Technical Analysis for Major Currencies

EURO

The pair stabilized trading above resistance line for the short term descending channel that insures the suggested scenario yesterday. The new ascending channel will organize the current bullish intraday trend, supporting our expectations of a bullish intraday direction; main targets start at 1.3800 – 1.3835. Keep in mind the importance of 1.3580 to remain intact to insure that the present bullish wave has continued.

The trading range for today is among the key support at 1.3580 and the key resistance at 1.3830.

The general trend is to the upside if we do not witness a daily closing below 1.3485 with targets at 1.5150.

Support: 1.3670, 1.3635, 1.3580, 1.3525, 1.3485
Resistance: 1.3700, 1.3735, 1.3800, 1.3835, 1.3890

Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.3670 targeting 1.3800 and stop loss below 1.3580, might be appropriate.

GBP

After insuring the breach of the bullish technical pattern from yesterday, the pair managed to achieve a gradual ascend in an attempt to reach main resistance 1.5215. Stochastic is showing negative signs that could pressure the pair to retest the breached 1.4990, before resuming the expected bullish intraday direction, which will remain intact if we do not witness a clear breach of 1.4950.

The trading range for today is among the key support at 1.4920 and the key resistance at 1.5215.

The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.

Support: 1.5035, 1.4990, 1.4900, 1.4850, 1.4795
Resistance: 1.5100, 1.5145, 1.5215, 1.5270, 1.5345

Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4990 targeting 1.5100 and stop loss below 1.4900, might be appropriate

JPY

The pair continues to fluctuate around the neckline 90.60 since yesterday, in an attempt to gather enough positive momentum to support the previously expected bullish intraday trend that we expect will continue for today as well. What is expected now insures the breach of the neckline with the closing initially above it to pave the way to target levels 91.20-91.60. It is vital that 90.05 remain intact to maintain chances of achieving these expectations.

The trading range for today is among the key support at 89.65 and the key resistance at 91.60.

The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Support: 90.00, 89.65, 89.35, 88.70, 88.20
Resistance: 90.60, 91.20, 91.60, 92.15, 92.40

Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 90.60 target 91.60 and stop loss below 90.00, might be appropriate.

CHF

The pair is organizing its trading within the descending channel, which insures yesterday's suggested scenario even more. The bearish technical pattern's neckline is at 1.0670, where the pair is currently attempting to breach it and should pave the way to achieve more expected bearish direction over an intraday basis; initially targeting support for the descending channel at 1.0575 then 1.0535. the current short term wave requires trading to remain below 1.0775 to prevail.

The trading range for today is among the key support at 1.0535 and the key resistance at 1.0805.

The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

Support: 1.0645, 1.0605, 1.0575, 1.0535, 1.0460
Resistance: 1.0670, 1.0730, 1.0775, 1.0805, 1.0850

Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0670 targeting 1.0670 and stop loss above 1.0730, might be appropriate.

CAD

The pair is trading in an ideal way, according to yesterday's suggested scenario within the minor descending channel that controls the pair's bearish intraday direction.Stochastic is entering oversold areas, which could cause some fluctuations if it receives enough bearish momentum to support the expected bearish intraday trend to continue; where its upcoming targets are around 1.0150 then 1.0080. Keep in mind the importance of trading remaining below 1.0310 to maintain chances of achieving these expectations as well as being cautious of sharp trading that is expected when the Canadian unemployment rate is released today as of 12:00 GMT.

The trading range for today is among the key support at 1.0080 and the key resistance at 1.0365.

The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.

Support: 1.0210, 1.0150, 1.0080, 1.0000, 0.9970
Resistance: 1.0250, 1.0290, 1.0365, 1.0405, 1.0475

Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0290 targeting 1.0150 and stop loss above 1.0365, might be appropriate

Ecpulse

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