Apr 30 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
After breaking the all time high of 1.3680 on Friday, the pair now consolidates around 1.3630. Although the hourlies are pointing to overbought levels, and the daily studies are neutral, it looks as if the momentum is bullish. Target price will be around 1.3720.
GBP/USD
The pair is floating around 1.9940 which is the 62.8 Fibonacci level of the 1.9600/2.0100 move. This indicates that the correction down is very close to its end, and that the pair will be resuming its bullish trend.
USD/JPY
The pair is trading at 119.50 which is roughly half way through the channel that is forming on the daily chart. It looks as if the hourlies are a bit overbought which makes buying on dips a preferable strategy.
USD/CHF
The 1.2000 support seems to be withstanding any attempt of a break. Both daily and hourly studies are showing mixed signals in neutral territory, leaving the general bias slightly bullish, with a target price of 1.2120.
Wild – EUR/JPY
After constantly swimming in record levels the pair is showing first signs of weakness. There is a very bearish pattern forming on the daily chart, supported by a bearish cross on the slow stochastic, and giving Forex traders the opportunity to get in the correction trend on a very entry price.
Forexyard
My Forex Blog
