Technical Analysis for Major Currencies

EURO

The Euro versus Dollar pair attempted to breach the pivot support at 1.4850, yet failed to do so due to the positive pressure seen from the stochastic indicator. We still see the pair in need for a downside correction towards 1.4745 before rebounding back to the upside on the intraday basis; targeting 1.5080 as far as 1.4745 is intact

The trading range for today is among the key support at 14675 and the key resistance at 1.5280

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

Support: 1.4850, 1.4785, 1.4745, 1.4675, 1.4650
Resistance: 1.4910, 1.4960, 1.5020, 1.5080, 1.5130

Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.4850 to 1.4745 and stop loss above 1.4910 might be appropriate

GBP

The Cable continues to trade around the resistance level that has halted the bullish trend. The stochastic indicator is trending within overbought areas as it attempts to show a bearish crossover that may result in a downside correction to retest 1.6210 before rebounding on the short term, in an attempt to breach 1.6445 (the key resistance for the current downside channel) and targeting 1.7000. This incline remains as far as 1.6120 is intact.

The trading range for today is among the key support at 1.6050 and the key resistance at 1.6705

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

Support: 1.6270, 1.6210, 1.6165, 1.6120, 1.6045
Resistance: 1.6385, 1.6445, 1.6500, 1.6600, 1.6635

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.6385 to 1.6210 and stop loss above 1.6445 might be appropriate

JPY

The USD/JPY pair continues to pressure to the downside after reaching the 91.30 resistance level, which resulted in the formation of a bearish technical pattern with a neckline at 90.55 targeting a correction towards 89.80 to relieve momentum indicators before continuing the short term uptrend. From here we see the trend is still to the upside as far as trading is above 89.45, yet requires a slight correction.

The trading range for today is among the key support at 86.75 and the key resistance at 93.30

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

Support: 90.55, 89.80, 89.45, 88.80, 88.35
Resistance: 91.30, 92.10, 92.80, 93.30, 93.80

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 89.80 to 90.95 and stop loss below 89.30 might be appropriate

CHF

The USD/CHF pair continues to gradually incline in an attempt to complete the bearish harmonic pattern indicated in our previous report, where we still expect it to reach 1.0260 as it represents a cluster resistance that may force the pair to decline on the intraday basis to support the short term trend that is targeting 1.0000. Momentum indicators are supporting the bearish outlook ,yet note that trading must remain below 1.0305 on the daily charts for the decline to continue.

The trading range for today is among the key support at 0.9880 and the key resistance at 1.0450

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

Support: 1.0175, 1.0120, 1.0080, 1.0030, 1.0000
Resistance: 1.0260, 1.0305, 1.0350, 1.0390, 1.0450

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0260 to 1.0120 and stop loss above 1.0350 might be appropriate

CAD

After successfully breaching the neckline for the bullish technical pattern at 1.0370, the pair is currently fluctuating around this level in an attempt to gather more bullish momentum. From here we expect the pair to incline on the intraday basis; targeting 1.0530 – 1.0600 as far as 1.0370 is intact on the four hour charts.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0600

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000

Support: 1.0370, 1.0305, 1.0265, 1.0205, 1.0175
Resistance: 1.0400, 1.0450, 1.0500, 1.0530, 1.0575

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.0370 to 1.0530 and stop loss below 1.0265 might be appropriate

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