Mar 29 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
Strong resistance has been noticed at 1.3360 and further up at 1.3400, however indicators are rather neutral with a tendency to be on the bearish side. RSI is at 60 facing downwards, momentum is at 100.30, and slow stochastic is at 50. A range trading between 1.3250 and 1.3360 is more likely.
GBP/USD
This pair is targeting a new high soon the support at 1.9750 is pretty attainable at the monument where RSI is at 80 and Momentum readings are at 101.5 with a slight curve upwards, although daily slow stochastic is neutral at 60. We are likely to see a new high for this pair soon.
USD/JPY
The USD is recovering now 100 pips after touching the 116.30 and reversing back to 117.37, RSI is at 50 forming an upward reversal on the 2 hours charts where the next resistance level is at 118.15, however the volatility on the daily charts has dropped and a it may slow economic development, but not by much range between 118.15 to 116.30 has been created.
USD/CHF
This pair has come back up from yesterday’s low of 1.2077 to 1.2163 and has been trading a tight range in the last 8 hours, daily slow stochastic is at 50 and RSI is at 55 with a neutral behavior.
The Wild Card
GBP/JPY
This forex pair is recovering from yesterdays low at 228.75 back to 230.60 levels at the moment daily momentum is at 102.7 and RSI is starting to lose ground from 80 however longer term predictions are still bearish to test the 220 level once again.
Courtesy of Forexyard
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