Tuesday, August 5, 2008
Forex Analysis: 5-Aug_2008
| Technical News by ForexYard EUR/USD The 4 H and the daily charts indicate that there is still room for this pair to reach new lows, particularly after this pair breached the key 1.5580 support level yesterday. Both the RSI and momentum are negatively sloped indicating that this pair may continue its bearish rampage. However the hourlies indicate that we are in oversold territory, so it may be a good time to begin pairing off some of those short positions GBP/USD The cable is in the middle of a very intensive downtrend that started in the middle of July and shows great momentum that 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. USD/JPY On the daily chart the RSI is breaking the 50 mark and is indicating that this pair's bullish run has still got some steam in it. The 4 hour and the hourly charts also support that notion and this pair is now targeting the 108.30 level, once that is breached we could see even sharper upwards move. USD/CHF This pair is still in the midst of a steady uptrend which is not yet showing any sign of leveling out. The RSI and Momentum are still positively sloped indicating that there is still plenty of steam left in this bullish move. Once this pair breaches the 1.0560 level it's likely to make another sharp break upwards. Labels: Forex Analysis |
posted by Matbank at 2:01 PM
