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Daily Technical News - May 06, 2008

EUR/USD

The pair is in the middle of a bullish corrective move after bottoming out close to the 1.5350 level at the beginning of the week. The 4 hour Slow Stochastic is showing positive slope with no crosses which indicate the possible continuation of the bullish trend. Going long appears to be preferable today.

GBP/USD

The moderate bearish price movement continues within the bearish channel which still has yet to be breached on the daily chart. The RSI is floating near the 50 level and the Slow Stochastic is pointing to the continuation of the bearish movement. Next testing point should be around 1.9650. Going short appears to be preferable today.

USD/JPY

There is a very accurate narrowing bullish channel on the daily chart, as the pair now floats near the bottom barrier of it. The Slow Stochastic is indicating that the chances of a bearish breach are quite slim and that the bullish momentum still has steam in it. A failed bearish breach through the 104.00 level will probably unleash a fresh bullish move.

USD/CHF

The pair is still riding the bullish momentum which was created by the sharp breach through the bullish channel of the daily chart. The Slow Stochastic of the 4 hour chart is showing no crosses in the horizon, and the bullish momentum appears to be intact. Going long might be a good choice today.

Daily Technical News - May 05, 2008

EUR/USD

The pair has been showing a strong and consistent downtrend since April 23rd, and the momentum appears that it will continue uninterrupted. The small local correction is slowly losing its energy, and the daily chart is showing that the renewal of the bearish trend is quite imminent. Selling on highs might be a good strategy today.

GBP/USD

There is a bearish channel forming on the daily chart as the cable now floats in the middle of it. The local bullish momentum is still healthy within the channel and an upcoming test of the upper barrier is imminent. A breach through the 1.9820 will validate the bullish breach and probably take the cable higher.

USD/JPY

The sharp bullish channel on the daily chart continues with no signs of a stop. The Slow Stochastic is showing a triple top formation with a positive slope, which indicates the possible continuation of the trend. Going long appears to be the right move today.

USD/CHF

The momentum created by the bullish breach through the channel in the daily chart appears to be continuing. The Slow Stochastic is showing no crosses and the RSI is floating around 60. The next target price appears to be 1.0620, which makes it preferable for Forex traders to go long with tight stops.

Daily Technical News - Apr 10, 2008

EUR/USD

The pair is testing the very important key resistance level of 1.5810 and is looking to breach. The daily RSI and slow stochastic are very bullish and it appears that the breach might be imminent. A preferable strategy for today might be to wait for the bullish breach and swing into the trend.

GBP/USD

There appears to be a narrowing bearish channel on the daily chart as the cable now floats in the middle of it. The slow stochastic is showing moderate bearish momentum as it shows a double top formation with a negative slope. Going short appears to be the right choice today.

USD/JPY

There is a very distinct bullish channel forming on the 4 hour chart as the pair now made the first breach through the bottom barrier. The breach has been validated by an additional bearish bar, and the momentum now is extremely bearish. The next target price might be 100.50 on the first move.

USD/CHF

Narrow range trading continues as the pair did not make a significant move in either direction. The daily chart is showing first signs of a bearish momentum as the slow stochastic shows no crosses and the RSI floats near the 50 level. The Bollinger Bands are tightening and a breach might be imminent to any side. A good strategy might be to wait for the signal and ride the momentum.

Daily Technical News - Apr 09, 2008

EUR/USD

The pair is consolidating at 1.5710 and appears to be accumulating momentum ahead of the next break. The 4 hour chart is showing moderate bullish momentum, and the daily chart is showing that there is still more room to run, probably towards the 1.5800 zone.

GBP/USD

The cable is in the middle of a very sharp bearish trend after the breach through the 1.9800 level. The slow stochastic is showing a negative slope on the daily chart, and it appears that the bearish trend will continue. Going short might be a very wise choice today.

USD/JPY

The pair is still traded within the bullish channel as the direction is currently unclear. No significant breach has been made in either direction, yet there is a bearish hint in the form of a cross on the 4 hour Slow Stochastic. The Bollinger Bands are tightening which indicates that the break is near. Going short with tight stops might be smart today.

USD/CHF

There is a very distinct flag forming on the daily chart as the pair now floats at the tip of the flag. The slow stochastic is showing a bearish cross which might result in a breach through the bottom section of the flag. Traders are advised to wait for the bearish breach before swinging into the trend.

Daily Technical News - Apr 08, 2008

EUR/USD

The daily chart is still very bullish as both the slow stochastic and the RSI are floating in mid level of 50. The 4 hour chart is showing a moderate bearish reversal signal, and the 1 hour chart is indicating an imminent bearish trend. Buying on dips with a very tight stop might be a smart strategy.

