Thursday, September 18, 2008
19-Sep Daily Forex Analysis
| by: Forexyard Technical News EUR/USD The pair has breached the key Fibonacci level of 1.4400, and the break has been validated by a full bar beneath that level on the 4-hour chart. The negative slope on the 4-hour chart's Slow Stochastic strengthens the notion that the momentum is quite bearish. Going short might be wise today. GBP/USD The pair is in the middle of a very intensive downtrend that still shows great momentum and on a bigger scale appears to have more room to run. The hourly chart is showing a strong bearish cross, and the 4-hour chart is also joining to that notion with the Slow Stochastic pointing to the continuation of the bearish movement. Being on the sell side appears to be the right choice today. USD/JPY The pair is showing local bullish momentum on the hourly level after a violent hike to the 107 level. On the daily chart, the pair has been range trading with high volatility for a while now and it appears that the bullish price movement might be back. The Slow Stochastic and the RSI of the hourly chart are indicating an upcoming test of the 107.80 level. If that level is breached, swinging in the trend would be the best strategy USD/CHF The pair has breached through the Fibonacci key level of 1.1100, and all oscillators on the 4-hour chart are indicating further bullish movement. The hourly Bollinger Bands are showing that the price has crossed its upper border, signaling that the current trend will probably continue, as the pair's new target price might be 1.1250. The Wild Card CHF/JPY There has been a strong breach through the upper level of the bearish channel on the 4-hour chart and the momentum on the daily chart is now bullish. There is also a very strong bullish cross forming on the 4-hour chart which indicates the continuation of the bullish channel. The RSI supports that bullish notion and it appears that the next target price might be around 97.00 Going long appears to be preferable strategy for forex traders today. Labels: forex, Forex Analysis, FX Instructor |
posted by Matbank at 9:36 AM
