Economic Calendar

Friday, March 20, 2009

Technical Analysis for Major Currencies

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Daily Forex Technicals | Written by ecPulse.com | Mar 20 09 06:56 GMT |

EURO

The pair continued to incline yesterday to breach the 1.3700 level neglecting technical indicators suggesting the downside movement and is now trading near the last correction at 1.3850 (61.8%) for the decline that started from 1.4720 which will determine the next short term direction. On the intraday basis, we expect a slight downside correction to reach 1.3450 after breaching the minor support at 1.3580 and in attempt to trade within a new ascending channel

The trading range for today is among the key support at 1.2980 and the key resistance at 1.3850

The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2220 and 1.2120

Support: 1.3580, 1.3530, 1.3480, 1.3450, 1.3400
Resistance: 1.3690, 1.3750, 1.3805, 1.3845, 1.3905

Recommendation: According to our analysis, we see that its bes to sell the pair below 1.2895 with targets at 1.2745 and stop loss with a four hour close aboe 1.2960

GBP

After confirming the breach of the resistance for the minor channel, the pair continued to incline in an attempt to reach the targets of the bullish technical pattern as it neared the initial target at 1.4600 before correcting to the downside. We expected the pair to decline towards 1.4380 which is the intersection of the resistance for the breached upside channel and the 50% correction before rebounding back to the upside heading towards 1.4680 and 1.4800 as far as 1.4380 remains intact

The trading range for today is among the key support at 1.3885 and the key resistance at 1.4800

The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440 and 1.2960

Support: 1.4380, 1.4345, 1.4300, 1.4255, 1.4190
Resistance: 1.4495, 1.4575, 1.4600, 1.4635, 1.4680

Recommendation: According to our analysis, we believe its best to buy the pair above 1.4380 with targets at 1.4545 and stop loss with a four hour close below 1.4300

JPY

The pair declined as expected to reach the support level at 93.55 and rebound to the upside which may take the pair to 95.90 before continuing the decline we still support which may reach 92.95 and 90.00 respectively.

The trading range for today is among the key support at 90.00 and the key resistance at 99.70

The general trend is to the downside as far as 102.10 remains intact with targets at 84.95 and 82.60

Support: 94.30, 93.70, 92.95, 92.75, 92.50
Resistance: 94.75, 95.25, 95.90, 96.15, 96.90

Recommendation: According to our analysis, we believe its best to buy the pair above 94.75 with targets at 95.90 and stop loss with a four hour close below 93.70

CHF

Yesterday's decline took the pair to the initial target at 1.1165 before rebounding to the upside in correctional movements to reach 1.1355. Our outlook to reach 1.1355 remains valid before reversing back to the downside an breach 1.1165 to reach 1.0975

The trading range for today is among the key support at 1.0975 and the key resistance at 1.1585

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2055 and 1.2160

Support: 1.1205, 1.1165, 1.1100, 1.1055, 1.0975
Resistance: 1.1315, 1.1355, 1.1405, 1.1455, 1.1495

Recommendation: According to our analysis, we believe that its best to sell the pair below 1.1355 with targets at 1.1250 and stop loss with a four hour close above 1.1450

CAD

The downside movements took the pair towards 1.2140 yet couldn't extend past 1.2190 as it rebounded back to the upside to currently trade near the 38.2%. We expect the pair to reach the 61.8% correction at 1.2535 before gathering enough bearish momentum to reverse and reach 1.2140 and 1.1955 respectively. 1.2535 must remain intact for the decline to continue

The trading range for today is among the key support at 1.1955 and the key resistance at 1.2755

The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3400

Support: 1.2345, 1.2315, 1.2275, 1.2235, 1.2185
Resistance: 1.2485, 1.2535, 1.2570, 1.2620, 1.2670

Recommendation: According to our analysis, we beleive its best to sell the pair below 1.2535 with targets at 1.2400 and stop loss with a four hour close above 1.2620

Ecpulse

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