Crown Forex Signal 09 October 2007




EURO

The European currency dropped down yesterday in a strong bearish pattern since it couldn’t breach the key resistance level at 1.4140s, breaking then the minor up trend line at 1.4120 support opening the way to 1.4030s levels; today we expect the Euro to move down as a result until the levels of 1.4000.
The trading range for today might be between the key resistance level at 1.3970 and the key support level at 1.4120.
The general trend is up as far as 1.3600 remains intact targets now at 1.4500 and 1.4885.

Support 1.4050 1.4025 1.3999 1.3968 1.3933
Resistance 1.4085 1.4100 1.4125 1.4150 1.4170

Recommendation

We expect selling Euro below 1.4095 with a target at 1.4000, stop loss above 1.4135.

GBP

The British pound yesterday started with tendency towards the downside since it couldn’t move above the main level at 2.420s to breach the major support level at 2.0400 reaching to the support as the low as 2.0330s; due to that the pound opened the way towards the major support level at 2.0240s.
The trading range for today might be between the key resistance level at 2.0420 and the key support level at 2.0200.
The general trend is up as far as 1.9650 remains intact targets now at 2.0635 and 2.0740.

Support 2.0365 2.0320 2.0278 2.0244 2.0215
Resistance 2.0388 2.0420 2.0450 2.0470 2.0520

Recommendation

We expect selling sterling below 2.0405 with a target at 2.0270, stop loss above 2.0470

JPY


The dollar against the Japanese yen just broke out the downside technical pattern towards the upside yesterday at the main level of 117.00, marking the bullish wave until 117.60 resistance level; hence we expect the pair to progress towards the upside until 118.20s levels.
The trading range for today will be between the key resistance at 118.40 and the key support at 116.60.
The general trend is down as far as 124.60 remains intact, targets at 112.60 and 111.30.
Support 117.50 117.30 117.00 116.70 116.50
Resistance 117.85 118.15 118.35 118.50 118.75

Recommendation

We expect buying USD/JPY above 117.20 with a target at 118.00, stop loss below 116.85.

CHF

As the dollar against the SWISS Frank yesterday managed to breach 1.1780s strong resistance level; therefore we expect some bullish movements for the pair today.
The trading range for today will be between the key resistance at 1.1920 and the key support at 1.1760.
The general trend is down as far as 1.2540 remains intact, targets at 1.1575 and 1.1265.

Support 1.1860 1.1835 1.1809 1.1780 1.1755
Resistance 1.1885 1.1902 1.1925 1.1942 1.1985

Recommendation

We expect buying USD/CHF above 1.1830 with a target at 1.1900, stop loss below 1.1785.

CAD

The dollar against the Canadian Dollar yesterday found tendency towards the upside after it built the base above the key support level at 0.9800 to hit the resistance level at 0.9870s, as a result the currency opened the way to hit the upside target at 0.9920s.
The trading range for today will be between the key resistance at 0.9950 and the key support at 0.9830.
The general trend is down as far as 1.0540 remains intact, targets will be at 0.9800 and 0.9650.
Support 0.9865 0.9838 09815 09785 0.9757
Resistance 0.9890 0.9920 0.9937 0.9950 0.9975

Recommendation

We expect buying USD/CAD above 0.9840 with a target at 0.9920, stop loss below 0.9815.



From: CrownForex

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