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Forex Technical Analysis on Majors

Mon, Sep 8 2008, 09:09 GMT
by Stoyan Mihaylov

www.deltastock.com


  • EUR/USD

eurusd080908


Current level-1.4279

EUR/USD is in а downtrend from 1.6039 (15 July 2008). Technical indicators are descending and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5256 and 1.5220.
   
 
With the recent low at 1.4192 there is a chance, that a more significant bottom has been set, finalizing the whole slide from 1.6039. This has to be confirmed by breaking above 1.4543, so while the pair holds above 1.4224 our outlook is rather bullish for 1.4428 and 1.4568.
Today's strategy: Stand aside.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.43531.43831.45511.5301
Support1.42221.41411.41411.40+

__________


  • USD/JPY


usdjpy050908

Current level - 109.01

The pair is still in the broad consolidation since 95.75 short-term bottom, aiming at 111.03. Trading is situated above the 50- and 200-day SMA, currently projected at 108.04 and 106.48.  


Quite a sharp rebound from the recent bottom at 105.61 and we are tempted to think, that an impulse is on the run, targeting 111.01. Now a consolidation is unfolding, just below the dynamic 109.31 and it will probably challenge the 107.79 support before breaking beyond 109.31, towards 111.01.
Today's strategy: Stand aside.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance109.31110.26110.66113.01
Support108.56107.79103.83100.00

__________



  • GBP/USD

gbpusd020908

Current level- 1.7749


The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.80+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.9199 and 1.9645.
 

Our target at 1.7934 has been reached, but the downtrend has still enough potential for a test of the huge monthly support at 1.70+. Our current target is set at 1.7234.
A larger corrective phase is on the run from last week's low at 1.7536, but from an intraday point of view, there is a clear downtrend from 1.7974, that should meet the 1.7659 support before reversing and heading towards 1.80+ again.
Today's strategy : Stand aside.

Key Market Levels
MinorIntradayMajorIntraweek
Resistance1.78651.80+1.81791.9338
Support1.76591.75361.72341.70+

Published on  Mon, Sep 8 2008, 09:12 GMT


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These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Deltastock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Deltastock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.


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