Forex Daily Forecasts - Wednesday, Sep 19th

EUR/USD

The technical indicators yesterday showed the upside potential for the European currency driving it through the upside channel with high momentum. The Euro was able to hit but not breach the major resistance level at the major upside trend line at 1.4000. If this resistance level is breached, the Euro might continue to progress today.

The trading range for today might be between the key resistance level at 1.4150 and the key support level at 1.3900.

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

Support: 1.3950, 1.3930, 1.3916, 1.3905, 1.3885
Resistance: 1.3985, 1.4000, 1.4044, 1.4078, 1.4100

Recommendation: We expect buying Euro above 1.3960 with a target at 1.4020 stop loss below 1.3915.

GBP/USD

The British pound moved towards the upside hitting the key resistance level at 2.0150s in a strong bullish pattern. That might be a step to hitting some new records in the short term period. On the other hand, the technical parameters got ready to show some bullish signs as we mentioned above.

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 2.0100 with a target at 2.0180 stop loss below 2.0040.

USD/JPY

The dollar against the Japanese yen yesterday moved in a bullish pattern ignoring the strength of the major resistance level at 115.40s, so it managed to drive through the upside wave to hit the upper resistance level at 113.30s. The pair today is expected to progress towards the upside as long as it has the high level 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: 114.87, 114.67, 114.48, 114.26, 114.04
Resistance: 115.05, 115.25, 115.55, 115.78, 116.00

Recommendation: We expect selling USD/JPY above 116.60 with a target at 115.50, stop loss below 117.15.

USD/CHF

The dollar against the SWISS Frank yesterday fluctuated in a bearish pattern showing the tendency towards the downside due to the strong resistance level at 1.1890s to create the bearish wave until the levels of 1.1790s. Hence, we expect the pair to progress towards the downside.

The trading range for today will be between the key resistances at 1.1900 the key support at 1.1700.

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

Support: 1.1777, 1.1750, 1.1726, 1.1705, 1.1680
Resistance: 1.1809, 1.1820, 1.1838, 1.1856, 1.1880

USD/CAD

The dollar against the Canadian Dollar reflected the ability to hit new records yesterday as the U.S. cut interest rates, where it managed a strong bearish drop supported by the high levels of volume. So we expect today the pair to continue towards the downside too.

The trading range for today will be between the key resistance at 1.0260 and the key support at 1.0060.

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

Support: 1.0145, 1.0125, 1.0085, 1.0050, 1.0025
Resistance: 1.0165, 1.0180, 1.0200, 1.0223, 1.0250

GBP/JPY

The Pound gained back against the Yen, as investors started a selling wave on the Yen, now targets are set at the 234.95 then 235.72, and the point at 232.53 seems to offer strong demand for the pair.

Support: 233.39, 232.90, 232.53, 232.09, 231.54
Resistance: 233.64, 234.25, 234.87, 235.30, 235.72

EUR/JPY

The Euro continued to incline against the Yen, as the pair breached the 160.00 resistance level and progressed the upside channel, the first target is now set at 162.91, and the point 161.45 seems to offer strong demand for the pair.

Support: 161.81, 161.45, 161.14, 160.82, 160.54
Resistance: 162.08, 162.36, 162.59, 162.91, 163.23

EUR/GBP

The Euro against the Pound pair, started heading towards the downside affected by profit taking transactions, the general trend for the pair is still to the upside, targets are set at 0.6952 then 0.6967, and the point at 0.6930 seems to offer good demand for the pair.

Support: 0.6941, 0.6930, 0.6918, 0.6904, 0.6891
Resistance: 0.6952, 0.6967, 0.6984, 0.6995, 0.7004

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