Technical Analysis for Major Currencies

Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair continues to trade within a tight range since yesterday after breaching the pivot resistance at 1.4345. Maintaining levels above 1.4300 will keep our expectations to the upside where we still see chances of an incline on the intraday basis targeting the critical resistance at 1.4660 as the pair currently attempts to gather bullish momentum. We wait for more confirmation from momentum indicators which are neutral yet as far as trading is above 1.4300, the pair is to incline.The trading range for today is among the key support at 1.3975 and the key resistance at 1.4650. The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120
Support: 1.4300, 1.4250, 1.4170, 1.4145, 1.4100
Resistance: 1.4345, 1.4375, 1.4430, 1.4475, 1.4550
Recommendation: Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.4345 to 1.4450 and stop loss below 1.4250 might be appropriate.
GBP
The Cable faced minor resistance levels near 1.6440 yesterday which negatively pressured the pair to the downside to trade once again around the critical support at 1.6320. The stochastic indicator has entered an oversold area as it attempts to show a bullish crossover that will result in an incline on the intraday basis initially targeting the breach of the minor resistance which has shifted to 1.4665 to targeting 1.6650. Trading above 1.6250 will keep the uptrend valid.
The trading range for today is among the key support at 1.5870 and the key resistance at 1.6670. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Support: 1.6320, 1.6250, 1.6180, 1.6155, 1.6095
Resistance: 1.6380, 1.6465, 1.6505, 1.6560, 1.6650
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.6320 to 1.6465 and stop loss below 1.6250 might be appropriate
JPY
The USD/JPY pair is on its way to reach our suggested support level currently at 92.55 where we still wait for a rebound to the upside from this level in an attempt to complete a possible bullish technical pattern as seen in the above image. The stochastic indicator is nearing an oversold area which may be triggered as the pair reaches the support area and then rebound to target the neckline at 93.25 where a breakout will take the pair towards the technical target near 94.25 – 94.50. A four hour closing above 92.35 is vital for the uptrend to remain.The trading range for today is among the key support at 90.00 and the key resistance at 95.10. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 92.55, 91.90, 91.40, 90.95, 90.40
Resistance: 93.25, 93.80, 94.25, 95.00, 95.55
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 92.55 to 94.25 and stop loss below 91.90 might be appropriate
CHF
Trading remained within a narrow range since yesterday after touching the key support at 1.0550. We see that the pair still holds bearish momentum that may pressure to the downside and therefore we expect a decline for today to support the short term trend, initially targeting the breach of the above mentioned key support which will open the way for further declines towards 1.0400 and 1.0000 respectively. The stochastic indicator is supporting the expected downtrend and is confirmed as far as trading is below 1.0660.The trading range for today is among the key support at 1.0300 and the key resistance at 1.0915. The general trend is currently to the upside as far as 1.0550 remains intact with targets at 1.2245.
Support: 1.0550, 1.0480, 1.0450, 1.0400, 1.0375
Resistance: 1.0660, 1.0700, 1.0740, 1.0800, 1.0890
Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0550 to 1.0400 and stop loss above 1.0675 might be appropriate
CAD
The Dollar versus Loonie pair neared the key support at 1.0715 and rebounded to the upside in an attempt to retest the previously breached minor support at 1.0785. We believe this incline is only a correction and we wait for the pair to to reverse to the downside on the intraday basis to breach 1.0715, which is currently a neckline for a bearish technical pattern. A breakout of this level will open the way towards 1.0300; yet note that 1.0915 must remain intact for the intraday trend to remain to the downside whereas 1.1050 should be intact on the short term.The trading range for today is among the key support at 1.0565 and the key resistance at 1.1320.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300
Support: 1.0715, 1.0655, 1.0625, 1.0565, 1.0500
Resistance: 1.0785, 1.0870, 1.0915, 1.1000, 1.1060
Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0715 to 1.0565 and stop loss above 1.0785 might be appropriate.