Jan 16 2008
Daily Forex Signals
EUR/USD
The pair has corrected to the 1.4780 level, and now shows some positive momentum again. There is a bullish cross on the 4 hour slow stochastic which indicates that the bullish trend might return pretty soon. The daily chart supports the bullish notion, and it looks as if the pair is heading back to the 1.4900 level.
GBP/USD
The cable was looking for support at 1.9500 and found it, as a breach through that level was unsuccessful. It appears that a breach through that level would indeed validate an additional move, yet another failure to break might define that point as a potential reversal point for the ongoing downtrend.
USD/JPY
The very strong bearish trend continues with full steam and shows no signs of a halt. All oscillators are bearish and no bullish crosses appear in sight. It looks as if there is much more room to run and being on the short side appears to be very preferable.
USD/CHF
The very strong support level of 1.0900 was breached and validated the next move into the 1.0800 zone. Although on the short term charts there appears to be a correction up, the pair direction is down. The daily chart supports the bearish notion, and selling on highs looks like the right call today.
Wild Card– Gold
After a very clear signal for a bullish bonanza, gold now makes a local correction, but still did not break the bottom barrier of the upwards channel on the 4 hour chart. Its inability to break the 887.00 level will provide Forex traders with a great entry point for a long position with great profit potential.
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