Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair was able to reach the 1.4000 resistance level as it halted further gains to reach the key resistance for the ascending channel currently at 1.4060. The bearish momentum seen on momentum indicators is pressuring the pair to the downside towards 1.3900 in an attempt to gather bullish momentum to target 1.4180 today. This incline remains as far as 1.3680 is intact on the short term.

The trading range for today is among the key support at 1.3580 and the key resistance at 1.4380

The general trend is to the downside as far as 1.4710 is intact with targets at 1.2120

Support: 1.3900, 1.3850, 1.3815, 1.3775, 1.3740
Resistance: 1.4060, 1.4115, 1.4180, 1.4215, 1.4300

Recommendation: According to our analysis, buy the pair above 1.3900 with targets at 1.4060 and stop loss with four hour closing below 1.3815

GBP

After reaching our initial target yesterday, the Cable is currently nearing our second suggested target at 1.5995 noting that the key resistance for the ascending channel has shifted to 1.6040. We see the possibility of trading within a minor ascending channel that could take the pair to the above mentioned level where a breach of which will take the pair further towards 1.6400 as far as 1.5700 is intact.

The trading range for today is among the key support at 1.5700 and the key resistance at 1.6370

The general trend is to the upside as far as 1.4840 is intact with targets at 1.6600

Support: 1.5900, 1.5845, 1.5775, 1.5700, 1.5665
Resistance: 1.6040, 1.6100, 1.6185, 1.6275, 1.6345

Recommendation: According to our analysis, buy the pair above 1.5900 with targets at 1.6040 and stop loss with four hour closing below 1.5845

JPY

The USD/JPY pair was able to breach the neckline at 95.20 yesterday where targets are now at 96.60. We may witness high volatility near the neckline as it attempts to retest it to gather bullish momentum. The short term trend remains to the downside as we believe the pair to reverse to the downside after reaching 96.60 to target 92.40 as far as 97.15 remains intact.

The trading range for today is among the key support at 91.90 and the key resistance at 97.15

The general trend is to the downside as far as 102.60 with targets at 84.95 and 82.60

Support: 95.20, 94.60, 94.25, 93.95, 93.50
Resistance: 96.00, 96.60, 97.15, 97.60, 98.10

Recommendation: According to our analysis, buy the pair above 95.20 with targets at 96.60 and stop loss with four hour closing below 94.25

CHF

Yesterday's incline came to a halt at the 50% correction at 1.0925 where the Dollar versus Swissy pair reversed back tot eh downside towards the key support at 1.0800. The pair is currently attempting to adjust to the upside today towards 1.0925 where a breach of this level will take the pair towards the key resistance near 1.1050. The short term trend remains to the downside with targets at 1.076 – 1.0745 before attempting to head towards 1.0570.

The trading range for today is among the key support at 1.0620 and the key resistance at 1.1205

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245

Support: 1.0800, 1.0765, 1.0745, 1.0710, 1.0655
Resistance: 1.0925, 1.0960, 1.1050, 1.1070, 1.1125

Recommendation: According to our analysis, buy the pair above 1.0925 with targets at 1.1050 and stop loss with four hour closing below 1.0860

CAD

After attempting to breach the key resistance at 1.1335 yesterday, the Dollar versus Loonie pair declined to reach out target at 1.1185. As seen in the above image, trading remains within a downside channel targeting 1.1000 and 1.0935 respectively as far as 1.1230 remains intact. A breach of this level will take the pair higher to 1.1335 in an attempt to change the short term trend to the upside.

The trading range for today is among the key support at 1.0935 and the key resistance at 1.1620

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300

Support: 1.1120, 1.1085, 1.1000, 1.0980, 1.0935
Resistance: 1.1230, 1.1270, 1.1335, 1.1370, 1.1415

Recommendation: According to our analysis, sell the pair below 1.1230 with targets at 1.1120 and stop loss with four hour closing above 1.1335

Technical Analysis for Crosses

GBP/JPY

Sterling versus Japanese yen is preceding our daily butterfly harmonic scenario, breaching the critical areas of 151.50. Hence we see that additional upside actions are highly predicted to complete the formation of CD leg targeting the areas of 38.2% Fibonacci for the rally from 215.85 zones. AROON indicator has been activated as AROON up is above value of 70.00 -colored in green- while AROON down -colored in red- is moving downwards reviving the change of the trend after breaching the above mentioned areas.

Trading range for today is among key support at 148.25 and key resistance at 156.00.

The general trend is to the downside as far as 156.20 remains intact with target at 116.00.

Support: 152.25, 151.55, 150.85, 150.40, 149.30
Resistance: 152.75, 153.40, 154.10, 155.00, 155.85

Recommendation: According to our analysis, buy the pair at 152.25 with targets at 154.50 and stop loss at 150.40.

EUR/JPY

The pair looks to be trading in the CD leg of our suggested daily butterfly, provided by the solid support from the Envelopes as shown obviously on the secondary image. It seems that the pair has the ability to attack 38.2 % Fibonacci level of the entire rally started at 169.90 zones. Indeed, a break of this level will be able to activate AROON indicator and will allow it to cross the value of 30.00.

Trading range for today is among key support at 129.75 and key resistance now at 137.40.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

Support: 132.85, 132.20, 131.55, 131.05, 130.00
Resistance: 133.65, 134.15, 134.80, 135.55, 136.25

Recommendation: According to our analysis, buy the pair at 133.00 with targets at 135.25 and stop loss at 131.15.

EUR/GBP

The royal pair is still fluctuating sideways between the resistance of 0.8790 and the cluster support areas around 0.8720 , but we see that this solid support will be able to provide the pair with the upside momentum it needs to form a possible double bottom. Carefully note that RSI (9) is valued at 30 reviving the potential slight upward actions on the intraday basis.

Trading range is among the key support 0.8580 and key resistance now at 0.8930.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Support: 0.8720, 0.8700, 0.8680, 0.8645, 0.8580
Resistance: 0.8760, 0.8790, 0.8825, 0.8865, 0.8900

Recommendation: According to our analysis, buy the pair at 0.8745 with targets at 0.8820 and stop loss at 0.8685.