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Yesterday the EURUSD bearish momentum seemed very limited. The trend line support on daily chart around 1.4695/1.4703 level should be the key level at this phase. A break to the downside could trigger further bearish scenario towards 1.4590. Initial resistance is seen at 1.4757 followed by 1.4807. CCI in neutral area on daily chart.
EURUSD Daily Supports and Resistances:
S1= 1.4696
S2= 1.4639
S3= 1.4584
R1= 1.4808
R2= 1.4863
R3= 1.4920
GBPUSD Outlook Yesterday the GBPUSD made indecisive movement by opened and closed at almost the same price (1.8518 and 1.8526). My model goes mixed with neutral bias. Immediate support is seen at 1.8450 followed by 1.8405. CCI seems rejecting the -100 line on 4h and daily chart suggesting the pair might have a strong support area at this phase. However, I think the pressure to the downside is not over yet.
GBPUSD Daily Supports and Resistances:
S1= 1.8424
S2= 1.8322
S3= 1.8239
R1= 1.8609
R2= 1.8692
R3= 1.8794
USDJPY Outlook The USDJPY bullish momentum was rejected yesterday. The pair bottomed at 109.02 and closed at 109.30. Resistance level at 110.66 area seems to be a key level at this phase. My model goes mixed with neutral bias. Immediate support is seen at 108.90 followed by 108.50. Initial resistance at 109.80. CCI in neutral area on all 3 time frames (hourly, 4h, daily).
USDJPY Daily Supports and Resistances:
S1= 108.78
S2= 108.27
S3= 107.52
R1= 110.04
R2= 110.79
R3= 111.30
USDCHF Outlook The USDCHF is moving in ranging market between 1.1030 and 1.0840. We need a breakout to find a clearer direction. Immediate support is seen at 1.0950 followed by 1.0920. Initial resistance at 1.1030. An upside break from that level could trigger further bullish scenario towards 1.1105 area. CCI in neutral area in all 3 time frames (hourly, 4h, daily).
USDCHF Daily Supports and Resistances:
S1= 1.0907
S2= 1.0860
S3= 1.0798
R1= 1.1016
R2= 1.1078
R3= 1.1125
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Tue, 26th of August, 2008 By Setyo Wibowo (analyst@fxinstructor.com)
EURUSD Outlook Yesterday the EURUSD bearish momentum seemed very limited. The trend line support on daily chart around 1.4695/1.4703 level should be the key level at this phase. A break to the downside could trigger further bearish scenario towards 1.4590. Initial resistance is seen at 1.4757 followed by 1.4807. CCI in neutral area on daily chart.
EURUSD Daily Supports and Resistances:
S1= 1.4696
S2= 1.4639
S3= 1.4584
R1= 1.4808
R2= 1.4863
R3= 1.4920
GBPUSD Outlook Yesterday the GBPUSD made indecisive movement by opened and closed at almost the same price (1.8518 and 1.8526). My model goes mixed with neutral bias. Immediate support is seen at 1.8450 followed by 1.8405. CCI seems rejecting the -100 line on 4h and daily chart suggesting the pair might have a strong support area at this phase. However, I think the pressure to the downside is not over yet.
GBPUSD Daily Supports and Resistances:
S1= 1.8424
S2= 1.8322
S3= 1.8239
R1= 1.8609
R2= 1.8692
R3= 1.8794
USDJPY Outlook The USDJPY bullish momentum was rejected yesterday. The pair bottomed at 109.02 and closed at 109.30. Resistance level at 110.66 area seems to be a key level at this phase. My model goes mixed with neutral bias. Immediate support is seen at 108.90 followed by 108.50. Initial resistance at 109.80. CCI in neutral area on all 3 time frames (hourly, 4h, daily).
USDJPY Daily Supports and Resistances:
S1= 108.78
S2= 108.27
S3= 107.52
R1= 110.04
R2= 110.79
R3= 111.30
USDCHF Outlook The USDCHF is moving in ranging market between 1.1030 and 1.0840. We need a breakout to find a clearer direction. Immediate support is seen at 1.0950 followed by 1.0920. Initial resistance at 1.1030. An upside break from that level could trigger further bullish scenario towards 1.1105 area. CCI in neutral area in all 3 time frames (hourly, 4h, daily).
USDCHF Daily Supports and Resistances:
S1= 1.0907
S2= 1.0860
S3= 1.0798
R1= 1.1016
R2= 1.1078
R3= 1.1125
Why ForexGen?
Lowest spreads in the market with 0-1 pips in 10 pairs, no commissions, no swaps and instant account Activation.
Scandinavian quality with Swiss precision, funds secured and local agents in 18+ countries.
ForexGen offers Forex trading in the major currency pairs and crosses.
