Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Jul 03 09 05:45 GMT |

EURO The Euro versus Dollar pair was able to reach the key support for the ascending channel at 1.3955 in an attempt to breach it yet failed to close below it keeping the uptrend within the channel valid targeting 1.4230. We expect the pair is to incline on the intraday basis to breach the 1.4000 level as far as 1.3900 remains intact. The trading range for today is among the key support at 1.3655 and the key resistance at 1.4400 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120 Support: 1.3965, 1.3925, 1.3900, 1.3870, 1.3850 Resistance: 1.4000, 1.4030, 1.4095, 1.4155, 1.4220 Recommendation: According to our analysis, buy the pair above 1.4000 with targets at 1.4155 and stop loss with four hour closing below 1.3925 GBP The Cable continued to pressure the minor support at 1.6330 to the downside. We see a bullish technical pattern that may result in an incline on the intraday basis targeting 1.6600 after breaching the minor resistance at 1.6430 as far as 1.6270 remains intact. The trading range for today is among the key support at 1.5900 and the key resistance at 1.6815 The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100 Support: 1.6330, 1.6270, 1.6200, 1.6175, 1.6115 Resistance: 1.6430, 1.6490, 1.6570, 1.6600, 1.6685 Recommendation: According to our analysis, buy the pair above 1.6430 with targets at 1.6600 and stop loss with four hour closing below 1.6330 JPY After inclining yesterday, the USD/JPY pair reversed to the downside yet was limited at the 95.70 support level. Current trading levels remain within a minor ascending channel where we expect the pair is to breach the key support of the channel in an attempt to decline and target 94.85 and 94.40 before completing the short term targets at 93.00. This decline remains as far as 97.65 is intact. The trading range for today is among the key support at 93.00 and the key resistance at 98.85 The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60 Support: 95.70, 94.85, 94.40, 93.80, 93.40 Resistance: 96.40, 96.90, 97.50, 98.05, 98.55 Recommendation: According to our analysis, sell the pair below 95.70 with targets at 94.85 and 94.40 and stop loss with four hour closing above 96.04 CHF The Dollar versus Swiss pair was able to incline yesterday to reach the first resistance at 1.0900 before rebounding back to the downside in correctional movements. We expect the pair is to decline towards 1.0785 which will determine the intraday trend where a breach to the downside will open the way for further declines towards 1.0745 and 1.0570; yet a rebound to the upside will pressure the 1.0890 resistance level where a break of which will target 1.1000 – 1.1060. We wait for the pair to reach 1.0785 to determine the next intraday trend. The trading range for today is among the key support at 1.0570 and the key resistance at 1.1165 The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245 Support: 1.0785, 1.0745, 1.0685, 1.0650, 1.0600 Resistance: 1.0890, 1.0915, 1.0980, 1.1010, 1.1095 Recommendation: According to our analysis, sell the pair below 1.0830 with targets at 1.0745 and stop loss with four hour closing above 1.0890 CAD The Dollar versus Loonie pair inclined heavily yesterday to breach the correction levels where the incline was limited at a top where we expect may be the second top for a double top formation. The downside potential remains supported by the overbought signals on momentum indicators where the next target is the pivot support – possible neckline – at 1.1435. A breach of this level will take the pair to 1.1240 yet note that the pair will face a strong support first at 1.1335. The 1.1740 must remain intact for the pair to decline. The trading range for today is among the key support at 1.1280 and the key resistance at 1.1815 The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300 Support: 1.1555, 1.1485, 1.1440, 1.1360, 1.1335 Resistance: 1.1610, 1.1650, 1.1715, 1.1740, 1.1810 Recommendation: According to our analysis, sell the pair below 1.1555 with targets at 1.1440 and stop loss with four hour closing above 1.1650 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