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Forex Analysis on Majors

Visibility of Euro's Bullish Market

Mon, Jun 29 2009, 06:46 GMT
by Igor Kulaga

Forex Ltd

EUR

 

The estimated test of key supports for the implementation of pre-planned long positions has not been confirmed  and activity parity of both parties marked by OsMA trend indicator as the result of previous trading day keeps preserving uncertainty concerning the choice of planning priorities for today. Hence and considering incompleteness of bearish development cycle we can assume probability of rate return to close 1,4050/70 resistance levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be 1,3990/1,4010, 1,3960/70  and (or) further break-out variant up to 1,3900/20, 1,3820/40, 1,3760/80. The alternative for sales will be above 1,4140 with the targets of 1,4180/1,4200, 1,4240/60, 1,4300/20.

 

CHF

 

The estimated rate return to channel line “1” has been confirmed on condition for the implementation of pre-planned long positions. OsMA trend indicator having marked sales activity fall as well as current cycle of bullish activity gives grounds for preservation of long positions opened earlier with the targets of 1,0900/20, 1,0960/80, 1,1020/40  and (or) further break-out variant up to 1,1080/1,1100, 1,1160/80, 1,1240/60. The alternative for sales will be below 1,0780 with the targets of 1,0720/40, 1,0640/60, 1,0580/1,0600.

 

GBP

 

The pre-planned break-out variant for buyers has been implemented with the loss in the achievement of minimal estimated targets. OsMA trend indicator, having marked break-out of key resistance range levels by formation of reversal bearish signal is not the positive moment for the preservation of long positions but it does not clarify the choice of planning priorities for today. Therefore, considering the technical outlook favouring to probable rate range movement we can assume another rate return to channel line “1” at 1,6520/40levels where it is recommended to evaluate development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales on condition of formation of topping signals the targets will be 1,6440/60,  1,6360/80, 1,6280/1,6300  and (or) further break-out variant up to 1,6200/20, 1,6100/40, 1,5980/1,6120.The alternative for buyers will be above 1,6660 with the targets of 1,6700/20, 1,6760/80, 1,6800/40.

 

JPY

 

The estimated test of key resistance range levels for the implementation of pre-planned short positions has not been confirmed but the result of previous trading day without clarifying any planning priorities gives grounds for the preservation of trading plans made earlier almost unchanged. Namely, considering current bullish cycle of indicator chart we can suppose rate return to channel line “1” at 96,20/40 levels, where it is recommended to evaluate development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be 95,40/60, 94,80/95,00 and (or) further break-out variant up to 94,20/40, 93,60/80. The alternative for buyers will be above 96,80  with the targets of 97,20/40, 97,80/98,00, 98,40/60.

Published on  Mon, Jun 29 2009, 06:51 GMT