Friday, September 12, 2008
12-Sep-2008 Daily Forex Analysis
| EUR/USD The cable has breached the key Fibonacci level of 1.4000, 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. GPB/USD The pair is in the middle of a very intense downtrend that still shows great momentum and on a bigger scale appears to have more room to run. In the short term, a bullish cross on the hourly chart indicates that there might be a small correction before the bearish move resumes. Selling on highs appears to be preferable today. USD/JPY The pair has been range-trading with high volatility for a while now and it appears that the bearish price movement is back. The Slow Stochastic and the RSI of the daily chart are indicating an upcoming test of the 106.00 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 are both 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. => The Wild Card Oil It seems that the bearish momentum is still relevant, and that Oil is heading down with plenty of room to run. This can clearly be seen on the 4-hour, daily and hourly charts as all Slow Stochastic and RSI are pointing downwards. Forex traders have a great opportunity to join the bearish move at a very early stage and with a great entry price. Labels: forex, Forex Analysis, FX Instructor |
posted by Matbank at 7:58 AM
