Friday, August 8, 2008
8-Aug-2008 - ForexYard Daily Analysis
| EUR/USD There's a very accurate bearish channel forming on the daily chart as the pair is now floating on the bottom barrier of it. The 4 hour chart shows that the pair is still moving beneath the Bollinger Bands, suggesting that the downtrend should further continue. Going short might be a good strategy. GBP/USD The pair is continuing its bearish development, as the cable dropped over 200 pips yesterday. All oscillators on the 4 hour chart are pointing down, indicating that the falling trend has more room to go. Next price target might be 1.9230. USD/JPY There's a very distinct bullish channel formed on the daily chart. The Bollinger Bands on the hourlies are tightening, suggesting that a strong movement is impending. As a bullish cross on the 4 hour chart's Slow Stochastic has recently took place, going long appears to be the right choice today. USD/CHF The bullish momentum continues with full steam as the pair breached the key Fibonacci level of 1.0700. Currently, all oscillators on the daily chart are giving bullish signals; hence, going long seems to be preferable. Labels: Forex Analysis |
posted by Matbank at 2:22 PM
