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Forex Analysis on Majors

US dollar cannot start resumption with majors because of broad weakness

Mon, Jul 21 2008, 12:19 GMT
by Igor Kulaga

Forex Ltd

CHF
The assumed test of the key supports has been realized but the relative rise of bearish activity revealed by OsMA indicator with a test of this level is not a positive signal for realization of the pre-planned buyers’ positions. At present because of the absence of decisive features to choose planning priorities as well as existent minimal advantage of bearish party, we assume a possibility of pair return to the range of 1.0190/1.0210, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.0150/60, 1.0120/30 and/or further breakout variant up to 1.0060/80, 1.0020/40. An alternative for buyers will be above 1.0230 with the targets 1.0260/70, 1.0300/20.



GBP
The assumed test of the key resistance range has been confirmed but the relative rise of buyers’ activity revealed by OsMA indicator did not dispose to immediate realization of the pre-planned buyers’ positions. Nevertheless because of absence of planning priorities keeping to the version of range movement of the rate, we assume a possibility of pair return to the nearest supports 1.9950/70, 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 2.0020/40 and/or further breakout variant up to 2.0080/2.0100, 2.0120/40. An alternative for sells will be below 1.9900 with the targets 1.9820/40, 1.9780/1.9800.



JPY
The assumed test of the key supports for realization of the pre-planned buyers’ positions has not been confirmed but the relative rise of sells activity preserves the actuality of earlier composed trading plans almost without changes. So we assume a possibility of pair return to supports 105.70/90, 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 106.40/60, 107.00/20 and/or further breakout variant up to 107.60/80, 108.20/40. An alterative for sells will be below 105.40 with the targets 104.80/105.00, 104.20/40, 103.80/104.00.



EUR
The pre-planned breakout variant for buyers has been realized and the attainment of assumed target is being supported by the relative rise of bullish activity revealed by OsMA indicator at a break of the key resistance range. At present taking into account the descending direction of indicator chart, we assume a possibility of pair return to supports 1.5880/1.5900, 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 1.5940/60, 1.6000/20 and/or further breakout variant above 1.6040 with the targets 1.6080/1.6100, 1.6120/40. An alternative for sells will be below 1.5840 with the targets 1.5780/1.5800, 1.5730/50.

Published on  Tue, Jul 22 2008, 07:05 GMT

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