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By:   Crown Forex
  • 02-10-2008
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euro


We expect the pair to head towards the 11 September 2008 bottom at 1.3880 and we might see the pair go beyond this level indeed, from here we can see that the downside direction is still going despite the contradiction provided from the momentum indicators, yet we should be careful since we expect the pair to start fluctuating heavily with the Stochastic studies providing upside signals and the ADX providing downside signals on the contrary, if the pair fails to breach the 1.4080 the next target will be set at 1.3690.

The trading range for today will be among the support level at 1.3690 and the resistance level at 1.4250.

The general trend remains to the downside as long as the 1.5080 level remains intact, with targets set at 1.3690 and 1.3580.

Support 1.3910 1.3880 1.3850 1.3775 1.3690
Resistance 1.3975 1.4050 1.4080 1.4130 1.4250
Recommendation ...

gbp
 

The downside channel that started yesterday led the pair to breach support levels that was formed back in July among the 1.8750-1.7790 and now those levels represents strong resistance levels ahead of the pair and is taking the pair to target the 1.7485 level over the short term given those levels remain intact, we might see the pair fluctuating however that won't affect the short term direction as long as the pair remains trading below the 1.8750.

The trading range for today will be among the support level at 1.7485 and the resistance level at 1.7960.

The general trend remains to the downside as long as the 1.9400 level remains intact, with targets set at 1.7280 and 1.6965.

Support 1.7615 1.7600 1.7595 1.7560 1.7485
Resistance 1.7730 1.7770 1.7790 1.7850 1.7960
Recommendation ...

jpy
 

The sideways wave over daily and intraday basis continues to dominate the pair's movement, however we still see the downside correctional wave for the medium term upside trend which is further complicating the pair's movement, today we expect the pair to continue fluctuating among the 104.60 support level and the 107.20 resistance level.

The trading range for today will be among the support level at 103.80 and the resistance level at 107.40.

The general trend remains to the upside as long as the 103.00 level remains intact, with targets set at 111.00 and 113.24.

Support 105.35 105.00 104.60 104.00 103.80
Resistance 105.90 106.00 106.20 107.00 107.20
Recommendation ...


chf
 

Trading above the resistance level at 1.1230 marked the failure of our downside prediction on intraday basis, though we still believe a correction is needed in order to unload some momentum since the pair is being traded within an overbought area over the short term, yesterday the pair dropped to the 1.1135 level however we don't believe this level is able to provide the pair with the needed momentum to breach the upside levels at 1.1345 and 1.1415 and accordingly we expect the pair to rise today supported by a positive signal from the ADX yet due to the fact that the pair is still overbought we expect it to fall back again to mark a sideways wave for today with downside tendency.

The trading range for today will be among the support level at 1.1055 and the resistance level at 1.1435.

The general trend remains to the upside as long as the 1.0570 level remains intact, with targets set at 1.1455 and 1.1685.

Support 1.1230 1.1170 1.1100 1.1085 1.1055
Resistance 1.1300 1.1335 1.1345 1.1410 1.1435
Recommendation ...

cad
 

Despite dropping yesterday, the pair managed to trade back around the 1.0625 level which we considered as the pivot point that separates the upside from the downside direction, a resistance level was created around the 1.0660-1.0680 levels which made it difficult for the U.S. dollar to continue rising in addition to sings provided by the momentum indicators on intraday basis that started to show the pair is being traded within an overbought area alongside the upside direction provided by the ADX, this contradiction would lead the pair to fluctuate within a sideway wave on intraday basis, while the upside wave remains valid but over short term horizons.

The trading range for today will be among the support level at 1.0425 and the resistance level at 1.0860.

The general trend remains to the upside as long as the 1.0350 level remains intact, with targets set at 1.0825 and 1.1000.

 

Support 1.0580 1.0560 1.0500 1.0465 1.0425
Resistance 1.0655 1.0695 1.0715 1.0775 1.0800
Recommendation ...

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Content Provided by:
Crown Forex
CROWN FOREX SA, located at St-Hubert 38, 2854 Bassecourt, P.o.box 247, Switzerland, is fully regulated as a financial intermediary under Swiss federal law on the prevention of money laundering (LBA, MLA). Our company is also affiliated with the ARIF association, thus overseen by the Swiss federal de

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


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