Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Dec 08 08 08:35 GMT |

EURO In the past week the pair bounced back to the upside from the correctional levels 76.4% at 1.2580 levels, due to that the pair is heading to the upside but with high volatility, but in general the pair is still trading in the triangle which was created on the 28 of October 2008 till today. The upside movement will continue for some time but the pair will start losing some momentum, so if the euro continues to trade above 1.2715 levels then it will resume trading at those levels for some time. The trading range is among the key resistance level at 1.2970 and the key support level at 1.2575 The general trend is to the downside as far as 1.5080 levels remain intact; targets are set at 1.2340 and 1.2225 levels. Support: 1.2750, 1.2715, 1.2685, 1.2635, 1.2575 Resistance: 1.2805, 1.2830, 1.2850, 1.2885, 1.2905 Recommendation: Buy the pair above 1.2725 levels, targets interlude at 1.2850 and 1.2905, stop loss below 1.2635 GBP Despite the trading below 1.4650 levels in last weeks trading, where this level is considered to be a strong demarcation line on the short term, we still see the pair heading to the upside supported by the double bottom and trading will stay above moving average 100 that surpass the Fibonacci expansions 61.8% at 1.4740 levels, so now we the see the pair targeting the Fibonacci expansion at 100% what falls at 1.4880 levels, if this levels was breached the pair will be heading toward 138.2% Fibonacci expansion which falls at 1.5005 levels. The trading range for today is among the key resistance levels at 1.5085 and the key support level at 1.4580 levels. The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095 levels. Support: 1.4780, 1.4740, 1.4715, 1.4650, 1.4620 Resistance: 1.4845, 1.4880, 1.4920, 1.4965, 1.5005 Recommendation: Buy the pair above 1.4780, targets set at 1.4880, stop loss below 1.4700 JPY The pair tried to breach the major support levels on the downside direction but the attempt failed but the pair got trapped into a downside channel on the short term which helped the pair to trade above 92.40 levels, as we expect to see the pair trading positively for some time but if 92.40 levels remains intact on the four hour interval. The trading range is among the key resistance level at 95.20 levels and key support level at 92.25 levels. The general trend is to the downside as far as 104.60 levels intact; targets are set at 91.95 levels and 89.30 levels. Support: 92.60, 92.40, 92.20, 91.85, 91.65 Resistance: 93.05, 93.60, 93.95, 94.25, 94.50 Recommendation: Buy pair above 92.40 levels, targets are set at 93.05, stop loss below 91.80 CHF The pair is still under the influence of the Fibonacci fan which would result to an upside wave but less steep than the one passed which ensures that we are waiting for a downside direction movement soon, if the pair keeps on trading below 1.2265 resistance levels then a downside channel will be seen where the pair will retest 50% Fibonacci fan which falls at 1.2100 levels. . The trading range for today is among the key resistance level at 1.2335 and the key support level at 1.1930. The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780. Support: 1.2130, 1.2100, 1.2080, 1.2055, 1.2005 Resistance: 1.2205, 1.2235, 1.2265, 1.2285, 1.2335 Recommendation: Sell the pair below 1.2200, targets set at 1.2080 levels and stop loss above 1.2285 CAD This is the third time the pair fails to breach 1.3000 levels where it rebounded back to trade in the upside channel, expectations for today that the pair will return back to the downside trading below 100 moving average which happens to fall at 1.2625 levels. The trading range is among the key resistance level at 1.2980 and the key support levels at 1.2410. The general trend is to the upside as far as 1.1780 remain intact; targets are set at 1.3305 and 1.3465. Support: 1.2625, 1.2585, 1.2550, 1.2525, 1.2460 Resistance: 1.2690, 1.2750, 1.2750, 1.2820, 1.2900 Recommendation: Sell the pair below 1.2690, targets are set at 1.2585 and stop loss above 1.2750 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.