets the pair resumed to rise again setting a breach for the major downside resistance at 96.15-9670 which declined today to become at 96.20 to create solid support for the pair. Over intraday basis the pair has shifted to the upside and continued trading above 95.70 supports the wave. The trading range for today is among the key resistance level at 98.25 and the key support level at 994.853.35. The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30.

Support: 96.20, 95.90, 95.70, 95.00, 94.85
Resistance: 96.85, 97.00, 97.35, 97.70, 98.25

Recommendation: Buy the pair above 96.20 with targets at 97.00, stop loss with hourly closing below 95.70
CHF

The pair finally entered the downside correction to validate an upside channel over the medium term, over intraday basis the pair might witness some upside moves yet on short term basis the pair still needs further downside correction; the 1.2065 level is expected to be solid enough to resume the downside momentum and also the 1.2105 which is strong resistance that might support the to continue the correction in case the 1.2060 levels failed to contain the pair. The trading range is among the key resistance level at 1.2285 and the key support level at 1.1870. The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780.

Support: 1.2005, 1.1990, 1.1945, 1.1920, 1.1905
Resistance: 1.2060, 1.2105, 1.2150, 1.2205, 1.225

Recommendation: Sell the pair below 1.2060 and as well below 1.2105 with targets interlude at 1.1990 and 1.1890, stop loss with four-hour closing above 1.2150
CAD

The Dollar against the Canadian dollar declined heavily yesterday where it managed to breach the major support level for the upside wave at 1.2515 and the pair now has rebounded from levels near 1.2295; the rise might be retests to breached support levels and the 100 Hours MA at 1.2610 and from there we expect the pair to decline once again. The trading range is among the key resistance level at 1.2805 and the key support level at 1.2115. The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465.

Support: 1.2390, 1.2375, 1.2305, 1.2295, 1.2250
Resistance: 1.2475, 1.2525, 1.2610, 1.2630, 1.2695

Recommendation: Sell the pair below 1.2525 with target at 1.2375, stop loss above 1.2595

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.