Crown Forex Signal 08 October 2007




EURO

After the European currency succeeded to end the downside correction it managed to form an upside pattern since it passed the key resistance level at 1.4100 to hit the target at 1.4150s. This move affected the technical studies to show the upside potential in the week ahead.
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 1.4120 1.4068 1.4036 1.4010 1.3977
Resistance 1.4155 1.4185 1.4205 1.4227 1.4240

Recommendation

We expect buying Euro above 1.4120 with a target at 1.4175, stop loss below 1.4085.

GBP

The British pound extended the upside channel due to the high volume that led the pound last time to hit the upside target at 2.0440s resistance level. Today we expect the pound to progress towards the upside supported by the technical parameters to set the target at 2.0530 in the week ahead.
The trading range for today might be between the key resistance level at 2.0480 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 2.0405 2.0380 2.0350 2.0325 2.0305
Resistance 2.0428 2.0448 2.0480 2.0500 2.0530

Recommendation

We expect buying sterling above 2.0400 with a target at 2.0480 stop loss below 2.0360

JPY

The dollar against the Japanese yen jumped through the upper channel last Friday after it remained quiet and restricted in a narrow channel. Therefore, we expect some bullish movements in the week ahead according to the technical indicators.
The trading range for today will be between the key resistance at 117.80 and the key support at 116.40.
The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20.

Support 116.85 116.57 116.34 116.17 115.88
Resistance 117.20 117.45 117.67 117.88 118.11

Recommendation


CHF

The dollar against the SWISS Frank obviously was so volatile last Friday due to the economical data, where the pair hit the upside resistance as high as 1.1850s then dropped down until the levels of 1.1760s. Today we expect some tendency towards the downside within narrow ranges.
The trading range for today will be between the key resistances at 1.1870 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 1.1757 1.1726 1.1705 1.1680 1.1645
Resistance 1.1805 1.1820 1.1845 1.1865 1.1888

Recommendation


CAD

The dollar against the Canadian moved in a very strong bearish pattern towards the downside getting some new records with high level of volume which in role might lead the currency down today supported by the technical studies that show the target at 0.9730s.
The trading range for today will be between the key resistance at 0.9980s and the key support at 0.9730.
The general trend is down as far as 1.0850 remains intact, targets will be 0.9700 at and 0.9450.

Support 0.9787 0.9766 0.9747 0.9730 0.9712
Resistance 0.9820 0.9837 0.9859 0.9885 0.9905

Recommendation



From: CrownForex

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