Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Oct 20 09 08:01 GMT |

EURO The Euro versus Dollar pair inclined yesterday to breach the pivot resistance at 1.4970 supporting the expected uptrend. The Stochastic indicator is providing bearish signs, which may pressure the pair to decline. Yet, we expect a general incline on the intraday basis targeting 1.5100 as far as 1.4845 is intact. The trading range for today is among the key support at 1.4675 and the key resistance at 1.5280 The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000 Support: 1.4970, 1.4900, 1.4845, 1.4785, 1.4745 Resistance: 1.5020, 1.5080, 1.5130, 1.5205, 1.5270 Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4970 to 1.5080 and stop loss below 1.4900 might be appropriate GBP The Cable neared the awaited support level yesterday at 1.6210 as it recorded a low at 1.6240 before rebounding back to the upside to breach the pivot resistance, which represents the neckline for the bullish pattern seen in the image above . The pair is fluctuating between the key resistance at 1.6445 and the neckline at 1.6390, in an attempt to gather bullish momentum. From here we expect the pair to incline after breaching 1.6445 to target 1.6740 The trading range for today is among the key support at 1.6100 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: 1.6390, 1.6320, 1.6270, 1.6210, 1.6165 Resistance: 1.6445, 1.6500, 1.6600, 1.6635, 1.6660 Recommendation: Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.6445 to 1.6600 and stop loss below 1.6320 might be appropriate JPY The USD/JPY pair retested the 90.55 since yesterday to confirm the breach, where the decline is within a minor descending channel that may take the pair towards 89.70 before rebounding back to the upside on the short term targeting 93.00 as far as 89.70 remains intact on the four hour charts. The stochastic indicator is supporting our uptrend for today. The trading range for today is among the key support at 86.75 and the key resistance at 93.30 The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60 Support: 89.70, 89.45, 88.90, 88.35, 87.80 Resistance: 90.80, 91.30, 92.10, 92.80, 93.30 Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 89.70 to 90.80 and stop loss below 88.90 might be appropriate. CHF The Dollar versus Swissy pair was able to breach the pivot support at 1.0125 to decline towards 1.0000. From here we expect the pair to decline on the intraday basis to support the short term decline requiring 1.0295 to remain intact on the four hour charts. The stochastic indicator is showing bullish signs, which may push the pair to retest the previously breached support. The trading range for today is among the key support at 0.9880 and the key resistance at 1.0450 The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600 Support: 1.0080, 1.0000, 0.9935, 0.9880, 0.9840 Resistance: 1.0125, 1.0185, 1.0260, 1.0295, 1.0350 Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0125 to 1.0000 and stop loss above 1.0185 might be appropriate. CAD Trading for the pair remained below 1.0300 as the pair closed below it on the daily charts opening the way for further declines without the need for an upside correction. We see a pivot support at 1.0255 in the image above, which may become a neckline for a bearish technical patter where targets are at 1.0100 and 1.0000 respectively. The stochastic indicator may limit further declines for now yet the overall trend is to the downside on the intraday basis as far as 1.0125 is intact on the four hour charts. The trading range for today is among the key support at 1.0000 and the key resistance at 1.0580 The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000 Support: 1.0255, 1.0205, 1.0150, 1.0090, 1.0000 Resistance: 1.0325, 1.0370, 1.0400, 1.0450, 1.0500 Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0255 to 1.0150 and stop loss above 1.0325 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