Tuesday, September 16, 2008
15-Sep Daily Forex Analysis
| by: Forexyard Technical News EUR/USD There is a very distinct bearish channel forming on the 4 hour and the hourly charts. In addition a fresh bearish cross on the hourly chart's Slow Stochastic suggests that the bearish correction may be quite imminent. Going short with tight stops might be a good strategy for today. GBP/USD The 4 hour 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 chart Slow Stochastic is showing a bearish cross and it appears that the possible next move might be a bearish one. In that case traders are advised to swing in after the break. USD/JPY The pair went through a very sharp bearish move yesterday, as it dropped over 200 pips. A bearish cross on the 4 hour chart's Slow Stochastic suggests that the bearish momentum has more steam in it. Going short appears to be preferable. USD/CHF After a few weeks of bullish movement, the pair seems to be consolidating around the 1.1100 level. A bearish cross on the daily chart's Slow Stochastic implies that a reversal might be forthcoming. Traders are advised to hold for a break and then swing in. The Wild Card Oil The bearish move which was initiated since last week seems to be galloping full speed ahead. The hourlies also support that notion, however according to it; the down trend is much more restrained as volatility is quite low and the RSI floats at the oversold zone implying that a reversal might be quite imminent. Forex traders have a great opportunity to join and enjoy the rest of the bearish momentum. Labels: ADVFN NewsDesk, forex, Forex Analysis, FX Instructor |
posted by Matbank at 12:47 AM