Low capital start, with $250 as a minimum account size.
Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.
ForexGen offers a free trial Forex demo account that allows you to test your skills and practice without risking real money.
Comment : Euro formed an upward reaction last week, after the lows at 1.4600 area, reaching the area of 1.4900 on Thursday. Bears gained momentum at those levels, as expected, and euro was led towards 1.4700 area again. A move resumption to lower levels is possible, as we will see in the chart analysis below. After such a sharp decline, which didn’t give much opportunity to be followed, the first reaction towards 1.4900-1.5000 was expected to meet sellers, as we had mentioned in our analysis last week. We should keep in mind that the target that emerges from the double top formation, which was breached downwards, is found at 1.4500-50 area, while the basic trend line that links 2005 lows is reached at 1.4450 area.As we have mentioned in our previous analysis, the ranges for the decline are found at 1.4550 area, and the most extreme scenario-according to current facts- would be a reach of 1.4300 area. The most likely scenario would be a formation of an important low between 1.4450 and 1.4550. From those levels, a correction (from 1.6040 tops) around 38.2% and 50% would be possible and a retracement to the previous base of 1.5300, which should be tested as resistance, is likely. For the time being, the downward move is been continued from the 1.4900 reaction, and first targets are set at 1.4660-70 and 1.4620-40. A move to new lows will lead euro to the first important target area (1.4500-50), followed by the area of 1.4430-50. Intraday resistance emerges at 1.4760-70 and 1.4800-25, which is more important. This negative outlook will change after a move above Thursday’s tops at 1.4910…
TRADING EUR/USD SWING TRADING : Sell positions, that were opened at the retracement towards 1.4900, where our first targets were set, could have as first target a pullback to 1.4630 lows. The upper part could remain open for the reach of the basic targets at 1.4550 area. Below those levels buy opportunities will emerge for the short term, adding positions per 50-70 pips until 1.4370-00 area, with stops below 1.4300. First target will be at 1.5000 and according to the conditions that will be formed, we will follow until 1.5200-5300 area. INTRADAY TRADING : The short term trend after the reach of 1.4900 is bearish and should remain at least until the area of 1,4660-80 or 1,4600-30. We will use the first reaction towards the middle Bollinger in the hourly chart for intraday sell positions, adding more at 1.4790-4805, and stops above 1,4835. Short term (small) buy positions could be tried at 1,4660-70 and 1,4630-40 support levels, with tight stops and targets.
Comment : The beginning of the week finds the pound still weak, as the decline was continued on Friday, below the important support levels of 1.8500. Our targets are set at 1.8300-5, where our target after the break of the big consolidation (we can see it in the daily chart) and the two equal waves from 2007 tops (AB and CD in the daily chart) are found. As a result, after a move below 1.8350 area, we will examine the formation of an important short term low scenario. We will abandon this scenario after a move below 1.8270, and if these levels are breached, next important targets are set at 1.8000. This would be an extreme but yet possible short term scenario… Important intraday resistance is found at 1,8500-30 and 1,8580-8610, which is more important.
TRADING GBP/USD : The sharp decline on Friday was continued in the beginning of the week, leading to the 1.8400 area. For the short term, we will use any reaction towards 1.8500-30 area for sell positions with stops above 1.8560 and target at a retracement to previous lows. Sell orders could be tried again at 1,8590-8610 with stops above 1,8650… A move below 1,8350 will be used for buy positions, adding more at 1,8300 and stops below 1.8250. Our target for these positions will be wider at 1,8900-1,9000…
USD/JPY
You can find the complete analysis at the pdf...
Technical analysis-Comments G. Antonakos Head of Analysis Dept.
DISCLAIMER 1. The details and information included in the above analysis, are part of research based exclusively on currency charts and are of purely instructional and educational nature. None of the information featuring in the analysis can be considered as an invitation for opening positions in FOREX market or in the market of forward contracts or any securities listed on an organized or unorganized market.
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The Usd continued to decline in the Asian session as worries over the US financial markets and surging crude prices weighed on the Dollar sentiment. The EurUsd climbed to the 1.4900 levels, before retracing slightly to 1.4876, while the UsdJpy declined and is now trading at 108.90. Crude rose across the board, with wti moving up $5.00, above $120.00bll. With concerns of a production cut swirling around the September 9th OPEC's meeting and Wednesday’s inventories lower than expected still lingering, crude has picked up a bullish tone. And given the high level of the Usd this commodity will be the prime driver in currency pricing today. In addition, 5-year swap spreads are now hoving around 100bp, the widest level since the Bear Stern disaster and before that you would have to go to 2001 and the equity market collapse to find spreads this wide. A gloomy sign if ever was one. Outside Bernanke’s scheduled speech in Wyoming (given the uncertainty surrounding the financial market, traders will be on a heightened state of alert) the market will be without any real events or data releases, so traders should be particularly aware of price-action in other assets classes.
