Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair corrected to the downside to build a base at 1.4655 before rebounding to the upside and near our suggested target at 1.4765. Trading within a minor bullish channel as seen in the above image is continuing the short term uptrend where it is expected to face a resistance at 1.4875. The upside trend remains as far as 1.4650 is intact with targets at 1.4875 and 1.5000

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4985

The general trend is currently to the downside as far as 1.4725 remains intact with targets at 1.2120

Support: 1.4705, 1.4650, 1.4610, 1.4565, 1.4515
Resistance: 1.4720, 1.4765, 1.4810, 1.4875, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4705 to 1.4875 and stop loss below 1.4610 might be appropriate.

GBP

The Cable continues its attempts to breach the pivot resistance at 1.6515 as we see in the above image where we see the formation of an ascending triangle supporting our overview to continue the short term uptrend. Initial targets are at 1.6740 as far as 1.6375 is intact.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6740

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

Support: 1.6425, 1.6375, 1.6330, 1.6250, 1.6180
Resistance: 1.6515, 1.6595, 1.6630, 1.6660, 1.6740

Recommendation: Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.6515 to 1.6660 and stop loss below1.6425 might be appropriate

JPY

The minor support at 90.15 was able to halt further declines for the pair yesterday to rebound towards the 38.2% correction at 91.35 once again. The stochastic indicator is nearing overbought areas where our outlook remains to the downside on the short term with targets at 89.00 only if 92.10 remains intact.

The trading range for today is among the key support at 88.40 and the key resistance at 94.70

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

Support: 90.90, 90.15, 89.35, 89.00, 88.40
Resistance: 91.35, 91.80, 92.10, 92.60, 93.30

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 91.35 to 90.15 and stop loss above 92.10 might be appropriate.

CHF

The Dollar versus Swissy pair is gradually declining within a minor descending channel supporting the short term downtrend. Trading below the minor support at 1.0325 yesterday makes us believe the pair is to continue declining today targeting 1.0000 as far as 1.0400 remains intact whereas 1.0550 remaining intact is vital for the short term downtrend to continue.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0700

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600

Support: 1.0285, 1.0220, 1.0135, 1.0080, 1.0000
Resistance: 1.0325, 1.0400, 1.0480, 1.0550, 1.0610

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0325 to 1.0220 and stop loss above 1.0400 might be appropriate.

CAD

Trading for the Dollar versus Loonie pair remains below 1.0670 yesterday adding more support for the decline on the short term where we expect the pair is to target 1.0500 initially before heading towards 1.0000. Momentum indicators show the pair being oversold which may result in mixed trading. However as far as 1.0910 remains intact, the short term trend is to the downside.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.1100

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

Support: 1.0625, 1.0565, 1.0500, 1.0420, 1.0350
Resistance: 1.0670, 1.0715, 1.0785, 1.0830, 1.0885

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0670 to 1.0565 and stop loss above 1.0715 might be appropriate.

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