Economic News Weekly Archive
Daily Technical News -May 09, 2008
EUR/USD
The daily chart is showing that the pair still does not have a distinct direction, although it consolidates around the 1.5500 After bottoming out at the 1.5300 level, the pair is showing signs of a corrective move. The Slow Stochastic indication on the 4 hour chart is showing no crosses and the RSI suggests the constitution of the correction. It appears that a test of the key Fibonacci level 1.5500 might be quite imminent.
GBP/USD
The strong channel formation on the daily chart is still intact, as the cable now floats in the middle of it. The momentum is quite bearish as clearly seen by the 4 hour Slow Stochastic chart. The daily oscillators are showing that a test of the bottom barrier of the channel might occur before the weekend. Going short might be preferable today.
USD/JPY
There has been a breach through the bottom barrier of the very accurate bullish channel on the daily chart. The breach has not been validated yet, but if the pair will close today's trading beneath the barrier of the channel, we might see a very strong bearish move corrective move. Going short with tight stops might be the way to go today.
USD/CHF
The daily chart is showing that there is still some strength in the bullish channel. The hourly's are indicating that the local bearish corrective move is losing power, and the cross on the Slow Stochastic should point toward the continuation of the daily bullish trend. It appears that going long might be a good choice today.Daily Technical News -May 08, 2008
EUR/USD
The pair is the middle of a very strong downtrend and is testing fresh lows on a daily basis. The very important key support level of 1.5400 has been breached and fresh bearish momentum has been injected. Next target price might be around 1.5310.
GBP/USD
The float within the narrowing bearish channel on the daily chart continues, as no significant breach has been made. The negative slope on the daily Slow Stochastic indicates the continuation of the bearish movement within the channel. Going short with tight stops appears to be the preferable strategy.
USD/JPY
There is a very accurate bullish channel forming on the daily chart, as the pair now floats in the bottom barrier of it. The Slow Stochastic is showing that a bearish breach is very unlikely and that the bullish price movement will probably continue. Going long might be the right way today.
USD/CHF
The pair is showing consistent bullish momentum for a while now and today is no difference. The bullish breach through the flat channel on the daily chart has created strong bullish momentum that is carrying the pair up with no local correction. It appears that there is still more room to run and that going long is probably the best choice today.Daily Technical News -May 07, 2008
EUR/USD
After a short bullish correction the pair now resumes the bearish move. The attempt to breach the 1.5600 has failed yesterday and now all oscillators are showing fresh bearish momentum. Going short with very tight stops might be the right thing to do today.
GBP/USD
The bearish price movement within the bearish channel on the daily chart continues. The Slow Stochastic is showing sharp negative slope and the RSI and if floating at the 50 level which indicate a possible continuation of the bearish move. Going short might be the right choice today.
USD/JPY
The narrowing bullish channel on the daily chart still remains intact, as the pair now floats near the bottom barrier of it. The Slow Stochastic is pointing to fresh bullish momentum, and the RSI confirms. Going long might be preferable today.
USD/CHF
The bullish break through the horizontal channel is still showing its effect. The momentum is now very high and the Slow Stochastic of the daily chart confirms the bullish momentum with no upcoming crosses on key levels. A breach through the 1.0600 level will probably unleash a much stronger move. Going long appears to be the right direction today.