Feb 07 2008
Forex Technical Analysis
EUR/USD
The pair is trading in a range for the past three days showing after the sharp bearish correction and is now consolidating around 1.4620. The 4 hour chart is showing first buds of a bullish momentum whereas the daily chart is still bearish. Selling on high might be preferable today.
GBP/USD
The 4 hour chart is showing that the bearish momentum is regaining strength. The slow stochastic indicates that this trend might continue until the cable reaches the 1.9520 level. The daily studies confirm the bearish notion, and it appears preferable to go short today.
USD/JPY
The ongoing tight range continues still without a break of any significant importance. The daily chart is maintaining a slightly bearish indication yet with no distinct conclusion. The Bollinger banks are tightening which indicates that the break might be imminent. Traders are advised to hold for the break and than swing into it.
USD/CHF
The bullish correction move continues as the momentum appears to be continuing. The RSI and slow stochastic of the 4 hour chart are showing a floating status which strengthen the notion that the bullish move might continue. The current target price is around 1.1040.
Wild – Crude Oil
There is a narrowing bearish channel forming on the 4 hour chart as Oil now floats on the upper level of it. All oscillators show that an additional bearish break through the 86.20 level will unleash a much stronger bearish move which can provide Forex trader a great opportunity of a strong swing.
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