Forex Daily Forecasts - Wednesday, Sep 26th

By Crown Forex | Sep 26 07 07:41 GMT |

Technical Analysis for Major Currencies

EURO

The European currency obviously managed an upside move with high volume which was considered the continuation towards the upside as the Euro built a base above the key level at 1.4050s; the Euro is expected to move towards the upside today.

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: 1.4150, 1.4125, 1.4099, 1.4068, 1.4033
Resistance: 1.4185, 1.4200, 1.4225, 1.4250, 1.4270

Recommendation: We expect buying Euro above 1.4125 with a target at 1.4185, stop loss below 1.4090.

GBP

The British pound moved in a fake bearish pattern as it failed to breach the strong support at 2.0080s; therefore, we expect a bullish move today as long as the pound keeps the base today at 2.0120 major support level.

The trading range for today might be between the key resistance level at 2.0290 and the key support level at 2.0100.

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 2.0160 with a target at 2.0280, stop loss below 2.0110.

JPY

The dollar against the Japanese yen yesterday tended to move towards the downside to hit the key level at 114.00; however, it arranged to reverse back towards the upside by the end of the day, the technical indicators show the downside potential for today.

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

CHF

As the dollar against the SWISS Frank yesterday couldn't breach the strong resistance level at 1.1750s to drop down in a strong move towards the key support 1.1640s, today we expect the pair to progress towards the downside as well.

The trading range for today will be between the key resistance at 1.1700 and the key support at 1.1540.

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

Support: 1.1660, 1.1635, 1.1609, 1.1580, 1.1555
Resistance: 1.1685, 1.1702, 1.1725, 1.1742, 1.1785

Recommendation: We expect buying USD/CHF above 1.1680 with a target at 1.1600, stop loss below 1.1720.

CAD

The dollar against the Canadian Dollar yesterday moved in a balanced move in a narrow range at the bottom of the long bearish wave; nevertheless we expect today the currency to drop down again setting some new records.

The trading range for today will be between the key resistance at 1.0100 and the key support at 0.9930.

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

Technical Analysis for Crosses

GBP/JPY

The Pound is still consolidating against the Yen, as neither were able to dominate the pair's movement, the general trend is still to the upside, and the point at 230.98 seems to offer good demand for the pair.

Support: 231.56, 230.98, 230.46, 229.89, 229.40
Resistance: 231.96, 232.54, 232.88, 233.34, 233.75

EUR/JPY

The Euro still has the upper hand against the Yen, as the pair is yet to reach the first target at 162.87 and if breached the next target will be the 163.67 level, and the point at 161.97 seems to offer good demand for the pair.

Support: 161.97, 161.61, 161.29, 161.06, 160.78
Resistance: 162.37, 162.68, 162.69, 163.24, 163.52

EUR/GBP

The Euro is still gaining against the Pound, and now the target is set at the 0.7065 level, the general trend is still to the upside, and the point at 0.6984 seems to offer good demand for the pair.

Support: 0.6995, 0.6984, 0.6973, 0.6956, 0.6941
Resistance: 0.7004, 0.7019, 0.7035, 0.7052, 0.7065

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.