Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair was able to reach our upside targets at 1.4145 where we see the pair currently trading within a minor ascending channel. It is possible for the pair to continue trading within this channel and reach the key support at 1.3970 before rebounding back to the upside towards the targets at 1.4470. The short and medium term trends are to the upside as far as 1.3335 remains intact.

The trading range for today is among the key support at 1.3625 and the key resistance at 1.4470 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120

Support: 1.3970, 1.3910, 1.3890, 1.3800, 1.3745
Resistance: 1.4140, 1.4180, 1.4225, 1.4265, 1.4340

Recommendation According to our analysis, buy the pair above 1.3970 with targets at 1.4085 and stop loss with four hour closing below 1.3890

GBP

The Cable was able to reach our initial upside target yesterday at 1.6580 where it is currently undergoing slight downside correction. The minor ascending channel is taking the pair to the upside where we believe there is still more room for inclines to 1.6875 after breaching the minor resistance level at 1.6685 as far as the minor support at 1.6460 remains intact. The short and medium term trend are to the upside as far as trading is above the critical support at 1.5955.

The trading range for today is among the key support at 1.6120 and the key resistance at 1.6870 The general trend is to the upside as far as 1.4840 remains intact with targets at 1.6830

Support: 1.6460, 1.6385, 1.6355, 1.6290, 1.6235
Resistance: 1.6580, 1.6640, 1.6685, 1.6700, 1.6770

Recommendation: According to our analysis, buy the pair above 1.6460 with targets at 1.6685 and stop loss with four hour closing below 1.6385

JPY

The USD/JPY pair continued to trade within a descending triangle yesterday as seen on the above image where we expect the pair to decline towards the pivotal support at 97.15 in an attempt to breach it and target 95.50 on the intraday basis. The short term trend is to the downside as far as a daily close above 98.20 isn't witnessed.

The trading range for today is among the key support at 94.50 and the key resistance at 100.70 The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

Support: 97.15, 96.50, 95.90, 95.50, 94.75
Resistance: 98.20, 98.85, 99.40, 100.25, 100.65

Recommendation: According to our analysis, sell the pair below 97.15 with targets at 95.50 and stop loss with four hour closing above 98.20

CHF

The Dollar versus Swissy pair was able to breach the neckline at 1.0745 to decline 100 pips so far. This breach will open the way for the pair towards 1.0440 yet note that a pivot support for the general trend resides at 1.0570 where a breach of this level will reverse the general trend to the downside. We expect the pair to retest the broken neckline which has now shifted to 1.0760 before reversing back to the downside. This decline remains as far as 1.0855 is intact.

The trading range for today is among the key support at 1.0440 and the key resistance at 1.0980

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

Support: 1.0665, 1.0640, 1.0570, 1.0500, 1.0470
Resistance: 1.0760, 1.0815, 1.0855, 1.0915, 1.0980

Recommendation: According to our analysis, sell the pair bleow 1.0760 with targets at 1.0640 and stop loss with four hour closing above 1.0855

CAD

The 1.0940 critical support level was able to limit the declines for the Dollar versus Loonie pair as it rebounded back to currently touch the key resistance for the downside channel at 1.1085. We expect the pair is to decline to reach the above mentioned support level in an attempt to breach it and head towards the technical target for the technical pattern at 1.0600. The downside trend remains as far as 1.1085 is intact.

The trading range for today is among the key support at 1.0785 and the key resistance at 1.1395

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

Support: 1.0980, 1.0940, 1.0880, 1.0825, 1.0785
Resistance: 1.1085, 1.1120, 1.1165, 1.1200, 1.1260

Recommendation: According to our analysis, sell the pair below 1.1085 with targets at 1.0940 and stop loss with four hour closing above 1.1165