Forex Daily Forecasts - Wednesday, Oct 3rd

By Crown Forex

Technical Analysis for Major Currencies

EURO

As the European currency failed to create an upside moves since it couldn't get over the critical resistance level at 1.4230. The Euro dropped down yesterday with heavy volume on the selling side as a result of profit taking to reach down to the major support level at 1.4130s, this move affected by the technical patterns that might drag the Euro down today to 1.4070 levels.

The trading range for today might be between the key resistance level at 1.4200 and the key support level at 1.4050.

The general trend is up as far as 1. 3470 remains intact targets now at 1.4500 and 1.4780

Support: 1.4132, 1.4110, 1.4077, 1.4050, 1.4020
Resistance: 1.4168, 1.4185, 1.4230, 1.4257, 1.4287

Recommendation: We expect selling the Euro above 1.4180 with a target at 1.4100, stop loss above 1.4230.

GBP

The calm trading yesterday pushed the British pound to drop down hitting the key support level as low as 2.0370s, keeping in mind that the pound managed to cover some of its bearish move to hit 2.0420 levels; today we expect the pound to drop down until 2.0300 levels.

The trading range for today might be between the key resistance level at 2.0490 and the key support level at 2.0290.

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

Support: 2.0405, 2.0380, 2.0345, 2.0325, 2.0300
Resistance: 2.0425, 2.0450, 2.0480, 2.0505, 2.0530

Recommendation: We expect selling sterling below 2.0440 with a target at 2.0350 stop loss above 2.0485

JPY

The US dollar against the Japanese Yen fluctuated in a balanced move below the critical resistance level at 116.00; the Japanese Yen still within the same narrow ranges, and that could be the reason that kept it fluctuating in a calm trading.

The trading range for today will be between the key resistance at 116.40 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: 115.58, 115.30, 115.10, 114.85, 114.58
Resistance: 115.80, 115.90, 116.25, 116.42, 116.60

CHF

A big jump affected the US dollar against the SWISS Frank to form the bottom, at the end of the long bearish wave, since it got above the critical resistance level at 1.1720s, hence we expect a bullish movements for the pair in the upcoming days.

The trading range for today will be between the key resistances at 1.1850 the key support at 1.1680.

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

Support: 1.1719, 1.1702, 1.1678, 1.1650, 1.1626
Resistance: 1.1745, 1.1765, 1.1787, 1.1800, 1.1824

Recommendation: We expect buying USD/CHF above 1.1725 with a target at 118.00, stop loss below 1.1680.

CAD

The US dollar against the Canadian is about to form a bottom in current area that might lead the currency towards the upside in terms of projection; the technical indicators show the upside potential without confirmations yet.

The trading range for today will be between the key resistance at 1.0080 and the key support at 0.9890.

The general trend is down as far as 1.0850 remains intact, targets will be 0.9700 at and 0.9450.

Support: 0.9950, 0.9931, 0.9900, 0.9875, 0.9850
Resistance: 0.9985, 1.0025, 1.0045, 1.0065, 1.0095

Recommendation: We expect buying USD/CAD above 0.9970 with a target at 1.0050, stop loss below 0.9930.

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.