Crown Forex Signal 02 October 2007


Crown Forex Signal



EURO

The European currency dropped down yesterday since it found tendency to move towards the key support level at 1.4210. We expect the downside move has ended by hitting the mentioned support, by which the Euro might rebound to the upside today.


The trading range for today might be between the key resistance level at 1.4320 and the key support level at 1.4150.



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

Support 1.4238 1.4210 1.4173 1.4144 1.4100
Resistance 1.4265 1.4290 1.4321 1.4337 1.4357

Recommendation

We expect buying Euro above 1.4220 with a target at 1.4300, stop loss below 1.4180.

GBP

The low volume played a significant role to restrict the British pound's movements yesterday to fluctuate in a balanced pattern since it couldn't breach the tough resistance level at 2.0490s to fall until the levels of 2.0370s to record the low. Nevertheless, today we expect a bullish move to hold the pound up until the previous resistance at 2.0530s.


The trading range for today might be between the key resistance level at 2.0560 and the key support level at 2.0350.



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

Support 2.0425 2.0405 2.0380 2.0345 2.0325
Resistance 2.0450 2.0480 2.0505 2.0530 2.0550

Recommendation

We expect buying sterling above 2.0420 with a target at 2.0520 stop loss below 2.0370

JPY


The dollar against the Japanese yen tended to move in a bullish pattern towards the tough resistance level at 116.00 within the same lateral trading channel. This consolidation was due to the restrictions that the currency has made with the narrow ranges.

The trading range for today will be between the key resistance at 116.20 and the key support at 113.80.


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

Recommendation

...

CHF

The dollar against the SWISS Frank walked towards the key resistance level yesterday keeping the tendency towards the downside within the main direction. Yet, the technical parameters indicate the downside potential as long as the pair stays below 1.1800 resistance level.


The trading range for today will be between the key resistances at 1.1780 the key support at 1.1560.


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

Support 1.1619 1.1602 1.1578 1.1550 1.1526
Resistance 1.1645 1.1665 1.1687 1.1700 1.1724

Recommendation

We expect selling USD/CHF below 1.1710 with a target at 1.1630, stop loss above 1.1750.

cad

The dollar against the Canadian Dollar remained quiet yesterday without significant movements affecting the currency trend so far. However, today we see some bearish intendance explained by the continuation pattern that the technical indicators show.


The trading range for today will be between the key resistance at 1.0000 and the key support at 0.9800.



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

Support 0.9900 0.9875 0.9850 0.9830 0.9810
Resistance 0.9931 0.9950 0.9985 1.0025 1.0045

Recommendation

We expect selling USD/CAD below 0.9930 with a target at 0.9835, stop loss above 0.9970.



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