Daily Forex Pivot Point AUDUSD R 3: 0.8846 R 2: 0.8797 R 1: 0.8757 CURRENT: 0.8735 S 1: 0.8626 S 2: 0.8593 S 3: 0.8503
EURJPY R 3: 163.88 R 2: 163.10 R 1: 162.39 CURRENT: 162.07 S 1: 160.88 S 2: 160.14 S 3: 158.61
USDSGD R 3: 1.4265 R 2: 1.4219 R 1: 1.4201 CURRENT: 1.4082 S 1: 1.4025 S 2: 1.3891 S 3: 1.3819
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EURUSD Outlook Yesterday the EURUSD attempted to push lower, bottomed at 1.4672, but failed to continue this bearish momentum by closed higher at 1.4743. Early today in Asian market, the pair is traded around 1.4780 at the time I wrote this comment. The pair is making a new soft bullish channel and CCI about to cross 100 line up suggesting a possibility of another soft bullish correction on 4h chart. My model goes mixed with neutral bias. Immediate support is seen at 1.4720 followed by 1.4672 (yesterday’s low). Initial resistance at 1.4820 followed by 1.4875. CCI just cross -100 line up on daily chart suggesting a potential bullish correction.
EURUSD Daily Supports and Resistances:
S1= 1.4674
S2= 1.4606
S3= 1.4540
R1= 1.4808
R2= 1.4874
R3= 1.4942
GBPUSD Outlook Similar to EURUSD, yesterday the GBPUSD attempted to go lower, bottomed at 1.8539 but closed higher at 1.8613. We have a ranging market between 1.8722 and 1.8536 on 4h chart from the beginning of this week and need a breakout. I am expecting an upside breakout as a correctional move at least at 1.8750 resistance level since we don’t have a significant upside correction so far. Immediate support is seen at 1.8580. CCI just cross -100 line up on daily chart suggesting a potential bullish correction. Eyes on UK Retail Sales data today.
GBPUSD Daily Supports and Resistances:
S1= 1.8540
S2= 1.8467
S3= 1.8396
R1= 1.8684
R2= 1.8755
R3= 1.8828
USDJPY Outlook Yesterday the USDJPY made no significant movement. The pair topped at 110.27 and bottomed at 109.60. My model remains mixed with neutral bias. We have a soft bearish channel on 4h chart and CCI just cross -100 line down suggesting a soft bearish correction potential. Immediate support is seen at 109.30 followed by 108.50. Initial resistance at 110.27 (yesterday’s high).
USDJPY Daily Supports and Resistances:
S1= 109.54
S2= 109.23
S3= 108.87
R1= 110.21
R2= 110.57
R3= 110.88
USDCHF Outlook Yesterday the Swiss Franc wad traded weaker against Greenback. The pair topped at 1.1039 and closed at 1.0985. We have a ranging market between 1.0872 and 1.1039 since 14/08/2008. My model is mixed with neutral bias. Any breakout from ranging area would give us a clearer direction. CCI just cross 100 line down on daily chart suggesting a potential bearish correction.
USDCHF Daily Supports and Resistances:
S1= 1.0908
S2= 1.0831
S3= 1.0766
R1= 1.1050
R2= 1.1115
R3= 1.1192
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The Markets Today Thursday 07 August 2008 / 10:15h CET
EUR/USD
1.5470
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Down to 1.5400 folowed by a 60-pip pullback. Bearish trend now at 1.5510, while underneath the Euro should continue to soften. We lower our target to 1.5290
A daily close above 1.5510 ends the bearish move and risks to see the pair hold in a range of 1.5450/1.5750 a while longer.
1.5450 MINOR
1.5475 MINOR
1.5425 STRONG
1.5510 TREND
1.5350 TARGET
1.5540 STRONG
GBP/USD
1.9500
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
A new low of 1.9460, this is a strong support and we risk to reverse up to 1.9565 before resuming the down-trend.
A break through 1.9460 has room for 1.9330. On top a daily close above 1.9565 can see a larger pull-back to above 1.97
1.9495 MINOR
1.9510 MINOR
1.9460 STRONG
1.9565 STRONG
1.9330 TARGET
1.9620 STRONG
USD/JPY
109.30
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Top of 109.75 means target achieved. Minor bullish trend at 109.35, a break there risks a fall back to strong 108.30
The market may want to see the 110 handle trade and keep the pair in high range all day.
