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Forex Analysis on Majors

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RBA Reduced Cash Rate on 100 Basis Points up to 6.00%

Tue, Oct 7 2008, 08:46 GMT
by Igor Kulaga

Forex Ltd

EUR

The pre-planned breakout variant for sells was realized with overlap of minimal assumed target. OsMA trend indicator, having marked reversal bullish signal formation at the current week low with further relative bullish activity rise gives reasons for assumptions on the beginning of pair rate correction but with preservation of bearish planning priorities in the period over the day planning boundaries. Hence in short-term outlook we assume the possibility of pair return to 1.3480/1.3500 supports, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buying positions on condition of formation of topping signals the targets will be 1.3540/60, 1.3600/20 and/or further breakout variant up to 1.3660/80, 1.3720/40. An alternative for sells will be below 1.3400 with targets 1.3340/60, 1.3260/80, 1.320/20.

CHF

The presumed key resistance range test was confirmed and further development of the situation without “optimization” of protective buying variant with strengthening of pair overbought was the reason for realization of pre-planned sells positions. At the moment considering the current bearish cycle development for open sells as before targets will be 1.1340/60, 1.1280/1.1300 and/or further breakout variant up to 1.1210/30, 1.1140/60, 1.1100/20. An alternative for buyers will be above 1.1500 with targets 1.1540/60, 1.1600/20.

GBP

The pre-planned positions for sell from key resistance range were realized with overlap of assumed targets. OsMA trend indicator, having marked the results of relatively high bearish activity level and strengthening of bullish resistance level gives reasons for assumptions about further rate correction but with preservation of bearish planning priorities for today as well. Hence considering the current bearish development cycle we assume attainment of lower boundary of Ichimoku cloud at 1.7660/80, 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 1.7580/1.7600, 1.7500/20, 1.7440/60 and/or further breakout variant up to 1.7380/1.7400, 1.7320/40, 1.7280/1.7300. An alternative for buyers will be above 1.7740 with targets 1.7780/1.7800, 1.7860/80, 1.7940/60, 1.8000/20.

JPY

The pre-planned breakout variant for sells was realized with attainment of assumed targets. OsMA trend indicator, having marked high activity level of both parties within boundaries of their parity do not give definiteness in choosing planning priorities for today. Nevertheless considering market trend direction in favor of bears and targeting at trade risks decreasing we assume the possibility of channel signal “2” attainment at 103.80/104.00, 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 103.20/40, 102.40/60, 101.80/102.00 and/or further breakout variant up to 101.20/40, 100.60/80, 100.00/20.

Published on  Tue, Oct 7 2008, 08:49 GMT