Technical Analysis for Major Currencies
EURO
The European currency last week accelerated towards the upside target at 1.4390s successfully breaching the key level at 1.4340s affecting the technical parameters to show the progressive pattern to the upside direction due to the absence of the US dollar strength to set the upside target at 1.4430s in the week ahead.
The trading range for today might be between the key resistance level at 1.4450 and the key support level at 1.4300.
The general trend is up as far as 1. 3860 remains intact targets now at 1.4500 and 1.4780
Support: 1.4382, 1.4350, 1.4325, 1.4288, 1.4268
Resistance: 1.4411, 1.4426, 1.4466, 1.4478, 1.4510
GBP
The British pound last week moved to the top of the bullish move to reach the area around the 2.0500, but it made the upside shadows for the last couple of days to indicate that the pound is moving to the upside with low momentum. Therefore, we expect the pound to drop down today.
The trading range for today might be between the key resistance level at 2.0600 and the key support level at 2.0400.
The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740
Support: 2.0477, 2.0419, 2.0409, 2.0370, 2.0355
Resistance: 2.0545, 2.0570, 2.0600, 2.0626, 2.0658
Recommendation We expect selling sterling below 2.0550 with a target at 2.0470 stop loss above 2.0440.
JPY
The dollar against the Japanese yen last Friday closed in a quiet bearish pattern with long shadows to indicate the low momentum level. In the meantime, the currency managed to touch the downside trend line to close below it, so we see a bearish move for the pair today.
The trading range for today will be between the key resistance at 114.80 and the key support at 113.00.
The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20.
Support: 114.20, 113.95, 113.73, 113.40, 113.18
Resistance: 114.78, 115.05, 115.22, 115.47, 115.77
Recommendation: We expect selling USD/JPY below 114.50 with a target at 113.80, stop loss above 115.25.
CHF
The dollar against the SWISS Frank moved to the downside in a slight quiet move since the pair lacked volume, and the technical studies almost confirmed the downside signals which in role pushed the currency down.
The trading range for today will be between the key resistances at 1.1700 the key support at 1.1580.
The general trend is down as far as 1.2540 remains intact, targets at 1.1445 and 1.1230.
Support: 1.1630, 1.1609, 1.1580, 1.1558, 1.1536
Resistance: 1.1655, 1.1677, 1.1700, 1.1730, 1.1770
Recommendation: We expect selling USD/CHF below 1.1660 with a target at 1.1590, stop loss above 1.1700.
CAD
The dollar against the Canadian progressed to the downside as it couldn't breach through the main level last Friday at the levels of 0.9670s to reach down until 0.9580s support. At the same time, the technical indicators have adjusted to reflect the downside targets until the levels of 0.9560s by today.
The trading range for today will be between the key resistance at 0.9700 and the key support at 0.9540.
The general trend is down as far as 1.0850 remains intact, targets will be at 0.9450 and 0.9320.
Support: 0.9632, 0.9609, 0.9579, 0.9544, 0.9535
Resistance: 0.9685, 0.9722, 0.9744, 0.9767, 0.9790
Recommendation: We expect selling USD/CAD below 0.9650 with a target at 0.9580, stop loss above 0.9700.
AI
