Jun 29 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair is floating at the 1.3430/1.3470 range for a while now; these are the 62.8% and 76.4% Fibonacci levels of the 1.3534/1.3260 move. The daily studies are slightly bearish, and if a break beyond the 1.3400 level occurs, we might see a larger bearish move towards the 1.3360 level.
GBP/USD
The cable is in the midst of a very bullish trend and appears to be eyeing the 2.0100 levels again. The right direction seems to be up with slight caution due to overbought hourlies. Buying on dips might be preferable.
USD/JPY
After a small correction down to the 122.20 levels, the pair is regaining the momentum up and it looks as if the next target price is 124.00 again. The daily charts are bullish, and the hourlies are now unwinding to support the bullish notion.
USD/CHF
After bottoming at the 38.2% Fibonacci level of 1.2270 which is taken from the 1.2150/1.2470 move, the pair is regaining the positive movement. The daily charts a very bullish, and so are the hourlies. Next target price appears to be at the 1.2380 levels.
Wild – GBP/JPY
There is a bullish channel forming on the 4 Hour chart, as the pair now floats at the center of it. This provides Forex traders with the opportunity to enter a very stable uptrend that still has plenty of steam in. the next target price is 247.50.
My Forex Blog
