Monday, September 22, 2008
22-Sep Daily Forex Analysis
| by: Forexyard Technical News EUR/USD During the weekend, the pair breached through the 1.4550 level, marking an intense bullish run. However, a bearish cross on the 4-hour chart's Slow Stochastic suggests that a bearish reversal might take place. Going short seems to be the right choice today. GBP/USD After making a significant rally on Friday, the cable has consolidated around the 1.8300 level. And now, all oscillators on the 1-hour chart are pointing down, implying that a bearish correction is imminent. Going short might be the right strategy. USD/JPY The pair is continuing to fluctuate within a restricted price range, and is now traded around 106.50. Nevertheless, after peaking at the 108.00 level, the pair is experiencing a strong bearish momentum that seems to have more steam in it. Going short with tight stops appears to be preferable. USD/CHF After dropping over 150 pips and breaching through the 1.1000 level, the bearish momentum seems to be over. As a bullish cross on the 4-hour chart's Slow Stochastic takes place, a bullish movement seems likely. Next price target might be 1.1100. The Wild Card GBP/CHF After recently peaking at the 2.0350 level, the pair is consistently dropping. Currently, as all indicators are giving bearish signals, it appears that the pair will extend its downtrend. This might be a great opportunity for forex traders to join a very popular trend. Labels: forex, Forex Analysis, FX Instructor |
posted by Matbank at 9:26 AM
