Forex Daily Forecasts - Tuesday, Sep 25th

By Crown Forex | Sep 25 07 07:02 GMT

Technical Analysis for Major Currencies

EURO

The European currency started to depreciate yesterday, after it hit the all time high at 1.4130s resistance level, until the levels of 1.4060s. In the meantime, the currency is expected to move down today as well in order to make some correction.

The trading range for today might be between the key resistance level at 1.4150 and the key support level at 1.3970.

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 selling Euro below 1.4100 with a target at 1.4035, stop loss above 1.4040.

GBP

The British pound was unable to keep the bullish step yesterday after it hit the resistance level at 2.0320s to close at the levels of 2.0200 support. Today, we expect a drop towards the main at 2.0080s.

The trading range for today might be between the key resistance level at 2.0260 and the key support level at 2.0060.

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

Support: 2.0120, 2.0060, 2.0035, 2.0000, 1.9980
Resistance: 2.0165, 2.0188, 2.0220, 2.0250, 2.0270

Recommendation: We expect selling sterling below 2.0160 with a target at 2.0080, stop loss above 2.0200.

JPY

The dollar against the Japanese yen found the tendency yesterday to drop down from the 115.30s level. As the downside channel has extended, today the pair is expected to progress towards the downside until the strong support at 114.00.

The trading range for today will be between the key resistance at 115.40 and the key support at 113.60.

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 114.85 with a target at 114.00, stop loss above 115.40.

CHF

The dollar against the SWISS Frank yesterday moved towards the upside in a fake movement. In other words, the pair couldn’t breach the major support level at 1.1680s to close in a bullish pattern at 1.1730s. Today we expect the currency to move towards the upside in order to make some correction pattern.

The trading range for today will be between the key resistance at 1.1800 and the key support at 1.1670.

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

Recommendation: We expect buying USD/CHF above 1.1715 with a target at 1.1800, stop loss below 1.1670.

CAD

The dollar against the Canadian Dollar just formed the rounded bottom yesterday and therefore, the currency today is expected to progress towards the upside.

The trading range for today will be between the key resistance at 1.0140 and the key support at 0.9970.

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: 1.0028, 1.0056, 1.0080, 1.0105, 1.0122

Recommendation: We expect buying USD/CAD above 1.0015 with a target at 1.0120, stop loss below 0.9970.

Technical Analysis for Crosses

GBP/JPY

The Pound dropped heavily against the Yen, as the technical indicators started to show that the pair now is entering an oversold area, the general trend is still to the upside, and the point at 229.89 seems to offer good demand for the pair

Support: 230.29, 229.89, 229.48, 228.90, 228.39
Resistance: 230.89, 231.56, 231.96, 232.54, 233.00

EUR/JPY

The Euro also declined against the Yen, as the pair started heading towards the downside in a correctional move, yet the general trend remains to the upside and the point at 160.54 seems to offer strong demand for the pair

Support: 161.14, 160.88, 160.54, 160.26, 159.94
Resistance: 161.61, 161.97, 162.17, 162.37, 162.60

EUR/GBP

The Euro gained back against the Pound, as the pair started heading towards the upside, and now the target is set to be the 0.7044 level, and the point at 0.6973 seems to offer good demand for the pair.

Support: 0.6984, 0.6973, 0.6956, 0.6941, 0.6930
Resistance: 0.6993, 0.7004, 0.7019, 0.7030, 0.7044

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.