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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.4000
Overview – Daily trend has been pressing higher since the beginning of 2011. However, previous congestion viewed on the weekly chart between 1.3950 and 1.4100 in 2008, 2009 and 2010 is providing a range of resistance that could eventually indicate a reversal zone. As long as this pair holds under 1.4100 I will be watching for technical indications of reversal.
Resistance – 1.4085 / 1.4150 / 1.4225 / 1.4290
Support – 1.3900 / 1.3860 / 1.3825 / 1.3760
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GBP/USD – Current 1.6175
Overview – Weekly resistance viewed in the mid to upper 1.6200’s. Market seems to be ranging, since the beginning of February, between this upper level and 1.6000. A break higher could see a run back to 1.6700. A break lower could see 1.5800 reached.
Resistance – 1.6185 / 1.6235 / 1.6260 / 1.6300 / 1.6330
Support – 1.6130 / 1.6075 / 1.6035 / 1.5982 / 1.5800
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USD/CHF – Current 0.9240
Overview – Multi-year lows are the main focus on this pair. Potential reversal is the forefront possibility. Using Fib extensions as lower support targets. Watching the breaks of resistance and trend lines for indications of reversal.
Resistance – .9320 / .9416 / .9480 / .9555
Support – 0.9220 / .9160 / .9117 / .9053
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USD/JPY – Current 81.65
Overview – Daily consolidation is the focus. HOWEVER, extreme caution is suggested due to recent earthquake/tsunami events. Trade Yen pairs at your own risk!
Resistance – 81.70 / 81.95 / 82.30 / 82.50 / 82.90
Support – 81.35 / 81.10 / 80.80 / 80.30
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USD/CAD – Current 0.9730
Overview – Let’s not forget that the weekly trend has been, and is down. That being said will be looking for sign of reversal even as it tests to the support targets.
Resistance – .9740 / .9760 / .9785 / .9812 / .9850
Support – 0.9700 / .9660 / .9626 / .9595 / 9560
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AUD/USD – Current 1.0100
Overview – Larger range floating between 1.0200 and .9965. Still waiting to see if uptrend is to continue or full reversal will take place. Best risk/reward is towards the extremes of the range.
Resistance – 1.0100 / 1.0142 / 1.0172 / 1.0190 / 1.0216 / 1.0250
Support – 1.0096 / 1.0063 / 1.0025 / 1.0000 / .9964
