Tuesday, August 5, 2008
Forex Daily Analysis 04-Aug-2008
| EUR/USD The ongoing tight range continues without a break of any significant importance. The daily chart is maintaining a slightly bearish indication yet with no distinct conclusion. The Bollinger Bands on the 4 hour chart are tightening which indicates that the break might be imminent. Traders are advised to hold for the break and then swing into it. GBP/USD The intensive bearish trend is calming on the hourly charts, yet shows no real indication of a halt or a correction move. In fact, on the hourlies and the 4 hour chart a bearish formation is still intact. A negative slope on the daily chart's Slow Stochastic validates that notion. Going short seems to be a good choice today. USD/JPY After reaching the 107.23 level, the pair has marked it as a very strong support level and is showing difficulties breaking it locally. If that support will sustain an additional attempt, we may see a strong bullish correction move that might take the pair to the 108.20 level as a first step. Traders should pay close attention to that level as it holds high profit potential. USD/CHF The pair's movement is quite moderate and characterized by relatively low liquidity, with a slightly bullish move. Indicators on the 4 hour level shows mixed signals, as the daily studies are still a bit bullish. Waiting for a clear signal on the hourly level before entering the market might be wise. By ForexYard Labels: Forex Analysis |
posted by Matbank at 1:29 AM
