Feb 28 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
Overnight hourlies are still looking bearish as the RSI plummets beneath the 20 level while the Stochastic is at 20 as well. It is important to note that the market is now (6:30 GMT) sitting on a short term support at 1.3210 which could mean a reversal is in store.
GBP/USD
Are bears waking up from winter sleep? Well, it seems like the pair is building a powerful down move towards support at 114.50. However, today it seems as though stochasitcs are showing reason for the USD to gain some ground as the RSI starts moving out of oversold areas.
USD/JPY
Although the 500 pip range (1.93-1.99) is still in effect, its looks as thought eh market is becoming more volatile meaning range trading just got easier. Look for the range between 1.96 - 1.9670 to hold today as all hourly indicators are neutral.
USD/CHF
The pair looks as though it is heading to a reversal stance after the low of 1.2140 yesterday. Stochastics are heading higher fast on the hourlies while the RSI shifts its gaze north from oversold territory.
Courtesty of Forexyard
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