Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Mar 04 09 07:37 GMT |

EURO The pair declined to breach the key support at 1.2555 - 1.2540 just as we expected to near our initial targets at 1.2415. After successfully breaching the fibonacci correction, this has opened the way for the pair to extend its losses within a descending channel that is targeting 1.2375. On the intraday basis, we may witness an upside correction to retest the 1.2555 level before reversing to the downside to the above mentioned target and then 1.2220 and 1.2120 respectively. The trading range for today is among the key support at 1.2220 and the key resistance at 1.2865 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2220 and 1.2120 Support: 1.2430, 1.2375, 1.2325, 1.2265, 1.2220 Resistance: 1.2555, 1.2615, 1.2660, 1.2700, 1.2770 Recommendation: According to our analysis, we see that its good to sell the pair below 1.2555 with targets at 1.2430 and stop loss with a four hour close above 1.2660 GBP The downside movements continued as the pair remained below the 1.4140 level. We see on the intraday basis the formation of a bearish technical pattern near a critical support level at 1.3980. Expectations are still to the downside as the pair will attempt to breach the above mentioned support level to target 1.3820. This remains valid as far as 1.4140 remains intact. The trading range for today is among the key support at 1.3750 and the key resistance at 1.4425 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3500 and 1.2960 Support: 1.3980, 1.3950, 1.3910, 1.3880, 1.3820 Resistance: 1.4095, 1.4140, 1.4170, 1.4205, 1.4265 Recommendation: According to our analysis, we see that its good to sell the pair with the breach of 1.3980 with targets at 1.3820 and stop loss with a four hour close above 1.4095 JPY The pair was able to incline yesterday to reach the initial target at 98.15 and extended towards the key resistance for the ascending channel at 99.45. Our expectations on the intraday remain to the upside where if the pair breaches 98.70, this will open the way for further gains. Momentum indicators show the pair being overbought which may result in volatility around the 97.95 level before retesting 99.45 The trading range for today is among the key support at 95.30 and the key resistance at 99.45 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60 Support: 97.95, 97.65, 97.05, 96.85, 96.55 Resistance: 98.70, 99.45, 99.75, 100.20, 100.55 Recommendation: According to our analysis, we see that its good to buy the pair above 97.95 with targets at 99.45 and stop loss with a four hour close below 97.05 CHF During the early morning session, the pair inclined in an attempt to breach the resistance level which has shifted today to 1.1800. Trading is currently near this level and a four hour close above it will support our outlook as the pair targets 1.1970 and 1.2055 as far as 1.1675 remains intact. The trading range for today is among the key support at 1.1390 and the key resistance at 1.2055 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1970 and 1.2055 Support: 1.1800, 1.1760, 1.1730, 1.1675, 1.1625 Resistance: 1.1885, 1.1925, 1.1975, 1.2055, 1.2085 Recommendation: According to our analysis, we see that its good to buy the pair above 1.1805 with targets at 1.1925 and stop loss with a four hour close below 1.1730 CAD A gradual incline is being witnessed within a minor ascending channel where we expect the pair to reach 1.3065 and 1.3260. Momentum indicators show overbought signals as the pair nears the key support for the channel at 1.2925 which may result in a downside correction to 1.2895 - 1.2880 before rebounding to the upside. It is important to note that a four hour close below the 1.2925 level may change the intraday trend to the downside with targets at 1.2825 and 1.2740. The trading range for today is among the key support at 1.2605 and the key resistance at 1.3265 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3065 and 1.3260 Support: 1.2895, 1.2810, 1.2760, 1.2760, 1.2740 Resistance: 1.2965, 1.3015, 1.3065, 1.3115, 1.3195 Recommendation: According to our analysis, we see thta its good to buy the pair above 1.2925 with targets at 1.3065 and stop loss with a four hour close below 1.2850 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.