Thursday, August 7, 2008
7-Aug-2008 - Forex Daily Analysis
| By: ForexYard EUR/USD There is a very distinct bearish channel forming on the daily chart, as the pair is now floating in the middle of it. All oscillators are giving bearish signals, suggesting that the bearish move will probably continue. Going short might be the right choice today. GBP/USD The bearish momentum continues with full steam, and yesterday the cable breached the 1.9480 level. The daily chart shows that the pair is still floating beneath the Bollinger Bands, indicating the continuation of the bearish move. Going short may be a good strategy. USD/JPY The intensive bullish trend is growing stronger as the pair crossed the 109.50 level yesterday. All oscillators on the daily chart are pointing up, implying further bullish momentum. Next price target might be 110.15. USD/CHF The pair is continuing to show coherent bullish moves, as yesterday it breached the key Fibonacci level of 1.0600. A fresh bullish cross on the one hour chart's Slow Stochastic may signify another development in the rising trend. Going long appears to be preferable today. Labels: Forex Analysis |
posted by Matbank at 8:56 AM
