Crown Forex Signal 05 October 2007




EURO

The European currency tended to end the downside correction after it faced the solid support level at 1.4060. In the meantime, the technical studies reflect some bullish potential after the euro stopped the downside correction to hold the euro up until 1.4150s levels .
The trading range for today might be between the key resistance level at 1.4230 and the key support level at 1.4050.
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 buying Euro above 1.4115 with a target at 1.4185, stop loss below 1.4060.

GBP

The British pound yesterday reached the downside band which is a very critical support to hold the pound towards the upside as long as the technical parameters show some reversal signals. Therefore, we expect the pound to move in a progressive pattern towards the upside with new target at 2.0700 in the week ahead.
The trading range for today might be between the key resistance level at 2.0500 and the key support level at 2.0320.
The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.

Support 2.0350 2.0325 2.0305 2.0280 2.0262
Resistance 2.0380 2.0405 2.0424 2.0448 2.0495

Recommendation

We expect buying sterling above 2.0380 with a target at 2.0490 stop loss below 2.0325

JPY

The dollar against the Japanese yen remained so quiet yesterday at the peak of the bullish wave it formed the week ago. The technical studies show the currency had reached to the over bought area which in role pushed it down again.
The trading range for today will be between the key resistance at 117.40 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 116.34 116.17 115.88 115.57 115.30
Resistance 116.50 116.90 117.21 117.42 117.65

Recommendation

We expect selling USD/JPY below 116.65 with a target at 115.40, stop loss above 117.00.

CHF

The dollar against the SWISS Frank formed a reversal pattern after it couldn't break the tough resistance at 1.1815 to reach the downside target at 1.1730s again. The expected move for the currency might be towards the downside.
The trading range for today will be between the key resistances at 1.1830 the key support at 1.1650.
The general trend is down as far as 1.2540 remains intact, targets at 1.1665 and 1.1445.

Support 1.1750 1.1726 1.1705 1.1680 1.1645
Resistance 1.1778 1.1802 1.1819 1.1845 1.1865

Recommendation

We expect selling USD/CHF below 1.1765 with a target at 1.1685, stop loss above 1.1800.

CAD

The dollar against the Canadian remained quiet due to the low volume without major moves, and that is because the pair was unable to breach the key resistance level at 1.0020s. Today we expect it to move towards the downside.
The trading range for today will be between the key resistance at 1.0060 and the key support at 0.9870.
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

We expect selling USD/CAD below 0.9980 with a target at 0.9900, stop loss above 1.0025.


From: CrownForex

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