Technical Analysis for Major Currencies
EURO
The European currency was able to complete its 50% correction yesterday 1.5620 and it still has a very major support at 1.5550s, and so far we don't see any good reason for the currency to continue sinking this way, the correction might be just done now and a new upside wave should be the highest probability.
The trading range is among the key resistance level at 1.5950 and the key support level at 1.5550.
The general trend is to the upside as far as 1.4260 remains intact; targets are set at 1.6080 and 1.6360.
Support: 1.5620, 1.5600, 1.5589, 1.5550, 1.5520
Resistance: 1.5650, 1.5678, 1.5700, 1.5720, 1.5754
Recommendation: Buy Euro above 1.5600 with a target at 1.5680 and a stop loss below 1.5575
GBP
The British pound did not yet manage to breach below 1.9700, building a base for the pair that is if breached will drag it down again into the descending channel again and there will be the risk surrounding British pound, and from the upside we need to see a breach for the level 1.9850 in order to confirm any upside movement, while the technical indicators are still neutral.
The trading range is among the key resistance level at 2.000 and the key support level at 1.9660
The general trend is to the downside as far as 2.0200 remains intact; targets are set at 1.9230 and 1.8700.
Support: 1.9710, 1.9690, 1.9661, 1.9620, 1.9585
Resistance: 1.9745, 1.9756, 1.9778, 1.9820, 1.9845
Recommendation: Buy British Pound above 1.9700 with a target at 1.9800 and a stop loss below 1.9660
JPY
The dollar against the Japanese yen has breached the 104.50 level and almost achieved yesterday the 105.50 which if breached will open the way for further upside movement, from the other hand the technical indicators are still neutral with a little bias towards the upside today, but that can not be confirmed but above 105.80.
The trading range for today is among the key resistance level at 105.80 and the key support level at 103.70
The general trend is to the downside as far as 109.00 remains intact; targets are set at 92.40 and 90.00.
Support: 104.82, 104.50, 104.32, 104.03, 103.70
Resistance: 105.18, 105.32, 105.55, 105.80, 106.10
Recommendation: Sell USDJPY below 105.40 with a target at 104.20 and a stop loss above 105.85.
CHF
The pair has done a 32.8% retracement yesterday around 1.0350 and the next possible upside correction might be around 1.0420, yet the pair did not give up on the bearish view yet as the targets at 1.0110 is still attached with neutral technical indicators and a little bit of a bias towards the upside.
The trading range is among the key resistance level at 1.0420 and the key support level at 1.0110.
The general trend is to the downside as far as 1.1000 remains intact; targets are set at 0.9670 and 0.9370.
Support: 1.0320, 1.0341, 1.0365, 1.0385, 1.0412
Resistance: 1.0280, 1.0245, 1.0220, 1.0180, 1.0165
CAD
The pair is heading towards parity level again which does make sense for the pair if its going to continue sinking down and achieve new targets below 0.9700 it has to get rid of the huge sells it is loaded with. However, it is still early to tell if there is going to be a breach in a any direction as the pair tends to consolidate a lot before it makes any move.
The trading range is among the key resistance level at 1.000 and the key support level at 0.9790.
The general trend is to the downside as far as 1.0700 remains intact; targets are set at 0.9030 and 0.8840.
Support: 0.9901, 0.9887, 0.9855, 0.9821, 0.9796
Resistance: 0.9945, 0.9969, 0.9990, 1.0000, 1.0023
disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.
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