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Forex Technical Analysis on Majors
Fri, Oct 3 2008, 08:54 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.3841
EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.5256 and 1.5220.
The pair broke through the 1.3882 weekly low, reaching intraday minimum at 1.3749. Next support comes at 1.3665 and while the pair stays below 1.3965 the outlook will remain bearish, as only a clear break through the 1.40 resistance will set a false break at 1.3852 and will provoke a larger rebound.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.3965 | 1.4174 | 1.4561 | 1.53+ |
| Support | 1.3749 | 1.3665 | 1.3665 | 1.3361 |
__________
USD/JPY
Current level - 105.18
The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 100.01. Trading is situated between the 50- and 200-day SMA, currently projected at 106.01 and 107.96.
At extremely high volatility, the pair rebounded from 103.52 short-term low and currently is heading towards 108.01 resistance. The consolidation since 106.53 is still on the run and doesn't look complete with yesterday's dip to 104.83, so allow one more drowning to 104.51 before completion. We still hold on to our view, that these sharp swings are simply a part of the corrective pattern since 103.55 (Sept. 16) , that preceeds a slide towards 100.01.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 106.53 | 107.11 | 109.10 | 110.26 |
| Support | 104.83 | 104.51 | 103.52 | 100.00 |
__________
GBP/USD
Current level- 1.7711
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.
Last week's quick advance above 1.8640 failed to go anywhere near our ideal target at 1.8802 and peaked at 1.8669. We believe, that the whole rebound from 1.7446 has been completed at that level and the general downtrend is renewed with first target at 1.7446. Intraday resistance comes at 1.7761-63, followed by the crucial 1.7873. Expect current consolidation to be limited below 1.7763 before renewing the slide towards 1.7446.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.7763 | 1.7874 | 1.8261 | 1.8802 |
| Support | 1.7559 | 1.7446 | 1.7446 | 1.70+ |
Published on Fri, Oct 3 2008, 09:00 GMT
Archive
- Forex Technical Analysis on Majors
Published On Mon, Dec 1 2008, 09:40 GMT - Forex Technical Analysis on Majors
Published On Fri, Nov 28 2008, 09:14 GMT - Forex Technical Analysis on Majors
Published On Thu, Nov 27 2008, 09:53 GMT - Forex Technical Analysis on Majors
Published On Wed, Nov 26 2008, 09:57 GMT - Forex Technical Analysis on Majors
Published On Tue, Nov 25 2008, 09:57 GMT
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Legal disclaimer and risk disclosure
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.Related reports
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