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Currency Technical Report

Fri, Oct 17 2008, 09:41 GMT
by George Antonakos

FXGreece


EUR/USD
Resistance : 1,3520-30/ 1,3560/ 1,3610-20/ 1,3670
Support : 1,3420-30/ 1,3350/ 1,3300/ 1,3260/ 1,3230/ 1,3150/ 1,3050

Comment: Euro moved sideways, and seems to be forming a consolidation in the short term charts and also the daily chart. The ranges of the consolidation should be from 1,3420-30 to 1,3520-30 are in the short term. A clear break should allow at least a 100 pip move towards the break’s direction.
An upward break seems more likely in the long term so we will follow for now the consolidation between 1,3350-3400 and 1,3700-3750. A downward break will bring our lower targets back in the game. We stay neutral for the time being, waiting for more signs.



STRATEGY
Buy : Small positions could be tried in the ranges of the triangle, which means buy at 1,3400-25 with stops below 1,3370 and target at 1,3520-30. Alternatively, we will try buy positions after the break of the triangle formation with first target at 1,3620-30, expecting a move resumption to 1,3700-30 area. Buy orders would emerge in case of a break at 1,3250-70 area…

Sell: Sell opportunities emerge at 1,3520-40 with close stops (1,3560) and target at 1,3420-30.A clear break of 1,3420 could also be used for sell positions with target at 1,3330-40 or even lower...





GBP/USD

Resistance: 1,7350/ 1,7390/ 1,7430/ 1,7480/ 1,7520-30
Support : 1,7130/ 1,7090/ 1,7030/ 1,6980/ 1,6930

Comment: Sideways consolidation for the pound, with first resistance at 1,7360-90 , and support at 1,7270 area. A clear break of 1,7390 will indicate bulls strength and targets will be set at 1,7520-30 and 1,7600-20.
Below 1,7270, first target is set at 1,7180-90 area, while a clear break of 1,7100 indicates a retracement to previous lows...



STRATEGY
Buy : Buy orders could be tried after a break of 1,7390-00 resistance, with target at 1,7600 and stops below 1,7340, or at 1,7200 area, with stops below 1,7150.

Sell: Sell positions could be tried at 1,7380-00, with stops above 1,7430, or after a break of 1,7270, with target at 1,7200 area...

 


USD/JPY



USD/CHF




Published on  Fri, Oct 17 2008, 09:45 GMT


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  1. The details and information included in the provided 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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