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Forex Analysis on Majors

ECB and BoE have announced yesterday the interest rate

Fri, May 9 2008, 06:44 GMT
by Igor Kulaga

Forex Ltd

CHF
The assumed test of the key support range has been confirmed but the relative rise of bearish activity revealed by OsMA indicator did not dispose to immediate realization of the pre-planned buyers’ positions. At present taking into account the existent minimal advantage of bearish party as well as reversal bullish moment of indicator chart, we assume a possibility of pair return to resistance range 1.0500/20, 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 1.0440/60, 1.0400/20 and/or further breakout variant up to 1.0340/60, 1.0280/1.0300. An alternative for buyers will be above 1.0560 with the targets 1.0600/20, 1.0660/80.



GBP
The assumed test of the key resistance range has been confirmed but the relative rise of bullish activity revealed by OsMA indicator did not dispose to realization of the pre-planned short positions. At present taking into account the existent parity of parties’ activity we assume a possibility of range movement of the rate without clearness in a choice of planning priorities for today. Hence and because of descending direction of indicator chart we assume a possibility of test of attained Low at 1.9490/1.9510, 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 1.9550/70, 1.9620/40 and/or further breakout variant up to 1.9680/1.9700, 1.9760/80, 1.9800/20. An alternative for sales will be below 1.9460 with the targets 1.9400/20, 1.9340/60, 1.9300/20.



JPY
The pre-planned breakout variant for sales has been realized with attainment of minimal assumed target. OsMA trend indicator having marked the relatively high level of bearish activity at attainment of channel line “1” as well as uncertainty of reaction of bullish party continues to support the planning priorities in favor of sales but with a possibility of some rate correction to the range of 103.90/104.00, 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 103.40/50, 103.00/20 and/or further breakout variant up to 102.50/60. An alternative for buyers will be above 104.60 with the targets 105.00/20, 105.40/60.



EUR
The pre-planned breakout variant for buyers has been realized but without attainment of assumed targets within previous trading day. OsMA trend indicator having generally marked the activity parity of parties’ activity gives grounds to presume a beginning of range movement of the rate. But taking into account the revealed relative rise of buyers’ activity we have grounds to open long positions up to 1.5460/80, 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 1.5400/20, 1.5350/70 and/or further breakout variant up to 1.5290/1.5310, 1.5220/40, 1.5180/1.5200. An alternative for renovation of buyers’ positions will be above 1.5520 with the targets 1.5570/90, 1.5620/40, 1.5680/1.5700.

Published on  Fri, May 9 2008, 07:22 GMT