Feb 27 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair has tested the 1.3220 (the upper boundary of an upsloping channel in the 4H chart) and although the trend is definitely up, a negative divergence in the 4H chart’s MACD suggests a possible turn. The divergence is seen on the 1H as well, where the DI- just crossed above 20.
GBP/USD
A red doji evening star on the daily suggests that we are going to see the some downside today and possibly in the upcoming days as well. Daily MACD is neutral; the 4H MACD is intersecting downsides at positive territory- a bearish sign.
USD/JPY
Daily Studies are pretty neutral, but we can’t ignore the heavy resistance the pair met each time it got close to 122. On the downside, there is a trendline expected to test near current levels, at 119.70, after that level the next floor will emerge only around 118.70.
USD/CHF
There is definitely a short term down trend in this pair’s charts, but there is also a down sloping trendline defined by February lows, and we are currently directly on top of it at 1.2276. It is therefore seems reasonable that a better opportunity to short this pair will show up in the upcoming days, but longing it is too risky.
Courtesy of Forexyard
