Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com | Apr 27 10 06:31 GMT |

EURO The pair managed to breach resistance line for the descending channel that has currently turned into support at 1.3355. We expect some fluctuation to rid of the negative signs evident on momentum indicators, before resuming the expected bullish intraday direction that targets levels 1.3445 then 1.3495. It is vital that 1.3290 remain intact so these expectations may prevail. The trading range for today is among the key support at 1.3290 and the key resistance at 1.3495. The short term trend is to the downside as far as 1.4410 remains intact with targets at 1.2450. Support: 1.3355, 1.3290, 1.3225, 1.3190, 1.3115 Resistance: 1.3400, 1.3445, 1.3495, 1.3570, 1.3635 Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.3355 targeting 1.3445 and stop loss below 1.3290, might be appropriate. GBP Resistance level of 1.5475 is still a strong barrier in front of the pair's attempts to ascend. Through the image above, we find that the pair has stabilized above the breached pivotal resistance that has currently turned into support at 1.5410, supported by Stochastic which is approaching oversold areas; thus, encouraging us to expect more bullish intraday movement where its key targets start at 1.5555. This scenario requires 1.5325 to remain intact. The trading range for today is among the key support at 1.5325 and the key resistance at 1.5555. The short term trend is to the upside as far as 1.4850 remains intact with targets at 1.7000. Support: 1.5410, 1.5365, 1.5325, 1.5280, 1.5255 Resistance: 1.5475, 1.5500, 1.5555, 1.5605, 1.5665 Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5410 targeting 1.5555 and stop loss below 1.5325, might be appropriate. JPY The pair has been bearishly correcting since yesterday, while it approaches the retesting level from the previously breached neckline at 93.45. The stochastic is showing positive signs that support continuing the expected bullish direction over an intraday basis; requiring the retest level to maintain its stance to head towards 94.80 mainly. The trading range for today is among the key support at 93.20 and the key resistance at 94.80. The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60. Support: 93.45, 92.70, 92.25, 91.60, 90.90 Resistance: 94.00, 94.80, 95.55, 96.00, 96.35 Recommendation Based on the charts and explanations above our opinion is buying the pair from 93.45 target 94.80 and stop loss below 92.70, might be appropriate. CHF The pair has returned to trade below the ascending channel's support level, while a sign of a bearish technical target is appearing where its neckline is at 1.0715. These signs point to a bearish intraday direction that will start with a clear breach of the neckline to pave the way towards 1.0605 then 1.0565. These expectations require the four-hour candlestick closing to remain below 1.0760 to prevail. The trading range for today is among the key support at 1.0605 and the key resistance at 1.0850. The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910. Support: 1.0705, 1.0670, 1.0605, 1.0565, 1.0505 Resistance: 1.0740, 1.0790, 1.0850, 1.0895, 1.0945 Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0715 targeting 1.0605 and stop loss above 1.0790, might be appropriate. CAD The pair continues its sideway trading, while it nears this range's resistance at 1.0045 and therefore meets with MA 100. We still see that chances of a bearish trend over an intraday basis remains intact and requires the breach of support between 0.9950 – 0.9930 to head towards 0.9805. It is vital that trading remain below 1.0120 to achieve these expectations. The trading range for today is among the key support at 0.9805 and the key resistance at 1.0120. The short term trend is to the downside as far as 1.0780 remains intact with targets at 0.9705. Support: 0.9950, 0.9930, 0.9865, 0.9805, 0.9750 Resistance: 1.0045, 1.0120, 1.0200, 1.0240, 1.0320 Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0045 targeting 0.9930 and stop loss above 1.0120, 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