Technical Analysis for Major Currencies

Daily Forex Technicals | Written by Crown Forex | Mar 12 09 07:37 GMT |

EURO Morning Report The pair inclined sharply yesterday to breach the key resistance for the downside channel and the minor upside channel as seen in the above picture. On the intraday, the pair may continue to incline if the breach of the 1.2835 level has been confirmed with a four hour close above it. Momentum indicators show the pair being overbought which may result in a downside correction towards 1.2790 - 1.2835 before confirming the upside direction that will target 1.3030 - 1.3090. However, a close below 1.2835 will reverse the trend to 1.2650 (the key support for the ascending channel) The trading range for today is among the key support at 1.2300 and the key resistance at 1.3090 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2220 and 1.2120 Support: 1.2790, 1.2735, 1.2660, 1.2600, 1.2575 Resistance: 1.2835, 1.2910, 1.2945, 1.2985, 1.3070 Recommendation: According to our analysis, we believe its good to buy the pair with an hourly close above 1.2835 with targets at 1.2985 and stop loss with a four hour close below 1.2735 GBP Morning Report The pair continued to rise towards 1.3885 several times in an attempt to breach it. The intraday trend remains unclear due to mixed trading within the 1.3820 and 1.3900 levels yet we could witness slight declines as momentum indicators show the pair being overbought alongside negative signs on the stochastic indicator. The next target for the pair is at 1.3825 and 1.3770 where reaching the latter may form a bullish technical pattern. The intraday trend will be confirmed with a four hour close concerning the 1.3885 level. The trading range for today is among the key support at 1.3545 and the key resistance at 1.4540 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3500 and 1.2960 Support: 1.3825, 1.3770, 1.3725, 1.3660, 1.3610 Resistance: 1.3885, 1.3900, 1.3950, 1.4000, 1.4055 Recommendation: According to our analysis, we believ its good to sell the pair with an hourly close below 1.3825 with targets at 1.3725 and stop loss with a four hour close above 1.3900 JPY Morning Report After movements within the ascending channel, the pair breached the bearish technical target to reach the complete targets. We expect an upside correction to take the pair to 97.40 and 97.95 in an attempt to retest the broken levels before confirming the short term trend which we still believe is to the downside towards 94.10 and 93.45. The intraday trend is to the upside as far as 95.90 remains intact The trading range for today is among the key support at 94.10 and the key resistance at 101.70 The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60 Support: 95.90, 95.10, 94.30, 94.10, 93.45 Resistance: 96.55, 97.05, 97.40, 97.95, 98.70 Recommendation: According to our analysis, we believe its good to buy the pair above 96.55 with targets at 97.40 and stop loss with a four hour close below 95.90 CHF Morning Report The expected decline towards 1.1490 occurred yet trading is currently around the key support near 1.1540. The several breaks of this level makes it hard to depend on it as a strong level and therefore we need a daily close to confirm the breach which may take the pair to 1.1405 and 1.1300. The 61.8% and 76.4% Fibonacci corrections are the pivot levels where a four hour close above them will reverse the trend to the upside towards 1.1840. Today's close below 1.1540 will take the short term targets towards 1.1300 and 1.1125 The trading range for today is among the key support at 1.1300 and the key resistance at 1.1880 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.1840 and 1.2055 Support: 1.1540, 1.1490, 1.1430, 1.1390, 1.1300 Resistance: 1.1600, 1.1630, 1.1665, 1.1730, 1.1790 Recommendation: According to our analysis, we believe its good to sell the pair below 1.1540 with targets at 1.1430 and stop loss with a four hour close above 1.1630 CAD Morning Report The pair declined in an attempt to breach the neckline for the technical pattern identified at 1.2770 yet failed to close below it resulting in a rebound to the upside within a minor ascending channel with a support at 1.2865 and resistance at 1.3165. The intraday trend is to the upside to complete the short term target at 1.3380. This remains as far as 1.2770 remains intact The trading range for today is among the key support at 1.2520 and the key resistance at 1.3360 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3165 and 1.3380 Support: 1.2865, 1.2790, 1.2770, 1.2720, 1.2660 Resistance: 1.2970, 1.3020, 1.3045, 1.3100, 1.3115 Recommendation: According to our analysis, we believe its good to buy the pair abive 1.2865 with targets at 1.3020 and stop loss with a four hour close below 1.2770 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.