Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair continued to trend to the downside resulting in a breach of the 1.3850 level which opens the way towards 1.3700 – 1.3735 due to a bearish technical pattern as seen in the above image. This decline within an ascending channel is considered normal and we expect the pair to rebound from the above mentioned support level to target 1.4100 as an initial target as far as 1.3665 remains intact.

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: 1.3815, 1.3775, 1.3735, 1.3700, 1.3665
Resistance: 1.3850, 1.3900, 1.3980, 1.4050, 1.4115

Recommendation: According to our analysis, buy the pair above 1.3735 with targets at 1.3850 and 1.3900 and stop loss with four hour closing below 1.3665

GBP

After the Cable was able to touch the key resistance for the upside channel yesterday, it reversed back to the downside to breach the minor support level as seen in the above image to correct to the downside before rebounding back to the upside with targets near 1.6400. This decline may take the pair to 1.5755 which we expect is going to be enough to rebound the pair yet this decline requires the confirmation of the breach of 1.5890

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 remains intact with targets at 1.6600

Support: 1.5890, 1.5845, 1.5755, 1.5700, 1.5665
Resistance: 1.5955, 1.5970, 1.6010, 1.6080, 1.6110

Recommendation: According to our analysis, sell the pair below 1.5890 with targets at 1.5755 and stop loss with four hour closing above 1.5970

JPY

The USD/JPY pair was able to incline due to the bullish technical pattern to target 96.60. We expect the pair to reverse from this level to target 93.50 once again within the descending channel once again before heading towards 92.40 as far as 97.20 remains intact.

The trading range for today is among the key support at 91.90 and the key resistance at 99.40

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

Support: 95.75, 95.45, 94.90, 94.10, 93.50
Resistance: 96.60, 97.20, 97.60, 98.10, 98.85

Recommendation: According to our analysis, sell the pair below 96.60 with targets at 94.95 and stop loss with four hour closing above 97.20

CHF

The Dollar versus Swissy pair continued to pressure the resistance level at 1.0925 to successfully breach it and open the way towards the key resistance for the downside channel at 1.1025. We currently wait for the pair to reach this last level before reversing back to the downside targeting 1.0745 and 1.0570 on the short term. This decline remains as far as 1.1165 is intact.

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: 1.0925, 1.0860, 1.0810, 1.0765, 1.0745
Resistance: 1.0960, 1.1025, 1.1090, 1.1125, 1.1165

Recommendation: According to our analysis, sell the pair below 1.1025 with targets at 1.0925 and 1.0810 and stop loss with four hour closing above 1.1125

CAD

The Dollar versus Loonie pair was able to correct to the upside towards 1.1230 where we expect the pair to decline from there to complete the short term downside targets at 1.1100 and 1.0935 as far as 1.1550 remains intact on the short term and 1.1335 on the intraday basis.

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: 1.1190, 1.1100, 1.1085, 1.1000, 1.0980
Resistance: 1.1270, 1.1335, 1.1370, 1.1415, 1.1500

Recommendation: According to our analysis, sell the pair below 1.1230 with targets at 1.1100 and stop loss with four hour closing above 1.1335

Technical Analysis for Crosses

GBP/JPY

The British pound versus the Japanese yen is moving steadily above the critical broken areas of 151.50, showing more confirmation for the previous discussed CD leg formation of the daily butterfly harmonic scenario. Additional upward steps are about to come targeting 155.90 zones as an ideal technical target for the harmonic wave. AROON also is moving steadily above value of 70.00 confirming our short term bullishness.

Trading range for today is among key support at 149.30 and key resistance at 156.80.

The general trend is to the downside as far as 156.75.remains intact with target at 116.00.

Support: 153.00, 152.15, 151.50, 151.00, 150.00
Resistance: 153.90, 154.50, 155.00, 155.85, 156.75

Recommendation: According to our analysis, buy the pair at 153.25 with targets at 155.80 and stop loss at 151.50.

EUR/JPY

After 3 days of waiting, we got our sign as AROON up indicator -colored in green- has breached the values of 30.00, 50.00 and even 70.00 signaling that the expected short term harmonic butterfly is still in progress supported by Envelopes which carry this impulsive wave from below. The most important point now is 38.2% Fibonacci level at 134.15 as a breakout above it will open the door up for additional bullishness.

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: 132.95, 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

After the successful breakout below 0.8720, the royal pair found a cluster support point at 0.8660. Now, the clear oversold signs appearing on the RSI-currently valued at 30.00 - revive the possibility of showing correctional movements while bears power is decreasing gradually. A break of 0.8720 will be resulting in re-testing 0.8760 zones again before resuming the short term bearishness.

Trading range is among the key support 0.8530 and key resistance now at 0.8820.

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: 0.8660, 0.8620, 0.8580, 0.8540, 0.8500
Resistance: 0.8700, 0.8725, 0.8760, 0.8800, 0.8820

Recommendation: According to our analysis, buy the pair at 0.8670 with targets at 0.8750 and stop loss at 0.8610