Forex Daily Forecasts - Friday, Sep 28th

By Crown Forex

Technical Analysis for Major Currencies

EURO

The European currency had tendency to move in an upside pattern after it made the suitable correction with some consolidation yesterday. Moreover, the euro succeeded in getting some new high records until the levels of 1.4180. Today we expect the euro to progress towards the upside as well.

The trading range for today might be between the key resistance level at 1.4220 and the key support level at 1.4060.

The general trend is up as far as 1. 3270 remains intact targets now at 1.4050 and 1.4220.

Support: 1.4140, 1.4100, 1.4078, 1.4044, 1.4000
Resistance: 1.4162, 1.4187, 1.4200, 1.4217, 1.4237

Recommendation: We expect buying Euro above 1.4135 with a target at 1.4190 stop loss below 1.4100.

GBP

The British pound yesterday managed a strong upside move after successfully passing the major level at 2.0180s, the same level which forced the pound to consolidate below it two days ago. Today the pound is expected to progress towards the upside.

The trading range for today might be between the key resistance level at 2.0380 and the key support level at 2.0120.

The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.

Support: 2.0255, 2.0225, 2.0208, 2.0180, 2.0148
Resistance: 2.0284, 2.0305, 2.0330, 2.0350, 2.0375

Recommendation: We expect buying sterling above 2.0255 with a target at 2.0350 stop loss below 2.0210

JPY

The dollar against the Japanese yen last time tended to move in a balanced pattern however it hit the upper strong resistance at 115.80s. The pair moved in the upside direction with not enough momentum which might lead the currency towards the downside today.

The trading range for today will be between the key resistance at 116.50 and the key support at 114.50.

The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20.

Support: 115.50, 115.25, 115.05, 114.87, 114.67
Resistance: 115.80, 116.00, 116.20, 116.40, 116.60

Recommendation: We expect selling USD/JPY below 115.85 with a target at 115.00, stop loss above 116.35.

CHF

The dollar against the SWISS Frank yesterday moved in a bullish move hitting the upside target at 1.1740s resistance level since it succeeded to form the rounding bottom above the strong base at the major support level at 1.1660s. Hence, we expect the pair to progress towards the upside today.

The trading range for today will be between the key resistances at 1.1800 the key support at 1.1600.

The general trend is down as far as 1.2540 remains intact, targets at 1.1665and 1.1445.

Support: 1.1719, 1.1702, 1.1678, 1.1650, 1.1626
Resistance: 1.1745, 1.1765, 1.1787, 1.1800, 1.1824

CAD

The dollar against the Canadian Dollar remained quiet with some tendency towards the downside after it couldn't pass the key resistance level at 1.0050s to hit the support as low as 0.9970s. Therefore, the currency today is expected to move towards the main direction, to the downside, until the key support level at 0.9900.

The trading range for today will be between the key resistance at 1.0080 and the key support at 0.9900.

The general trend is down as far as 1.0850 remains intact, targets will be 0.9700 at and 0.9450.

Support: 1.0045, 1.0025, 0.9985, 0.9950, 0.9930
Resistance: 1.0065, 1.0080, 1.0100, 1.0123, 1.0150

Recommendation: We expect selling USD/CAD below 1.0025 with a target at 0.9930, stop loss above 1.0065

Technical Analysis for Crosses

GBP/JPY

The Pound against the Yen pair started heading towards the downside in a correctional move, yet the general trend remains to the upside and the first target is set to be the 234.85, and the point at 232.53 seems to offer good demand for the pair.

Support: 232.53, 231.97, 231.60, 230.98, 230.49
Resistance: 232.96, 233.45, 233.88, 234.31, 234.85

EUR/JPY

The Euro also declined against the Yen, as the technical indicators is still showing a bullish wave, and now the 164.79 level is set to be the first target for the pair, and the point at 162.72 seems to offer good demand for the pair.

Support: 162.92, 162.72, 162.37, 161.97, 161.61
Resistance: 163.28, 163.56, 163.91, 164.19, 164.55

EUR/GBP

The Euro is still consolidating against the Pound, as the pair is still able to hold onto its gains, and the technical indicators are still showing the upside movement, and the point at 0.6982 seems to offer good demand for the pair.

Support: 0.6994, 0.6984, 0.6973, 0.6956, 0.6941
Resistance: 0.7004, 0.7019, 0.7031, 0.7041, 0.7053

Crown Forex

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.