109.35 MINOR
109.80 STRONG
108.90 STRONG
110.05 MINOR
108.30 KEY
110.30 STRONG
USD/CHF
1.0555
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
1.0620 high and back to the rising support at 1.0550. While this holds we can attempt 1.06 again, target remains 1.0660
A break of 1.0550 on the 4-H chart risks a dip to 1.0485 key, a lower daily close stops the bullish view.
1.0550 MINOR
1.0585 MINOR
1.0485 KEY
1.0620 MINOR
1.0445 STRONG
1.0660 TARGET
XAU/USD
883.00
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Expect Gold to remain range-bound 872 / 888, bias is to widen the downside towards 865 or even 850
A daily close above 888 could see Gold try the 905 key resistance tomorrow.
880 MINOR
888 STRONG
872 STRONG
894 MINOR
865 STRONG
906 KEY
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The Markets Today Wednesday 06 August 2008 / 09:50h CET
EUR/USD
1.5500
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Down to 1.5440 and back. Medium-term bearish trend-line at 1.5545 this morning, sell any spikes, continue to target 1.5350 this week.
The Euro may not spike and simply fall back to 1.5470 with space to fall further. A daily close above 1.5550 stops the immediate bearish view.
1.5470 MINOR
1.5515 MINOR
1.5435 STRONG
1.5545 TREND
1.5350 TARGET
1.5610 STRONG
GBP/USD
1.9560
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
The downside was widened to 1.9510, since any recovery has been short-lived and pressure is still on the downside. Looking to extend the current fall to 1.9430 or even further
Strong initial resistance 1.9600. Intra-day allow for spikes to 1.9630 to sell again, a daily close higher risks 1.9800
1.9515 MINOR
1.9600 STRONG
1.9460 STRONG
1.9630 STRONG
1.9430 TARGET
1.9720 STRONG
USD/JPY
108.30
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
It has made a new high overnight and for now remains above old 108.25 high. Stay long, expect a rise to 109.50-ish.
Stop longs upon breaking 108.15, stronger support 107.80, a daily close lower risks a correction.
108.20 MINOR
108.50 MINOR
107.80 STRONG
108.85 MINOR
107.50 MINOR
109.30 TARGET
USD/CHF
1.0515
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Very short-term bullish trend broke this morning, the pair may see a set-back to as low as 1.0445, buy dips.
A return back above 1.0530 turns us bullish, medium-term target remains 1.0660
1.0495 MINOR
1.0535 MINOR
1.0445 KEY
1.0590 MINOR
1.0395 STRONG
1.0660 TARGET
XAU/USD
884.00
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Gold fell as low as 872 before starting to turn. Currently on a minor upswing it may try the 888 level and could even reach 895. SELL rallies
A new dip underneath of 880 has space for at least 865 or even 850
880 STRONG
888 MINOR
873 MINOR
895 STRONG
865 STRONG
903 STRONG
Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service. ForexGen services are all controlled by the international banking and financial regulatory standards. ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.
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ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.
Euro is headed lower, target 1.5350. Strong support on the way lower at 1.5500 and 1.5460 may slow the move.
Short-term bearish trend at 1.5535. An hourly close above that can see a pullback to 1.5580.
1.5500 STRONG
1.5535 TREND
1.5460 STRONG
1.5585 KEY
1.5350 TARGET
1.5605 STRONG
GBP/USD
1.9565
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
1.9660 did not hold, Cable is at the lowest levels in 7-weeks and has space to fall to 1.9430.
Short-term bearish resistance at 1.9610 – a breech there may lift the pair to stronger 1.9660, but while the day loses underneath of that we will remain bearish
1.9550 MINOR
1.9615 MINOR
1.9480 STRONG
1.9660 STRONG
1.9430 TARGET
1.9740 KEY
USD/JPY
107.80
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
The top broke, 108.30 resistance held again and the pair returned to strong support at 107.65. BUY here, next attempt up will lead 100 pips higher to 109.35.
Stop longs upon breaking 107.50, risk is a dip to 106.60
107.65 STRONG
107.90 MINOR
107.15 MINOR
108.30 MINOR
106.60 STRONG
109.30 TARGET
USD/CHF
1.0520
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Closed the day at the high, for now holding minor bullish support 1.0500, while above we are looking to extend towards 1.0660
An hourly close underneath of 1.0490 risks 1.0420/40 in the short-term.
1.0500 MINOR
1.0535 MINOR
1.0450 STRONG
1.0590 MINOR
1.0420 KEY
1.0660 TARGET
XAU/USD
885.00
EXPECTATION
THE RISK
SUPPORT AND RESISTANCE
Looking weak this morning, it has nearly reached our 882 target. This may offer some intermediary support and Gold could pull back to 894 for a new SELL
A fall through 880 has room for 865 or even 850 this week.
882 STRONG
888 MINOR
875 MINOR895 STRONG
895 STRONG
865 STRONG
903 STRONG
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