Major Currencies

euro

Trading above the 161.8% fibonacci extension at 1.4850 gave the pair the opportunity to correct to the upside. But direction indicators don't support the upside trend but rather downside movements where also momentum indicators show a correction on the short term. However, the medium term trend remains to the downside

The trading range for today might extend among the support level at 1.4725 and the resistance level at 1.5160

The general trend remains to the downside as far as 1.5830 remains intact with targets at 1.4870 and 1.4340

gbp

A support level was created for the pair that helped it gain momentum to the upside on the short term. With 1.8900 intact, an upside channel will be initiated on the short term noting that this level is near the key supportlevel for the ascending channel that started in 2001 at 1.8880. From here we expect prices to correct to the upside today and tomorrow as long as 1.8880 isn't breached.

The trading range for today might extend among the support level at 1.8780 and the resistance level at 1.9225

The general trend remains to the downside as far as 1.9485 remains intact with targets at 1.8600 and 1.8070

jpy

After the pair traded below the 109.80 level, which is the 50% correctional level for the downside channel on the long term, the pair declined heavily yet was stopped by the support level at 108.40 which gave the pair enough momentum to reverse to the upside. This level helped trigger the pair to the upside adjusting short and medium term indicators on the charts to target the 111 level as far as 108.40 remains intact and closing is above the mentioned level.

The trading range for today might extend among the support level at 107.50 and the resistance level at 111.80

The general trend remains to the upside as far as 103.00 remains intact with targets at 111.00 and 113.24

    
chf

The pair failed to breach the 1.0910 resistance level for the upside channel on the medium term but we see the pair now trading above the 50 week moving average where the price could correct slightly before heading towards the resistance level at 1.0925. As the channel is leaning towards the upside, it will taret the 1.1015. The correctional level at 38.2% for the dowinsde movement that started on 13 November 2005 and ended on 16 March 2008 but if the pair fails to build a solid base above the moving average at 1.0835 on the weekly chart, we expect a fall and a change in the short term trend but the medium trend remains to the upside.

The trading range for today might extend among the support level at 1.0735 and the resistance level at 1.1015

The general trend remains to the upside as far as 1.0010 remains intact with targets at 1.0725 and 1.0850

    
cad

Before reaching the resistance level at 1.0750, the pair declined but the 161.8% fibonacci extension was able to halt the downside movements. From here we expect to see an attempt to reach the target at 1.0825 as far as 1.0500 remains intact at the last fionacci extension at 138.2%. On the daily basis, as far as 1.0630 remains intact, the pair is gaining bullish momentum.

The trading range for today might extend among the support level at 1.0500 and the resistance level at 1.0880

The general trend remains to the upside as far as 1.0350 remains intact with targets at 1.0825 and 1.1000