GBP/USD

The cable is testing the key Fibonacci level of 1.9810 and is the middle of a very strong bearish trend. A breach through that level will validate a much stronger bearish trend that might take the pair to the 1.9730 zone. Going short might be the right path today.

USD/JPY

The bullish channel continues at full steam, as the 4 hour chart is showing that there is still much steam in the trend. The daily chart is showing a double doji formation with a bearish cross on the slow stochastic which might indicate a moderate corrective move before the bullish trend resumes. Buying on dips might be a great strategy for that pair. .

USD/CHF

The daily chart is showing that the pair has been range trading with no distinct direction for a while now. The 4 hour chart is showing no clear signals as the RSI and the slow stochastic are floating on neutral territory. Traders are advised to wait for a clear signal before entering the market.

Daily Technical News - Apr 07, 2008

EUR/USD

The pair is floating between two key Fibonacci levels and is now showing bearish price movement. The 4 hour chart is showing a distinct bearish cross, and the daily RSI is floating around 50 which indicates that the bearish trend might continue. Next target could be 1.5620.

GBP/USD

The bullish trend on the 4 hour chart was stopped by a moderate corrective move which took the pair to the 1.9900 level again. There is a bullish cross forming on the 4 hour chart which indicates that the bullish reversal is quite imminent. Going long with tight stops might be a good strategy today.

USD/JPY

There is a very distinct bullish channel forming on the 4 hour chart as the pair now floats in the middle of it. The bullish momentum is back, and the slow stochastic is showing that there is still much more room to run up. Next target price might be 103.10.

USD/CHF

The pair has been traded in a range for a while now, and no distinct signal has been received on the daily level. The 4 hour chart is showing mixed signals yet the Bollinger Bands are getting much tighter which indicates on a possible close break. Traders are advised to wait for a significant breach and swing in on any direction.

Daily Technical News - Jan 31, 2008

EUR/USD

The 4 Hour chart indicates that there is still room for the pair to reach new heights, particularly after breaching the key 1.4850 resistance level yesterday. Both the RSI and momentum are indicating that this pair should continue its bullish rampage. Oscillators show that a breach through 1.4950 will validate an additional bullish move into the 1.50 levels.

GBP/USD

The cable is trading in a very unstable and choppy manner in the past few days. The daily studies show a slight bullish momentum and the hourlies show mixed signals. The RSI and Momentum on the daily chart are positively sloped indicating that this pair still has steam left in its bullish movement. However the 4 Hour chart is slightly bearish, so a preferred strategy for today might be to buy on dips, as the daily movement should still be bullish.

USD/JPY

The breach through the wide range is showing the full power of the bearish momentum. The pair is traded at the 106.50 levels, and another bearish move is quite imminent. All the indicators are showing that the bearish momentum has not yet said its last word, and a target price of 105.00 will no be a big surprise.

USD/CHF

This pair is still in the midst of a steady downtrend which is not yet showing any sign of leveling out. The RSI and Momentum are still negatively sloped indicating that there is still plenty of steam left in this bearish move. The oscillators show that a positive breach is quite unlikely, and the daily charts are also showing bearish momentum. Going short still might be a preferable strategy.

Daily Technical News - Jan 30, 2008

EUR/USD

The pair is in a consolidation formation on the 4 hour chart, and is accumulating fresh momentum towards the next bullish move. An upcoming bearish cross might be forming on the daily chart indicating that the bullish move might not be very strong and could be subject to a corrective move soon.

GBP/USD

As the pair continues to be traded in relatively tight range, no distinct direction is being observed on the hourly and daily studies. The pair might continue to linger in neutral territory until a more distinct signal will be formed. It is advised to stay out of this one until the smoke of uncertainty clears.

USD/JPY

The very strong support level of 1.0850 has not yet been breached as the pair shows some mixed price momentum. The overall momentum is bearish, and traders should pay attention to a breach of the key support to enjoy a very strong additional bearish move that might take the pair into the 1.0750 area quite quickly.

Daily Technical News - Jan 29, 2008

EUR/USD

The pair is in the middle of an uptrend initiated at 1.4350, and appears to be having some more room to run on the daily level. On the 4 hour chart there is a bearish cross forming indicating that there might be a bearish correction before the uptrend resumes.

GBP/USD

After bottoming at 1.9360 the cable is continuing the corrective move at full momentum and is now floating around 1.9840. All oscillators show that the correction move still holds some fuel in it, and if the 1.9900 level will be breached, a new uptrend will be validated and might push the cable above the 2.0000 level once again.

