FOREX TRADING

Technical Analysis for Major Currencies

EUR/USD

The 1.4375 was able to halt further inclines for the Euro versus Dollar pair to reverse to the downside, in an attempt to gather enough bullish momentum from the pivot support at 1.4250, before rebounding back to the upside to incline on the intraday basis targeting 1.4600 initially. This incline remains as far as 1.4120 is intact.

The trading range for today is among the key support at 1.4020 and the key resistance at 1.4600

The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120

Support: 1.4250, 1.4170, 1.4120, 1.4070, 1.4000
Resistance: 1.4375, 1.4430, 1.4475, 1.4550, 1.4600

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4250 to 1.4375 and stop loss below 1.4170 might be appropriate

GBP/USD

After attempting to incline last Friday; the cable reversed to the downside to close at the key support at 1.6270, which may result in further decline confirmed by the breach of the level. We expect the pair to continue declining today targeting 1.5925 ,as far as 1.6270 remains intact. Note that the stochastic is in an oversold area, which may result in volatile trading around the key support at 1.6270 before gathering enough bearish momentum.

The trading range for today is among the key support at 1.5925 and the key resistance at 1.6625

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

Support: 1.6195, 1.6155, 1.6095, 1.6050, 1.6000
Resistance: 1.6270, 1.6350, 1.6390, 1.6455, 1.6505

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.6270 to 1.6145 and stop loss above 1.6350 might be appropriate.

USD/JPY

The USD/JPY pair started this weeks trading with a gap down, showing that the pair is attempting to extend the decline, after breaching the pivot support at 93.75 and heading towards 92.20. We expect further declines on the intraday basis today, targeting 91.40 with chances of a slight correction to 93.25 before reversing back to the downside. This decline remains as far as 95.30 remains intact.

The trading range for today is among the key support at 90.95 and the key resistance at 95.30

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

Support: 92.20, 91.90, 91.40, 90.95, 90.40
Resistance: 93.25, 93.75, 94.05, 94.45, 95.05

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 93.25 to 91.45 and stop loss above 94.00 might be appropriate.

USD/CHF

The Dollar versus Swissy pair found a strong support at 1.0550, as seen in the above image, where we see the possibility of forming a bearish technical pattern with a neckline at 1.0550, which will reverse the pair to the downside from 1.0615 with enough bearish momentum supported by the stochastic indicator entering an overbought area. Therefore, we expect the pair to decline on the intraday basis targeting 1.0550 and 1.0400, as far as 1.0715 remains intact.

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 1.0570 remains intact with targets at 1.2245

Support: 1.0550, 1.0480, 1.0450, 1.0400, 1.0375
Resistance: 1.0615, 1.0660, 1.0715, 1.0800, 1.0890

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0615 to 1.0450 and stop loss above 1.0715 might be appropriate.

USD/CAD

The 76.4% correction at 1.0785 stopped the dollar versus Loonie pair’s decline, resulting in a rebound towards the key resistance at 1.0990. We expect a slight decline from the current levels around 1.0965 and decline on the intraday basis to breach the 1.0785 support level to open the way towards 1.0600. This scenario remains valid with a four hour closing below 1.1000

The trading range for today is among the key support at 1.0625 and the key resistance at 1.1125

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300

Support: 1.0900, 1.0830, 1.0785, 1.0745, 1.0695
Resistance: 1.0965, 1.1010, 1.1055, 1.1100, 1.1160

Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0960 to 1.0785 and stop loss above 1.1055 might be appropriate.

RISK DISCLAIMER: These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis.