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Forex Technical Analysis on Majors
Thu, Oct 9 2008, 09:55 GMT
by Stoyan Mihaylov
EUR/USD
Current level-1.3749
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 1.4595 and 1.5183.
The pair broke through the 1.3882 weekly low, thus signalizing, that the overall downtrend has been renewed. Monday's slide has reached 1.3443 and we believe, that the current rebound is corrective in nature, preceeding another sell-off towards 1.3361. Intraday a minor uptrend is on the run, targeting 1.3904, with initial support at 1.3701.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.3751 | 1.3906 | 1.4174 | 1.4865 |
| Support | 1.3701 | 1.3578 | 1.3361 | 1.2998 |
__________
USD/JPY
Current level - 100.67
The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 97.63. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.
With yesterday's low at 98.59 the pair has entered a larger corrective phase, that should take us back again in the 103.21-55 resistance zone. Intraday expect upward pressure, towards 102.15.
Today's strategy: Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 102.96 | 103.55 | 106.15 | 109.10 |
| Support | 101.30 | 100.21 | 100.01 | 97.82 |
__________
GBP/USD
Current level- 1.7255
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 1.8391 and 1.9421.
Our idea for a trend reversal at 1.7325 was rejected with yesterday's break below that level, so now the bias remains negative for 1.7067. Intraday resistance comes at 1.7330 and crucial is 1.7587.
Today's strategy : Stand aside.
| Minor | Intraday | Major | Intraweek | |
| Resistance | 1.7330 | 1.7478 | 1.7796 | 1.8802 |
| Support | 1.7174 | 1.7067 | 1.7249 | 1.70+ |
Published on Thu, Oct 9 2008, 10:10 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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