Forex Daily Forecasts - Monday, Sep 24th

Forex Daily Forecasts | Written by Crown Forex | Sep 24 07 06:57 GMT |

Technical Analysis for Major Currencies

EUR/USD

The European currency managed to move in an irregular movement last week to record and all time high. Today the euro is expected to continue the upside move as the euro couldn't breach the major up trend line beside the technical parameters that indicate the upside potential until 1.4200 levels .

The trading range for today might be between the key resistance level at 1.4250 and the key support level at 1.4050.

The general trend is up as far as 1.3600 remains intact targets now at 1.4500 and 1.4885.

Support: 1.4068, 1.4033, 1.4000, 1.3975, 1.3945
Resistance: 1.4099, 1.4125, 1.4150, 1.4175, 1.4200

Recommendation: We expect buying Euro above 1.4100 with a target at 1.4175, stop loss below 1.4070.

GBP/USD

The British pound managed to move towards the upside in a bullish pattern after it built the base above the major level last week at 2.0200. However, the pound has a tough level at 2.0280 that might bother the pound while in its upside move.

The trading range for today might be between the key resistance level at 2.0335 and the key support level at 2.0160.

The general trend is up as far as 1.9650 remains intact targets now at 2.0635 and 2.0740.

Support: 2.0165, 2.0120, 2.0060, 2.0035, 2.0000
Resistance: 2.0188, 2.0220, 2.0250, 2.0270, 2.0320

Recommendation: We expect buying sterling above 2.0120 with a target at 2.0280, stop loss below 2.0080.

USD/JPY

The dollar against the Japanese yen arranged a strong drop with high levels of volume and volatility. Due to that, the pair hit the low at 114.60 last Friday. Today the pair seems to continue towards the major support at 114.20s.

The trading range for today will be between the key resistance at 115.70 and the key support at 114.00.

The general trend is down as far as 124.60 remains intact, targets at 112.60 and 111.30.

Support: 114.50, 114.30, 114.00, 113.70, 113.50
Resistance: 114.85, 115.15, 115.35, 115.50, 115.75

Recommendation: We expect selling USD/JPY below 115.20 with a target at 114.50, stop loss above 115.60

USD/CHF

The dollar against the SWISS Frank last week found tendency to move in a bearish pattern hitting the major support level at 1.1680s. This move affected the technical indicators to make some adjustments to show the downside potential for today.

The trading range for today will be between the key resistance at 1.1800 and the key support at 1.1570.

The general trend is down as far as 1.2540 remains intact, targets at 1.1575 and 1.1265.

Support: 1.1702, 1.1685, 1.1660, 1.1635, 1.1609
Resistance: 1.1725, 1.1742, 1.1785, 1.1809, 1.1832

USD/CAD

The dollar against the Canadian Dollar managed to move in a bearish move last week using the weakness of the US dollar to hit new records. The trend analysis still show the strength of the downside move which in role might lead the pair to get more new records.

The trading range for today will be between the key resistance at 1.0070 and the key support at 0.9885.

The general trend is down as far as 1.0540 remains intact, targets will be at 0.9800 and 0.9650.

Support: 0.9990, 0.9965, 0.9938, 0.9915, 0.9885
Resistance: 1.0020, 1.0056, 1.0080, 1.0105, 1.0122

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.