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Forex Analysis on Majors

Bank of Japan has left Discount Rate without changes

Tue, Aug 19 2008, 07:02 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 the relatively high level of buyers’ activity revealed by OsMA indicator is a positive signal to preserve bullish planning priorities for today. Hence we assume a possibility of pair return to the nearest supports 1.0950/70, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.1010/30 and/or further breakout variant up to 1.1070/90, 1.1110/30. An alternative for sells will be below 1.0900 with the targets 1.0840/60, 1.0780/1.0800, 1.0710/30.



GBP
The assumed test of the key resistance range for realization of the pre-planned short positions has not been confirmed and the result of previous trading day with the features of incompletion of rate correction gives grounds to preserve earlier composed trading plans almost without changes. Hence as before we assume a possibility of attainment of channel line “1” by the bottom end of Ichimoku cloud at 1.8760/80, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.8700/20, 1.8600/20 and/or further breakout variant up to 1.8520/40, 1.8440/60, 1.8380/1.8400. An alternative for buyers will be above 1.8820 with the targets 1.8860/80.



JPY
The presumed test of the key supports has been confirmed with conditions for realization of the pre-planned buyers’ positions. OsMA trend indicator having marked the features of completion or close completion of rate correction gives grounds to preserve earlier opened short positions making possible pair return to the nearest supports 109.60/80, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 110.20/40 and/or further breakout variant above 110.60 with the targets 111.00/20, 111.60/80, 112.40/60, 112.80/113.00. An alternative for sells will be below 109.00 with the targets 108.40/60, 108.00/20.



EUR
The assumed test of the key resistance range for realization of the pre-planned short positions has not been confirmed and low activity of both parties as a result of previous trading day gives grounds to preserve earlier composed trading plans almost without changes. Hence as before with insignificant correction we assume a possibility of pair return to 1.4780/1.4800, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.4720/40, 1.4660/80, 1.4600/20 and/or further breakout variant up to 1.4540/60, 1.4480/1.4500, 1.4420/40. An alternative for buyers will be above 1.4840 with the targets 1.4880/1.4900.

Published on  Tue, Aug 19 2008, 07:08 GMT