The euro retested the major support level for the technical triangular pattern last week and now the pair is trading below the 100 Days MA at 1.2600, despite that upside moves are expected the trend is still to the downside as far as the resistance level at 1.2840 remains intact.
The trading range is among the key resistance level at 1.2840 and the key support level at 1.2310.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.
Support 1.2510 1.2490 1.2410 1.2375 1.2345
Resistance 1.2605 1.2670 1.2740 1.2770 1.2810
Recommendation Sell euro below 1.2605 with targets at 1.2490, stop loss above 1.2885
Great British Pound (GBP)
The pair attempted last week to trade above the minor resistance level yet it failed as the pair now is trading within the medium term downside trend below the minor support level at 1.4790 and the 127% extension level at 1.4815; for that we expect the pair to attempt to consolidate below the 138.2% extension at 1.4690 to continue the downside to its next target at 1.4435 in intervals during the coming period; the expectations are supported with the Stochastic indicators that are heavily oversold and the negativity on the MACD.
The trading range is among the key resistance level at 1.4990 and the key support level at 1.4435.
The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.
Support 1.4715 1.4690 1.4640 1.4595 1.4560
Resistance 1.4775 1.4790 1.4815 1.4835 1.4870
Recommendation Sell sterling below 1.4715 with targets at 1.4600, stop loss with an hourly closing above 1.4815
The pairs attempts to consolidate above 98.25 level failed and continued to decline which created a downside channel over intraday basis; steady trading above 97.80 the major resistance for the channel and below 98.25 will set the pair to attempt 95.70 once more which is the correction level for the upside wave that was seen from 24-10-2008 till 04-11-2008.The trading range for today is among the key resistance level at 99.50 and the key support level at 94.10.
The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30.
Support 96.80 96.00 95.70 95.50 95.15
Resistance 97.80 98.25 98.60 99.50 99.90
Recommendation Sell the pair below 97.80 with targets at 96.10, stop loss above 98.60
Swiss Franc (CHF)
Consolidating above 1.1905 as we mentioned earlier is supporting the upside wave, the major resistance level for the medium term upside wave is seen among 1.2060 and the 161.8% correction level at 1.2080, for that we need to watch these levels today for if a breach was not seen successfully the pair will head to the downside supported by the buying saturation on momentum indicators.
The trading range is among the key resistance level at 1.2235 and the key support level at 1.1790.
The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2040 and 1.2062.
Support 1.1950 1.1930 1.1905 1.1865 1.1790
Resistance 1.2040 1.2060 1.2080 1.2140 1.2185
Recommendation Buy the pair above 1.1965 with targets at 1.2040, stop loss below 1.1865
Canadian Dollar (CAD)
The pair opened to the upside yet below the previous top at 1.2440, due to the price gap we might see the pair head to the downside which will be validated as far as trading is below 1.2440 level mentioned.
Support 1.2335 1.2305 1.2270 1.2220 1.2150
Resistance 1.2390 1.2415 1.2440 1.2460 1.2495
Recommendation Sell the pair below 1.2390 with targets at 1.2220, stop loss with an hourly closing above 1.2440
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