Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Apr 30 09 05:41 GMT |

EURO The Euro versus Dollar pair was able to reach the key resistance for the downside channel at 1.3320 before reversing to the downside as expected. The intraday trend is now to the downside affected by the above mentioned resistance level where we expect the pair is to correct to the downside towards 1.3120 - 1.3110 for today. This decline remains as far as 1.3320 remains intact The trading range for today is among the key support at 1.2800 and the key resistance at 1.3580 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120 Support: 1.3205, 1.3120, 1.3050, 1.2990, 1.2955 Resistance: 1.3320, 1.3340, 1.3395, 1.3450, 1.3525 Recommendation: According to our analysis, sell the pair below 1.3255 with targets at 1.3120 and stop loss with four hour closing above 1.3340 GBP After mixed trading in the markets yesterday, the Cable versus the Dollar reached the resistance at 1.4845 after breaching the 1.4705 level before correcting to the downside to reach our targets at 1.4755 - 1.4705 to gather bullish momentum in an attempt to breach the resistance level at 1.4930. This incline remains as far as 1.4690 remains intact where a breach of this level will take the pair to 1.4590. The trading range for today is among the key support at 1.4240 and the key resistance at 1.5400 The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3400 Support: 1.4755, 1.4705, 1.4655, 1.4590, 1.4530 Resistance: 1.4845, 1.4930, 1.4960, 1.5030, 1.5070 Recommendation: According to our analysis, buy the pair above 1.4755 with targets at 1.4845 and 1.4930 and stop loss with four hour closing below 1.4655 JPY The USD/JPY pair reached the key resistance for the descending channel yesterday at 97.60 where it gave a false breakout of the level before declining once again from 97.45 level to currently target the support level at 95.40. The short term targets are at 94.00 as far as 97.45 remains intact. The trading range for today is among the key support at 94.00 and the key resistance at 99.60 The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60 Support: 96.95, 96.35, 95.90, 95.45, 95.20 Resistance: 97.45, 97.70, 98.15, 98.75, 99.40 Recommendation: According to our analysis, sell the pair below 97.45 with targets at 95.45 and stop loss with four hour closing above 98.15 CHF After breaching the key support at 1.1355, the Dollar versus Swissy declined to reach 1.1300 several times as it was pressured to the upside to retest the above mentioned level yet a close below it helps us keep our outlook to the downside on the intraday and short terms. Targets for today are at 1.1165 yet we may witness an upside correction towards 1.1410 - 1.1440 to gather bearish momentum. However, a close above 1.1355 may invalidate our expectations for a decline especially if the pair was able to breach the 1.1460 level to the upside. The trading range for today is among the key support at 1.0975 and the key resistance at 1.1800 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245 Support: 1.1355, 1.1305, 1.1240, 1.1205, 1.1165 Resistance: 1.1410, 1.1460, 1.1520, 1.1585, 1.1645 Recommendation: According to our analysis, sell the pair below 1.1355 with targets at 1.1240 and 1.1165 and stop loss with four hour closing above 1.1460 CAD The Dollar versus Loonie pair was able to complete yesterday's targets at 1.1955 before rebounding to the upside which may take the pair to levels between 1.2050 - 1.2070 in an attempt to retest the latter level and gather enough bearish momentum to support the short term trend to the downside targeting 1.1640. This decline remains as far as 1.2070 remains intact The trading range for today is among the key support at 1.1640 and the key resistance at 1.2505 The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3400 Support: 1.1900, 1.1875, 1.1810, 1.1785, 1.1755 Resistance: 1.2050, 1.2070, 1.2100, 1.2150, 1.2225 Recommendation: According to our analysis, sell the pair below 1.2050 with targets at 1.1955 and 1.1875 and stop loss with a four hour closing above 1.2150 Ecpulse disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, 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, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk