Oct 29 2007
Daily Forex Technical Analysis
Daily Forex Technical Analysis
EUR/USD
The pair has breached a fresh all time high and is now floating at 1.4420. Both the 4 Hour and the daily chart are showing a bearish cross on the slow stochastic, which indicates that there might be a correction back to the 1.4360 level before the next peak will be tested.
GBP/USD
The cable is going through a very strong up trend, and we can see new momentum on the hourly charts growing stronger. The daily chart indicates that the next target price might be around 2.0620.
USD/JPY
The pair is in the middle of a flat channel on the daily chart. The two consecutive doji bars indicate that a move is quite imminent, as the RSI is well below the 20 level. It appears that if the 114.00 will not be breached, than a bullish move will be initiated that might take the pair above the 115.00 again.
USD/CHF
The pair is floating around a major support level of 1.1600. At the moment the pair is failing the break, and is trading at a 30 pip range. If a breach through the 1.1600 level will occur, than we shall probably see a very strong downtrend continue to the 1.1500/1.1550 levels.
My Forex Blog
Hi!
Good Post.
Be well!