Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Nov 04 09 07:28 GMT |

EURO The euro versus dollar returned to ascend and retest the breached main support currently at 1.4730. The clear positive pressure appearing through momentum indicators needs the pair to unload these signs and gain some negative momentum, which in turn will help it continue its new bearish direction. The 100 MA is still pressuring the pair to move to the downside. From here we can expect a bearish trend over an intraday basis for today, which requires the four-hours closing to remain below 1.4770 and targets around 1.4615, initially. The trading range for today is among the key support at 1.4480 and the key resistance at 1.4925. The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000. Support: 1.4700, 1.4615, 1.4575, 1.4535, 1.4480 Resistance: 1.4730, 1.4770, 1.4860, 1.4925, 1.4970 Recommendation: Based on the charts and explanations above our opinion is selling the pair at 1.4730 and targeting 1.4615 and stop loss above 1.4815, might be appropriate GBP The cable pushed to the upside, after nearing main support 1.6245 – the neckline for the previously shown bearish technical pattern – and stabilizing trading around 1.6400. The stochastic shows overbought signs and bearish cross over signs that are about to show, thus we see that a final ascend will reverse the correction to the upside and target the required bearish momentum to resume the bearish direction. Consequently, the expected direction for today remains bearish and moving downwards targeting chiefly reaching 1.6245, while keeping in mind the importance of the four-hour closing below 1.6445 for chances of the bullish technical pattern to fail moving to the awaited downside today – shown in the side image - . The trading range for today is among the key support at 1.6160 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, 1.6310, 1.6245, 1.6160, 1.6120 Resistance: 1.6445, 1.6500, 1.6560, 1.6630, 1.6680 Recommendation: Based on the charts and explanations above our opinion is selling the pair at 1.6440 and targeting 1.6310 and stop loss above 1.6520, might be appropriate. JPY The dollar versus yen pair stabilized around the breached neckline currently at 90.35, where we think that these trades are considered to be an attempt to gain the desired bearish momentum to support continuing the expected previous downside move for the pair. Momentum indicators are currently neutral, where we await confirmation signs from it. Thus, we still hold onto our previous expectations that point to a possible bearish direction over an intraday basis today, where awaited targets are around 88.00 – the bearish technical patterns previously shown -. Meanwhile, it is vital that the pair continues to close below 91.00 so it would prevail to the expected downside direction. The trading range for today is among the key support at 88.00 and the key resistance at 92.35. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60. Support: 90.10, 89.65, 89.00, 88.35, 88.00 Resistance: 90.35, 91.00, 91.25, 91.80, 92.25 Recommendation: Based on the charts and explanations above our opinion is selling the pair at 90.35 To target 89.00 and stop loss above 91.00, might be appropriate CHF After yesterday's volatile bullish wave; the pair returned to correct to the downside move, mentioned in yesterday's report, where it retested breached resistance levels, where the most currently obvious one being 1.0250. The stochastic is nearing oversold areas that are inline with the pair reaching new support – breached resistance – at 1.0250, where it is supposed to make the pair rebound to start an intraday short term bullish wave that targets 1.0400 and then 1.0500. Chances of achieving the expected bullish direction for today remains intact if the four-hours closing holds above 1.0210. The trading range for today is among the key support at 0.9975 and the key resistance at 1.0500. The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600. Support: 1.0250, 1.0210, 1.0175, 1.0130, 1.0090 Resistance: 1.0275, 1.0350, 1.0390, 1.0450, 1.0480 Recommendation: Based on the charts and explanations above our opinion is buying the pair at 1.0250 and targeting 1.0400 and stop loss below 1.0175, might be appropriate CAD The dollar versus loonie pair inched closer to the awaited target level for yesterday around 1.0635 and stabilized trading around the 200 MA at 1.0645. The pair currently exists above the previously breached resistance for the previous bearish direction that keeps the bullish short term direction intact, while protected by the mentioned MA. From here we expect a bullish intraday trend for today, where its primary target is around 1.0770 where chances of this direction will prevail if the breach is achieved and the four-hour closing holds below 1.0635. The trading range for today is among the key support at 1.0430 and the key resistance at 1.0990. The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000. Support: 1.0635, 1.0600, 1.0545, 1.0475, 1.0445 Resistance: 1.0725, 1.0770, 1.0845, 1.0875, 1.0960 Recommendation: Based on the charts and explanations above our opinion is buying the pair at 1.0635 and targeting 1.0770 and stop loss below 1.0545, 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