Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair neared the suggested target yesterday at 1.4875, yet the FOMC rate decision pressured the pair to the downside, after the incline was halted at 1.4844. The pair is currently facing the key support for the bullish channel, seen in the image above, alongside the 61.8% correction at 1.4700, where it seems like the pair is being oversold according to the stochastic indicator. All this makes us believe the pair is to incline on the intraday basis; targeting the breach of 1.4844 in an attempt to head towards 1.5000 only if 1.4610 remains intact for today.

The trading range for today is among the key support at 1.4465 and the key resistance at 1.5000

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

Support: 1.4700, 1.4665, 1.4610, 1.4565, 1.4515
Resistance: 1.4745, 1.4790, 1.4845, 1.4875, 1.4900

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4700 to 1.4840 and stop loss below 1.4610 might be appropriate

GBP

The Cable faced a strong resistance at 1.6465, which reversed the pair to the downside in correctional movements supported by signs seen on the stochastic indicator, where we expect it to reach the 61.8% correction at 1.6265 before rebounding back to the upside to complete the bullish technical pattern, highlighted in the image above. From here, we expect the pair to incline breaching the 1.6445 resistance level and opening the way towards 1.6600. The stochastic indicator is entering oversold areas, which supports our overview and will be confirmed as far as 1.6190 is intact.

The trading range for today is among the key support at 1.6000 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: 1.6300, 1.6265, 1.6190, 1.6155, 1.6095
Resistance: 1.6390, 1.6445, 1.6500, 1.6600, 1.6635

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.6265 to 1.6445 and stop loss below 1.6190 might be appropriate.

JPY

The USD/JPY pair was limited between the 50% and 38.2% correction, in an attempt to gather enough momentum to continue the short term downside trend, where we see a bearish crossover on the stochastic indicator supporting the decline for today to breach 90.50 and open the way to target 88.65 as far as 91.75 is intact.

The trading range for today is among the key support at 88.20 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: 90.50, 90.15, 89.35, 88.65, 88.20
Resistance: 91.25, 91.50, 91.75, 92.10, 92.55

Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 90.50 to 89.70 and stop loss above 91.20 might be appropriate.

CHF

The Dollar versus Swissy pair breached the 38.2% correction to halt at the 50% correction at 1.0285. The stochastic indicator is trending within an overbought area, which supports the decline on the intraday basis heading towards the breach of the key support for the short term bearish channel with targets at 1.0000 as far as 1.0325 remains intact.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0550

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

Support: 1.0200, 1.0135, 1.0080, 1.0000, 0.9935
Resistance: 1.0285, 1.0325, 1.0385, 1.0425, 1.0480

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0285 to 1.0200 and stop loss above 1.0340 might be appropriate

CAD

The 1.0655 level was able to halt further declines for the Loonie resulting in a rebound to the upside in correctional movements towards the 61.8% correction at 1.0775, taking the stochastic indicator into overbought areas, where our expectations are for a decline on the intraday basis targeting the breach of 1.0655 before heading towards 1.0000 as far as 1.0805 remains intact on the four hour charts.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.0970

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

Support: 1.0700, 1.0655, 1.0625, 1.0565, 1.0500
Resistance: 1.0775, 1.0805, 1.0850, 1.0885, 1.0935

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0775 to 1.0655 and stop loss above 1.0850 might be appropriate.

Ecpulse