USDCAD

The Loonie failed to break the daily SMA100 resistance at 0.9975 and headed down to retest the upper line of the recently broken weekly descending channel, also coinciding with our first bearish target alternative at the daily SMA34 (0.9820/00). Price ended on a daily pin bar/doji candle above that moving average, and will have to be…

USDJPY

The Dollar-Yen recovered last Friday all of its fall from the beginning of the week, but was again rejected at key level 82.20/00 and stabilised just above 80.70 (61.8% Fibonacci retracement). We were watching 80.00 as the point of possible bank heavy intervention, but the price went through 350 pips further south on Thursday, and only…

EURCHF

The Euro-CHF broke support as expected, completing the weekly head and shoulders pattern, and reaching previous lows from where price was violently rejected back up to a 61.8% retracement on daily charts, and 50% of the weekly bearish move. I would expect a continuation of the upmove towards the upper trend line of the descending…

EURUSD

The Euro-Dollar almost reached last week’s target level, and it would seem there is a strong enough momentum to break the weekly highs and attain the 161.8% Fibonacci extension. On Daily we can see this pair broke its previous highs, and will probably reach 138.2% extension at 1.4250; second target level would be the round number at…

The following is an update on my previous blog article “ Long-Term USDCHF Wolfe Wave? ”.

After all the tweaking I had to do to end up with a not-much-satisfying monthly set of potential Wolfe Waves for the USDCHF, and especially because being mostly an intraday trader the perspective to have a potential profit target lying ahead 2 to 6 years from now was starting to feel quite…

What is a Wolfe Wave?

From a technical point of view, this is a pattern that occurs naturally and can be found in all financial markets. The whole pattern is composed of five waves that show supply as well as demand and their struggle to get to an equilibrium price. We can see them developing over…

Technical Overview:

EUR/USD continues to move between the bands of the channel. For the third consecutive day, the lower band, which rises each day by approximately 15 pips, supports and holds any break down attempt. As for today the lower band of the channel is at 1.389.

Our trading bias for today is neutral. We will wait for a break below the lower band of the channel to enter short…

As long as price doesn’t break down the 0.9540 level (strong support at November 2010 lows and near the daily SMA200) we can’t really say that we are into a formal bearish reversal yet. And there is another strong support area at the 161.8% extension level from this week’s swing low, which ranges from 0.9460 to 0.9415 approximatively.

 …

USDCAD

The Loonie ended last week on a doji candle just above 0.9700, after making a new low. Friday was a bearish day as for almost pairs as a result of Japan tragic events, nevertheless and though still needing to be confirmed, I was favoring a bullish move and correction towards the upper line of the descending channel, at a 61.8% Fibonacci…

The terrible and devastating events experienced in Japan after last Friday’s earthquake, the resulting tsunami and on top of this the succesive explosions at Fukushima’s nuclear power plant reflected on its currency with an initial sharp fall that quickly reversed into a heavy buying, which can be explained by speculator’s expectations of future demand from businesses for the japanese Yen due to the massive rebuilding task that lies ahead for the ravaged country. All major currency pairs…

The Euro vs. Swiss Franc reached the middle line of the weekly Bollinger bands and nearly touched the upper trend line of the descending channel, being rejected thereafter and closing near the 38% Fibonacci level on last long swing high. On the daily charts, the week started with a tight consolidation followed by a correction but Friday closed at…

EURUSD

Last week the price on the Euro-Dollar bounced back down from the SMA200 to the previous 61.8% Fibonacci retracement level, closing at 1.3900. I would favor a continuation to the upside towards previous highs near 1.4300. On the daily charts we see a bullish Friday and aiming to reach the upper level of the channel and previous Monday…