Monday, August 18, 2008
18-Aug-2008 Daily Forex Analysisi
| by ForexYard EURUSDAfter reaching the low of 1.4658 during the previous week the pair is now showing sharp bullish correction on a daily chart. However, a bearish cross on the hourly chart's Slow Stochastic indicates that the bearish trend may resume in a short run. Thus, going short with tight stops might be the right choice for today. GBPUSD The 4 hour chart shows that the pair's strong bearish move was halted, as the cable is now going through a bullish session since the beginning of this week. As all oscillators on the 4 hour chart are also pointing up, it seems that going long might be preferable. USDJPY The 4 hour chart is showing that the bullish momentum is weakening, and has turned slightly bearish. The bearish cross on the Slow Stochastic strengthens the pair's bearish inclination, and might see a valid target price at 109.00. USDCHF Ever since the pair reached its peak of over 1.1000, it's been showing bearish momentum exclusively. As all oscillators on the 4 hour chart are providing bearish signals, a breach through the 1.0915 level will probably validate the bearish move, with the next possible target price of 1.0860. Labels: Forex Analysis |
posted by Matbank at 9:57 AM
