Technical Analysis for Major Currencies
EURO
The Euro versus Dollar pair continued to incline after correcting to the downside yesterday to reach the 23.6% as it breached the critical resistance at 1.3805 and near the 1.3950 level which may force the pair back to the downside. We expect the pair to correct to 1.3850 to build a solid base before rebounding back to the upside targeting 1.4100 on the short term as far as 1.3690 remains intact.
The trading range for today is among the key support at 1.3580 and the key resistance at 1.4180
The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
Support: 1.3850, 1.3780, 1.3725, 1.3690, 1.3640 Resistance: 1.3950, 1.3990, 1.4055, 1.4100, 1.4180
Recommendation: According to our analysis, buy the pair above 1.3850 with targets at 1.4040 and stop loss with four hour closing below 1.3780
GBP
After correcting to the downside, the Cable rebounded to the upside towards the key resistance for the upside channel to touch it several times as seen in the above image where we expect to witness a slight downside correction on the intraday basis to reach 1.5760 and 1.5680 at most to gather bullish momentum before inclining on the short term to target 1.6300. The 1.5550 support level must remain intact for the incline to continue for today.
The trading range for today is among the key support at 1.5550 and the key resistance at 1.6200
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.6600
Support: 1.5760, 1.5680, 1.5645, 1.5550, 1.5490 Resistance: 1.5880, 1.5925, 1.6005, 1.6070, 1.6100
Recommendation: According to our analysis, buy the pair above 1.5760 with targets at 1.5880 and stop loss with four hour closing below 1.5680
JPY
The bearish pressure on the pair took the USD/JPY to the downside as expected to near our initial target at 93.50 where we still hold our outlook for further declines towards 92.40 on the intraday basis. We may witness high volatility in an attempt to gather momentum to decline and breach the minor support (near 94.00) and may build a solid base at 94.55 before reversing to the downside. The short term downside trend remains as far as 97.00 is intact.
The trading range for today is among the key support at 91.90 and the key resistance at 97.00
The general trend is to the downside as far as 102.60 is intact with targets at 84.95 and 82.60
Support: 93.95, 93.50, 92.95, 92.40, 91.90 Resistance: 94.55, 95.25, 95.75, 96.45, 97.00
Recommendation: According to our analysis sell th epair below 94.55 with taregts at 93.50 and stop loss with four hour closing above 95.25
CHF
The Dollar versus Swissy fluctuated heavily around the 1.0980 pivotal support as it breached it to the downside nearing our second target at 1.0880. Momentum indicators show the pair being oversold which may result in an upside correction towards 1.0980 to retest the broken trend before reversing back to the downside. We still hold our outlook for further declines towards 1.0845 and 1.0745 before heading towards 1.0570 on the short term. This decline remains as far as 1.1125 is intact.
The trading range for today is among the key support at 1.0745 and the key resistance at 1.1445
The general trend is to the upside as far as 1.0570 is intact with targets at 1.2245
Support: 1.0880, 1.0845, 1.0795, 1.0745, 1.0710 Resistance: 1.0980, 1.1035, 1.1075, 1.1125, 1.1165
Recommendation: According to our analysis, sell the pair below 1.0980 with targets at 1.0845 and stop loss with four hour closing aboce 1.1125
CAD
After successfully reaching the 1.1335 level, the Dollar versus Loonie pair maintained levels at this level where we currently see an attempt to gather enough momentum to incline on the short term and target 1.1940 (key resistance for the descending channel). It is important to note that the 1.1335 level must remain intact for the intraday and short term upside trend to continue where a breach of this level to the downside will take the pair to 1.0935.
The trading range for today is among the key support at 1.0935 and the key resistance at 1.1655
The general trend is to the upside as far as 1.1335 remains intact with targets at 1.3000
Support: 1.1335, 1.1300, 1.1230, 1.1200, 1.1085 Resistance: 1.1380, 1.1415, 1.1475, 1.1545, 1.1600
Recommendation: According to our analysis, buy the pair above 1.1355 with targets at 1.1460 and stop loss with four hour closing below 1.1230