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Chart of the Week
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USD and JPY are Safe Heavens
Mon, Sep 8 2008, 15:48 GMT
by Tatsuya Kawanishi
EUR/USD : Key level
The pair has found a support at 1.4164 and still reminds bearish sentiment. MACD is in the negative territory and a bullish cross over is not seen yet, while CCI argues that a higher lower is seen as a bullish divergence. A break of the support at 1.4164 is considered a trigger for further downward movement. Next support is seen at the late 1.3900 region. On the other hand, if the pair gets a good support from here, the pair would show corrective movements towards the red projected line and the initial downtrend orange line).
- Resistance : 1.4460/70, 1.4800, and 1.4910/20
- Support : 1.4164/70, 1.3960/70
GBP/USD : Upwards potential
The GBP/USD has hit a low at 1.7533 and bounced back to the 1.7600 region. CCI got out of the the oversold condition territory and is rising gradually. A break of the projected line suggests further corrective movements. 1.8500 would be considered as a target (fibo 31.8%).
- Resistance : 1.7900, 1.8200/10, 1.8330/40, 1.8530.
- Support : 1.7530/40, 1.7300.
USD/JPY : Swing in the range
The USD/JPY has moved sideways in a rage of 500 pips between 105.50 and 110.75. Currently the pair is hovering the key level at 108.40/50. CCI positive divergence is confirmed, suggesting upwards movements . MACD is still moving sideways, slightly upwards.
- Resistance : 109:50/60, 110,60/70
- Support : 108.40/50, 107.50, 106.00
USD/CHF : Downwards potential
Last week, the USD/CHF has broken a resistance and has keep moving up. As CCI has gotten into the overbought territory, the pair might show a corrective movements in the coming days. Immediate resistance is seen at 1.1317, while s support is seen at 1.1130.
- Resistance : 1.1317, 1.1350/60, 1.1400
- Support : 1.1130, 1.1100, 1.0870/80
Published on Mon, Sep 8 2008, 15:54 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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