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Forex Analysis on Majors

euro tries to resume

Tue, May 6 2008, 06:57 GMT
by Igor Kulaga

Forex Ltd

CHF
The assumed test of the key support range has not been confirmed but taking into account the relative rise of bearish activity in a short-term future with general level of low activity as before we presume a possibility of test of the nearest supports 1.0470/90, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.0540/60, 1.0600/20 and/or further breakout variant up to 1.0660/80, 1.0720/40, 1.0780/1.0800. An alternative for sales will be below 1.0440 with the targets 1.0380/1.0400, 1.0330/50, 1.0280/1.0300, 1.0220/40.



GBP
The pre-planned breakout variant for sales has been realized but with a loss of several points in attainment of minimal assumed target. OsMA trend indicator having marked the fall of parties’ activity in a short-term outlook has revealed the preservation of some minimal bullish potential for pair return to the range of 1.9780/1.9800, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sales on condition of formation of topping signals the targets will be 1.9720/40, 1.9680/1.9700 and/or further breakout variant up to 1.9610/30, 1.9550/70. An alternative for buyers will be above 1.9860 with the targets 1.9900/20, 1.9960/80, 2.000/20.



JPY
Previous trading day did not have any events for realization of earlier composed trading plans. OsMA trend indicator having marked the activity parity of both parties does not give grounds to choose planning priorities for today. Nevertheless because of chosen strategy we assume a possibility of range movement of the rate with another attempt of rise to earlier attained tops where to evaluate the perspectives of further rate movement the targets will be 105.00/20. For short-term sales on condition of formation of topping signals the targets will be 104.60/70, 104.00/20 and/or further breakout variant up to 103.40/60, 103.00/20. An alternative for buyers will be above 105.60 with the targets 106.00/20, 106.40/60.



EUR
The assumed test of the key resistance range has been confirmed with conditions for realization of the pre-planned short positions. For short-term targets the key guiding lines will be 1.5460/70, 1.5420/40 and/or further breakout variant up to 1.5360/80, 1.5300/20, 1.5240/60, 1.5200/20. An alternative for buyers will be above 1.5580 with the targets 1.5620/40, 1.5680/1.5700, 1.5720/40.

Published on  Tue, May 6 2008, 07:01 GMT

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