Technical Analysis for Major Currencies

EURO

The Euro versus dollar pair confirmed the exit from the ascending channel as seen in the above image, changing the intraday trend to the downside confirmed by momentum indicators that have given bearish signs. The medium and short term trend are still to the upside yet on the intraday basis, the pair needs to correct to the downside targeting the 23.6% correction for the ascending channel at 1.4630 and perhaps extend to the 38.2% correction at 1.4540. Trading below 1.4740 is vital for the decline to remain intact.

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

The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000

Support: 1.4650, 1.4630, 1.4565, 1.4540, 1.4465
Resistance: 1.4715, 1.4740, 1.4810, 1.4880, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.4695 to 1.4565 and stop loss above 1.4740 might be appropriate.

GBP

The downtrend continued to take the pair towards the 100% expansion as seen in the above image yet at the same time we see the pair trading below the key support for the downside channel affected by the bearishness yet the 1.6205 level was able to limit further declines on the intraday basis. Momentum indicators show the pair being oversold which may open the way for an upside correction before reversing back to the downside on the short term to breach the above mentioned level.

The trading range for today is among the key support at 1.5925 and the key resistance at 1.6625

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

Support: 1.6205, 1.6180, 1.6140, 1.6020, 1.5980
Resistance: 1.6290, 1.6340, 1.6360, 1.6430, 1.6475

Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.6205 to 1.6050 and stop loss above 1.6340 might be appropriate

JPY

After reaching the 127% expansion at 90.15 as seen in the above image, alongside the oversold signs on momentum indicators, this may result in an upside correction for today targeting 92.40. The uptrend is supported by the 91.30 level on the intraday basis and 90.15 on the short term yet there is a chance for volatile trading during today’s expected incline.

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: 91.30, 90.90, 90.65, 90.15, 89.80
Resistance: 91.90, 92.40, 92.60, 93.25, 94.05

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 91.30 to 92.40 and stop loss below 90.60 might be appropriate.

CHF

From these levels, we expect the pair to rebound to the upside in correctional movements confirming the bullish technical pattern seen on the stochastic indicator which may result in the pair to continue trading in an overbought area alongside the RSI which is currently above 50. This was accompanied by the ADX indicator which has adjusted to the upside to confirm the breach of the key resistance for the downside channel at 1.0355. The moving averages are attempting to adjust to the upside as well.

The trading range for today is among the key support at 1.0160 and the key resistance at 1.0610

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

Support: 1.0310, 1.0280, 1.0265, 1.0210, 1.0160
Resistance: 1.0355, 1.0385, 1.0480, 1.0550, 1.0610

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.0310 to 1.0480 and stop loss below 1.0265 might be appropriate

CAD

Maintaining trading above the 20 MA on the four hour charts alongside a positive adjustment on the RSI and stochastic indicators confirm the uptrend seen on the ADX indicator. The medium and short term trends to the downside continue yet the pair is in need for an upside correction which may target 1.0800 and perhaps extend towards 1.0870 as far as 1.0625 remains intact.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0900

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

Support: 1.0700, 1.0680, 1.0625, 1.0565, 1.0500
Resistance: 1.0755, 1.0800, 1.0870, 1.0915, 1.0960

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.0700 to 1.0870 and stop loss below 1.0625 might be appropriate.

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