Crown Forex Signal 04 October 2007

Crown Forex Signal

EURO The European currency dropped down yesterday extending the downside wave since it couldn't breach the key resistance at 1.4200. The Euro succeeded to break the minor upside trend line to hit the low at 1.4070s. Hence, we expect it to progress today towards the downside until the levels of 1.4000. The trading range for today might be between the key resistance level at 1.4120 and the key support level at 1.3970. The general trend is up as far as 1. 3470 remains intact targets now at 1.4500 and 1.4780. Support 1.4068 1.4032 1.4010 1.3977 1.3950 Resistance 1.4121 1.4157 1.4187 1.4202 1.4228 Recommendation We expect selling Euro below1.4120 with a target at 1.4000, stop loss above 1.4160.

GBP The British pound yesterday managed to move towards the downside since it failed to keep the bullish potential. Meanwhile, the technical studies have adjusted to reflect the downside movements for today as well. The trading range for today might be between the key resistance level at 2.0420 and the key support level at 2.0220. The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740. Support 2.0305 2.0280 2.0262 2.0235 2.0200 Resistance 2.0325 2.0350 2.0380 2.0405 2.0424 Recommendation We expect selling sterling below 2.0340 with a target at 2.0260 stop loss above 2.0385

JPY The dollar against the Japanese yen just started the real move yesterday passing the upside band in an irregular pattern with obvious high levels of volume. Nevertheless, the technical parameters still show some weakness in the upside direction. The trading range for today will be between the key resistance at 117.70 and the key support at 115.40. The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20. Support 116.50 116.34 116.17 115.88 115.57 Resistance 116.90 117.21 117.42 117.65 117.85 Recommendation ...

CHF The dollar against the SWISS Frank took another step yesterday towards the upside correction from the solid support at 1.1715 to reach the critical resistance level at 1.1800. In fact, the technical studies reflected the upside potential after the pair broke through the minor downside trend line. The trading range for today will be between the key resistances at 1.1850 the key support at 1.1680. The general trend is down as far as 1.2540 remains intact, targets at 1.1665 and 1.1445. Support 1.1802 1.1778 1.1750 1.1726 1.1705 Resistance 1.1819 1.1845 1.1865 1.1887 1.1800 Recommendation We expect buying USD/CHF above 1.1775 with a target at 1.1845, stop loss below 1.1730.

CAD The dollar against the Canadian remained quiet despite hitting the low at the important level at 0.9930s. The pair has some bullish potential in the short term but the tendency it still to the downside as the currency kept trading below the downside trend line. The trading range for today will be between the key resistance at 1.0080 and the key support at 0.9890. The general trend is down as far as 1.0850 remains intact, targets will be 0.9700 at and 0.9450. Support 0.9950 0.9931 0.9900 0.9875 0.9850 Resistance 0.9985 1.0025 1.0045 1.0065 1.0095 Recommendation ...

From: CrownForex

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