Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Jul 28 09 06:50 GMT |

EURO The EUR/USD pair was able to achieve some bearish movements yesterday but it did not surpass 1.4200, which clearly shows the momentum needed to achieve the previously expected incline. We notice a top forming that may complete a bullish technical pattern with a pivot level at 1.4305, where we expect the pair to achieve an incline on an intraday basis and breach this level to head towards 1.4460; most important targets today, ahead of continuing the upside short term direction, targeting levels near 1.4800. 1.4155 is vital for the expected upside direction to prevail. The trading range for today is among the key support at 1.3850 and the key resistance at 1.4440. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120. Support: 1.4215, 1.4155, 1.4075, 1.4035, 1.4005 Resistance: 1.4305, 1.4365, 1.4420, 1.4460, 1.4490 Recommendation: Based on the charts and explanations above our opinion is buying pair from 1.4310 To 1.4460 and stop loss below 1.4215, might be appropriate. GBP The cable continued its attempts to remain above 1.6500; something that gives the pair a good push supporting the expected upside intraday direction. The stochastic continues to pressure the pair to the downside, thus we find instability for the pair's durrent trend. Hence, the pair may fluctuate, again, around 1.6500 to gain enough momentum to support the expected incline for today, where key targets are around 1.6680. 1.6320 remaining intact is vital to keep the pair's upside direction. The trading range for today is among the key support at 1.6155 and the key resistance at 1.6740. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100. Support: 1.6490, 1.6455, 1.6380, 1.6300, 1.6210 Resistance: 1.6545, 1.6605, 1.6680, 1.6740, 1.6770 Recommendation: Based on the charts and explanations above our opinion is buying pair from 1.6545 To 1.6680 and stop loss below 1.6455, might be appropriate. JPY The USD/JPY pair succeeded in building a support to base itself on and help in achieving upside targets on the short term direction, where its targets are at 96.75 through remaining above the 61.8% correction at 94.90. From here; we hold our previous predictions as long as the intraday incline continues, and completes the upside short term direction towards the mentioned targets protected by the 100 MA and 200 MA. 93.70 remaining intact is vital for achieving these upside movements. The trading range for today is among the key support at 91.80 and the key resistance at 98.80. The general trend is to the upside as far as 102.60 remains intact with targets at 84.95 and 82.60. Support: 94.90, 94.05, 93.70, 93.40, 92.75 Resistance: 95.65, 96.00, 96.80, 97.55, 98.05 Recommendation: Based on the charts and explanations above our opinion is buying pair from 94.90 To 96.00 and stop loss below 94.05, might be appropriate. CHF The USD/CHF pair continues trading around the key support awaited to be breached at 1.0685, through trading within the minor bearish channel, where its tendency is towards the downside. This trading within the mentioned channel keeps our expectations for the pair's downside movements to remain valid; while we expect for today a bearish intraday trend breaching the key support at 1.0685 to head towards 1.0570, where continuing the bearish pressure and breaching this level will lead to the general direction reversing to the downside. Momentum indicators are currently neutral with the stochastic oscillator showing a negative crossover that supports our predictions for today. 1.0860 remaining intact is vital for chances of bearish movement to prevail. The trading range for today is among the key support at 1.0365 and the key resistance at 1.0980. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245. Support: 1.0685, 1.0655, 1.0570, 1.0505, 1.0470 Resistance: 1.0740, 1.0780, 1.0845, 1.0860, 1.0935 Recommendation: Based on the charts and explanations above our opinion is selling pair from 1.0675 To 1.0570 and stop loss above 1.0740, might be appropriate CAD The USD/CAD pair settled around the key support at 1.0785, which indicates a continuing pressure on it in an attempt to breach to the downside, where we still see that the bearish movement is still valid and targeting 1.0660. Momentum indicators are showing oversold signals, whereas the pair is not reacting to these signs where it could wait until it reaches the key target to head further to the downside to 1.0300, so that these indicators would take effect. Chances of a downside movement will prevail if 1.0935 remain intact. The trading range for today is among the key support at 1.425 and the key resistance at 1.1010. The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300. Support: 1.0785, 1.0725, 1.0700, 1.0660, 1.0615 Resistance: 1.0845, 1.0935, 1.1010, 1.1080, 1.1115 Recommendation: Based on the charts and explanations above our opinion is selling pair from 1.0775 To 1.0660 and stop loss above 1.0845, might be appropriate 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