Forex Daily Forecasts - Thursday, Sep 27th

By Crown Forex

Technical Analysis for Major Currencies

EURO

The European currency saw the tendency to move towards the downside hitting the key support at 1.4100, then it managed an upside move until the levels of 1.4130s. Nevertheless, the upside potential is still possible and the Euro just consolidated at the top to gather some strength to move in a bullish trend again.

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: 1.4100, 1.4078, 1.4044, 1.4000, 1.3985
Resistance: 1.4140, 1.4162, 1.4187, 1.4200, 1.4217

Recommendation: We expect buying Euro above 1.4110 with a target at 1.4180 stop loss below 1.4075.

GBP

The British pound consolidated at the critical level of 2.0150s. Meanwhile, the pound is still has the upside potential as long as it stays above the major level at 2.0070s.

The trading range for today might be between the key resistance level at 2.0260 and the key support level at 2.0040.

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

Support: 2.0100, 2.0080, 2.0048, 2.0025, 2.0000
Resistance: 2.0125, 2.0155, 2.0180, 2.0200, 2.0230

Recommendation: We expect buying sterling above 2.0120 with a target at 2.0220 stop loss below 2.0070

JPY

The dollar against the Japanese yen yesterday moved in a bullish pattern ignoring the strength of the major resistance level at 115.15, so it managed to drive through the upside channel to hit the upper resistance level at 115.70s. The pair today is expected to progress towards the upside as long as it has high levels of volume.

The trading range for today will be between the key resistance at 116.70 and the key support at 114.00.

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

Support: 115.05, 114.87, 114.67, 114.48, 114.26
Resistance: 115.25, 115.55, 115.78, 116.00, 116.20

Recommendation: We expect selling USD/JPY below 116.20 with a target at 115.50, stop loss above 116.65

CHF

The dollar against the SWISS Frank yesterday fluctuated in a bullish pattern showing the tendency towards the upside since it couldn't progress towards the downside due to the strong support level at 1.1650s creating a bullish wave until the levels of 1.1790s. 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: 1.1677, 1.1650, 1.1626, 1.1605, 1.1580
Resistance: 1.1709, 1.1720, 1.1738, 1.1756, 1.1780

CAD

The dollar against the Canadian Dollar remained so quiet as it traded in very narrow ranges. Thereby, it formed a rounding bottom since it couldn't pass the major support level at 0.9930s.

The trading range for today will be between the key resistance at 1.0150 and the key support at 1.0000.

The general trend is down as far as 1.0850 remains intact, targets will be at 1.0000 and 0.9700.

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

Technical Analysis for Crosses

GBP/JPY

The pair started its incline after it bypassed the 232 barrier, heading now to the major pivot point at 235.50, the technical indicators started to adjust to give more strong signals to the upside while the volume is giving the pair some momentum. The point 233.00 seems to offer the first demand point.

Support: 233.00, 232.85, 232.50, 232.12, 231.80
Resistance: 233.90, 234.20, 234.65, 235.00, 235.50

EUR/JPY

The European currency is still gaining against its all mates, and the Japanese yen had its share, after breaking the 161.90 level the pair is heading now towards the 164.50, and eventually to the all time high at 169.00 almost. The technical indicators started to give some more powerful signals to the upside. And the level 163.30 seems to offer the first demand for the pair.

Support: 163.30, 162.90, 162.77, 162.45, 161.90
Resistance: 163.65, 163.90, 164.20, 164.65, 165.00

EUR/GBP

The European currency declined slightly today after reaching above the 0.7000 barrier earlier this week, the decline was based on some strength the British Pound that he gained from strong houses data. Yet the pair is still above the 0.6990 which make this decline just a slight correction with a demand on this particular level.

Support: 0.6990, 0.6965, 0.6950, 0.6935, 0.6910
Resistance: 0.6999, 0.7015, 0.7028, 0.7035, 0.7045

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.