Wednesday, August 6, 2008
6-Aug-2008
| Daily Analysis by ForexYard EUR/USD The pair is in the middle of a very intensive downtrend that still shows great momentum and on a bigger scale appears to have more room to run. In the shorter time frame a bullish cross on the 4 hour indicates that there might be a small correction before the bearish move resumes. Selling on highs appears to be preferable today. GBP/USD The cable has breached the key Fibonacci level of 1.9550, and the break has been validated by a full bar beneath that level on the 4 hour chart. The negative slope on the daily slow stochastic strengthens the notion that the momentum is quite bearish. Going short might be wise today. USD/JPY The pair has been range trading with high volatility for a while now, and it appears that the bearish price movement might be back. The Slow Stochastic and the RSI of the hourly chart are indicating an upcoming test of the 107.80 level. If that level is breached, swinging in the trend would be the best strategy. USD/CHF The daily chart is showing that the pair is still in the bullish configuration; however the RSI is already floating in the overbought territory. On the contrary, the hourly's and the 4 hour chart's Slow Stochastic is showing a bearish cross. It appears that the possible next move might be a bearish one. In that case traders are advised to swing in after the break. Labels: Forex Analysis |
posted by Matbank at 9:39 AM
