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Technical Major Currencies Report
 
Friday, November 21, 2008
EURO
  

 



Despite the volatile trading for the euro against the dollar yet it was restricted within the sideways triangular model, among the resistance level at 1.2625 and the support level at 1.2415, for that there is no defined intraday trend despite the short term downside trend which also prevails below 1.2745 levels. Today we expect the euro to continue to fluctuate over intraday basis which no clear direction while a clear move will be seen if either specified resistance or support levels were breached.


           


The trading range is among the key resistance level at 1.2745 and the key support level at 1.2275.


 


The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.


 
 
   
Support 1.2495 1.2450 1.2415 1.2385 1.2335
   
Resistance 1.2550 1.2575 1.2595 1.2625 1.2695
   
Recommendation Close previous positions (Sell euro below 1.2575 with targets at 1.2350, stop loss with hourly closing above 1.2745) with downside test buy euro above 1.2575 with targets at 1.2650 and 1.2695, stop loss below 1.2500
   
Great British Pound (GBP)
  

 



Sterling versus the dollar as expected entered a clear downside wave as it continues to trade below the major resistance level for the downside channel; now the pair is leading an upside move which is only correctional and will take the pair again to the downside as far as 1.4930 and 1.5055 remain intact.


 


The trading range is among the key resistance level at 1.5215 and the key support level at 1.4690.


 


The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.


 
    
Support 1.4810 1.4760 1.4725 1.4690 1.4625
    
Resistance 1.4915 1.4985 1.5050 1.5080 1.5150
  
Recommendation Close previous positions (Sell sterling below 1.4915 with targets 1.4760, stop loss with four-hour closing above 1.5050) with downside test buy sterling above 1.4960 with targets at 1.5050 and 1.5205, stop loss below 1.4870
   
Japanese Yen (JPY)
 

 



The pair managed to acquire our set targets yesterday and extended below the 61.8% correction for the upside wave that started on the 24th of October and ended on November 4th; the pair is now heading to the upside over intraday basis due to heavy selling saturation yet will resume to the downside once more which will remain valid as far as trading is below 96.70 resistance level while also the 100 Hours Moving Average which resides at 96.15 might be capable of providing enough downside momentum.


 


The trading range for today is among the key resistance level at 97.40 and the key support level at 92.25.


 


The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30.


 
  
Support 94.85 94.60 94.10 93.90 93.35
  
Resistance 95.70 96.00 96.15 96.70 97.20
Recommendation Sell the pair below 96.00 with targets at 94.65, stop loss with four-hour closing above 96.70
  
Swiss Franc (CHF)
  

 



Once again the pair managed in breaching a very critical resistance level and now is trading around the 261.8% correction level; despite that the current levels should be capable of forcing the pair to indulge into a needed correction yet we need to continue to monitor the pair as the strong upside burst over the ADX contradicts the buying saturation on many time basis. The 1.2355 is the major resistance level shall the pair indulge in an upside move affected by the ADX signals and ignoring the overbought signals on both the Stochastic and RSI.


 


The trading range is among the key resistance level at 1.2465 and the key support level at 1.1990.


 


The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780.