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Chart of the Week
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Majors
Mon, Jul 7 2008, 09:30 GMT
by Tatsuya Kawanishi
EUR/USD
The EUR/USD (daily chart ) is seen as negative. The pair has been moving sideways in a rage of 600 pips last 2 months. Dynamic resistance is seen at 1.5905/10 while support is at 1.5340/50. A bearish cross over is not seen yet in MACD. CCI is considered as negative though ( Currently CCI is below the 0 level. A break of the middle band suggests further downwards movement.
- Resistance : 1.5820/30, 1.5905/10
- Support : 1.5600/10 ( middle band), 1.5340/50 (lower band)
GBP/USD
The GBP/USD has been falling after hitting the dynamic resistance. CCI shows bearish momentum . A bearish cross over seems about occur. 1.9700 is a key support level. If we see further bearish momentum, breaking through the support, a lower band (1.9400/10) would be considered as a next target.
- Resistance : 1.9980/90
- Support : 1.9700, 1.9400, 1.9375/85.
USD/JPY
The USD/JPY draws a steady uptrend line. CCI has moved cross over the 0 line and MACD bullish divergence seems about to occur. A short term target would be the dynamic resistance at 108.55/60 if the pair keeps a strong upside potential. A break of the resistance suggest that pair would challenge the next resistance at 112.00 short/mid term.
- Resistance : 107.60/70, 108:50/60, 112,00
- Support : 105.23, 102.70
USD/CHF
The daily USD/CHF shows a gradual down trend channel with a range of 400 pips. Last week the pair hit the lower projected line and then rebounded dramatically 200 pips. Currently the pair is challenging to break the middle band at 1.0300/10. A break of the middle band would suggest further upward movement. Next target would be the upper projected line at 1.0470/80. CCI is rising gradually and MACD positive divergence might be seen soon.
- Resistance :1.0300/10, 1.0470/80
- Support : 1.0110/20
Published on Mon, Jul 7 2008, 09:35 GMT
Archive
- USD and JPY are Safe Heavens
Published On Mon, Sep 8 2008, 15:48 GMT - Unwinding Carry Trades Make The Low Yields Gain
Published On Mon, Sep 1 2008, 10:01 GMT - USD/JPY
Published On Mon, Aug 11 2008, 12:11 GMT - Majors
Published On Mon, Jul 7 2008, 09:30 GMT - Dynamic Support
Published On Mon, Jun 30 2008, 08:43 GMT
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