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Forex Economic Analysis

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Forex Technical Analysis on Majors

Mon, Oct 13 2008, 09:15 GMT
by Stoyan Mihaylov

www.deltastock.com

• EUR/USD

Current level-1.3622

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.
  
Suffering a vast volatility, the pair has dipped to 1.3261, rebounding all the way up to 1.3670. A clear uptrend is on the run with an initial support at 1.3602 and crucial level at 1.3472, targeting 1.3786, en route to 1.3904.

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• USD/JPY

Current level - 100.65

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.  

Last week's low at 97.83 is probably the final of the slide from 107.01, so we will expect further upward activity, towards 103.55 resistance zone. More closely speaking, a break beoynd 101.47 is needed to confirm our bullish outlook.

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• GBP/USD

Current level- 1.7117

The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.70+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
 

The expected rebound from the recent low at 1.6799 appeared to be significant and reached 1.7220. We still think, that the rise from 1.6799 is corrective in nature and is preceeding a new decline towards 1.6563. Intraday expect further upwards activity, to 1.7301-23 resistance zone, before a reversal and emerging of a downtrend towards 1.6854.

Published on  Mon, Oct 13 2008, 09:21 GMT