Forex4you Technical Analysis 24/09/10
EUR/USD: Technical Analysis
A pullback downwards finished at level 1.3280, so the “bears” didn’t make it to level 1.3260, mentioned yesterday. The price received support and returned to growth. It currently resides at 1.3380/90, close to the upper bound of consolidation range. Indicators are reluctant in showing attempts for reversal upwards, which makes a raise to the new local maximums rather questionable. Nevertheless, if the trading fixes above 1.3400, a scenario, mentioned in the previous comment will have all chances to take place, so the price will be expected to rise to the target level 1.3520/40. A reversal to the “bearish” moods will be seen in case of support 1.3200/1.3180 breakout.
GBP/USD: Technical Analysis
Attempts to breach key levels, seen during the last session, failed. Resistance 1.5700 and support 1.5610/00 withstood the attack, so the price remained within the range and currently resides at 1.5690/80. Indicators are neutral, showing sideways movement. Further consolidation within a given range is a high-possibility, and if the price fixes above 1.5700, it will be a signal to the medium-term “bullish” moods in the market. In this case, strong resistance level 1.5800/1.5780 will be the closest target. Fixation below 1.5610/00, on the other hand, will indicate a reversal to the “bearish” scenario.
USD/CHF: Technical Analysis
This pair has fallen heavily recently, breaking below the December ’09 lows and now attacking the March ’08 lows at 0.9650. If they keep falling there is only a 2% chance that they will breach the S3 monthly pivot which lies at 0.94905 – at least for the remainder of this month anyway. If there is a countertrend rally it may reach 1.0100 initially and then the 1.0045 area before encountering substantial resistance.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
A pullback downwards finished at level 1.3280, so the “bears” didn’t make it to level 1.3260, mentioned yesterday. The price received support and returned to growth. It currently resides at 1.3380/90, close to the upper bound of consolidation range. Indicators are reluctant in showing attempts for reversal upwards, which makes a raise to the new local maximums rather questionable. Nevertheless, if the trading fixes above 1.3400, a scenario, mentioned in the previous comment will have all chances to take place, so the price will be expected to rise to the target level 1.3520/40. A reversal to the “bearish” moods will be seen in case of support 1.3200/1.3180 breakout.
GBP/USD: Technical Analysis
Attempts to breach key levels, seen during the last session, failed. Resistance 1.5700 and support 1.5610/00 withstood the attack, so the price remained within the range and currently resides at 1.5690/80. Indicators are neutral, showing sideways movement. Further consolidation within a given range is a high-possibility, and if the price fixes above 1.5700, it will be a signal to the medium-term “bullish” moods in the market. In this case, strong resistance level 1.5800/1.5780 will be the closest target. Fixation below 1.5610/00, on the other hand, will indicate a reversal to the “bearish” scenario.
USD/CHF: Technical Analysis
This pair has fallen heavily recently, breaking below the December ’09 lows and now attacking the March ’08 lows at 0.9650. If they keep falling there is only a 2% chance that they will breach the S3 monthly pivot which lies at 0.94905 – at least for the remainder of this month anyway. If there is a countertrend rally it may reach 1.0100 initially and then the 1.0045 area before encountering substantial resistance.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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