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Forex Analysis on Majors

US dollar continues to recover with majors

Thu, Jul 24 2008, 08:40 GMT
by Igor Kulaga

Forex Ltd

CHF
The assumed test of the key supports for realization of the pre-planned buyers’ positions has not been confirmed, but further expected rate rise has revealed the signs of high overbought factor of the pair that considerably reduced the perspectives of opening of long-term positions in course of rate rise. At this point, keeping to earlier chosen bullish planning priorities, and taking into account the descending direction of indicator chart, we assume a possibility of pair return to the nearest supports 1,0330/50, 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 1,0390/1,0410 and/or further breakout variant up to 1,0450/70, 1,0500/20. An alternative for sells will be below 1.0300 with the targets 1.0240/60, 1,0200/20.



GBP
The assumed test of the key resistance range has been confirmed but the relative rise of buyers’ activity revealed by OsMA indicator was not a positive factor for realization of the pre-planned buyers’ positions. At this point, because of signs of incompletion of bullish development and tendency of convergence at activity level to parity, we suggest a possibility of range movement with attainment of 2,0040/60, 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 1,9980/2,0000, 1,9920/40, 1,9880/1,9900 and/or further breakout variant up to 1,9810/30, 1,9720/40. An alternative for buyers will be above 2,0100 with the targets 2,0140/60, 2,0200/20.



JPY
The assumed test of the key supports for realization of the pre-planned buyers’ positions has not been confirmed, but further rate rise with the signs of overbought factor of pair was a ground to close earlier opened long-term positions. At present taking into account the relative rise of sells activity also keeping earlier chosen planning priorities, we assume a possibility of pair return to supports 107,50/60 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 107,90/108,00, 108,40/60 and/or further breakout variant up to 109,00/20. An alternative for sells will be below 107,00 with the targets 106,40/60.



EUR
The assumed test of the key resistance range for realization of the pre-planed short positions has not been confirmed, and further events with a break of boundary supports made the realization of breakout variant as a rather risky operation because of oversold factor that was revealed by OsMA indicator. At present taking into account the ascending direction of indicator chart with a preservation of bearish planning priorities, we assume a possibility of pair return to channel line “1” to a range of 1,5710/30, 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 1.5640/60, 1,5590/1,5610 and/or further breakout variant up to 1,5530/50, 1,5480/1,5500. An alternative for sells will be above 1.5800 with the targets 1,5840/60, 1,5900/20.

Published on  Thu, Jul 24 2008, 08:48 GMT

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