USD/JPY

The pair is trading in a range for almost two weeks now, and has formed a very strong support at 105.20. The local momentum appears to be bullish but the daily trend is a very strong bearish one. Traders must look for a key break on the bearish side before considering an entry position, as the range might continue before one occurs.

USD/CHF

After several failed attempts to breach through the 1.0850 level, it appears that the pair might make an additional attempt of a break. If and when a breach of that level occurs, it will most probably unleash an intensive follow-up bearish trend that might be targeted at 1.0750 at its lowest point. Going short appears to be preferable today.

Daily Technical News - Jan 24, 2008

EUR/USD

The pair is floating around 1.4600 which is a 76.4% Fibonacci level of the 1.3388/1.4960 move. A breach through that level will validate the next bullish move into the 1.4700 zone. It looks like going long might be the better choice today.

GBP/USD

The bearish channel formation is getting tighter and appears to be approaching the melting point. The cable is floating at the top barrier of the channel, and if a break above 1.9600 will not occur on the next attempt, it appears that the bearish channel will continue with strong momentum.

USD/JPY

The attempt to break the 105.00 level has failed and the pair now consolidates around 106.00. The 4 hour chart is showing a bearish slow stochastic, and the daily RSI indicates that another attempt to break the support level is quite imminent. Target price of 105.40 appears to be a valid target for the next move .

USD/CHF

The pair is in the middle of a strong bearish move, as the 4 hour slow stochastic clearly indicates. The pair has established a strong support level at 1.0850, which means that a breach through this level might unleash a much stronger downtrend that could take the pair beyond the 1.0800 level quite quickly.

Daily Technical News - Jan 21, 2008

EUR/USD

The pair is in the middle of a very strong bearish move ever since it peaked at 1.4900, and is now traded at 1.4530. The daily cross on the slow stochastic indicates that the momentum is close to a finish, and the hourly chart supports that notion. 1.4500 will be a very strong support level that if breached will validate a stronger move into the 1.4400 levels quite quickly.

GBP/USD

The cable continues its nonstop bearish journey overlooking every possible support level and shows no sign of a stop. All oscillators are very bearish and the trend appears to have much more room to run even on the daily level. Being on the short side appears to be a wiser move this week.

USD/JPY

After reaching the 106.00 level, the pair has marked a very strong support at the level and is showing difficulties breaking it locally. If that support will sustain an additional attempt, we might see a very strong bullish correction move that might take the pair to the 108.20 level as a first step. Traders should pay close attention to that level as it holds high profit potential.

USD/CHF

The bearish move the pair is going through appears to have diminishing momentum, and lacks the ability to make a significant breach beyond the 1.0800 level. The hourly studies show mixed signals, and the daily chart is indicating a mild bearish direction. Waiting for a clearer signal on that pair appears to be a good decision today.

Daily Technical News - Jan 16, 2008

EUR/USD

The pair has corrected to the 1.4780 level, and now shows some positive momentum again. There is a bullish cross on the 4 hour slow stochastic which indicates that the bullish trend might return pretty soon. The daily chart supports the bullish notion, and it looks as if the pair is heading back to the 1.4900 level.

GBP/USD

The cable was looking for support at 1.9500 and found it, as a breach through that level was unsuccessful. It appears that a breach through that level would indeed validate an additional move, yet another failure to break might define that point as a potential reversal point for the ongoing downtrend.

USD/JPY

The very strong bearish trend continues with full steam and shows no signs of a halt. All oscillators are bearish and no bullish crosses appear in sight. It looks as if there is much more room to run and being on the short side appears to be very preferable.

USD/CHF

The very strong support level of 1.0900 was breached and validated the next move into the 1.0800 zone. Although on the short term charts there appears to be a correction up, the pair direction is down. The daily chart supports the bearish notion, and selling on highs looks like the right call today.

Daily Technical News - Jan 15, 2008

EUR/USD

The pair is in the middle of a bullish trend which was initiated in the end of December. The 4 hour chart is showing a bearish cross on the slow stochastic, and a breach of the 80 level on the RSI. It looks as if there might be a bearish correction before the pair resumes the journey to 1.50.

GBP/USD

The intensive bearish trend is calming on the hourly charts, yet shows no real indication of a halt or a correction move. The cable is now at the lowest level it has been since mid August, and will probably continue its road south even further. Being on the sell side still appears to be the right move.

USD/JPY

The key level of 107.80 was breached, as this level was the last support on the daily chart which the pair touched in the middle of November. This break validates the next bearish move and might take the pair beyond the 106.50 even before the weekend.

USD/CHF

The pair is floating at a very strong support level of 1.0920 which is the bottom of the recent downtrend the pair had. A violent breach beyond that level would indicate that the bearish momentum might continue at a higher strength. Next target price appears to be around 1.0860.

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