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Forex Economic Analysis

Forex Technical Analysis on Majors

Fri, Jan 16 2009, 10:39 GMT
by Stoyan Mihaylov

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• EUR/USD

Current level-1.3197

EUR/USD is in an uptrend, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are rising, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721.
  
 
As expected, yesterday's consolidation was limited below 1.3256 and the sell-off from 1.3240 bottomed at 1.3027. On the upside crucial is 1.3331-43, being both dynamic and static resistance and a break beyond that level will confirm the significance of the 1.3027 low.

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• USD/JPY

Current level - 90.26

The pair has finalized its consolidation above 90.95 at 97.48 and the general downtrend has been renewed, targeting 79.86. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.  

The strong impulse from 94.64 confirms our view, that the rise 87.12-94.64 was corrective in nature, preceding next leg downwards to 86.31 and 83.01. After breaking above 89.24, a bottom was confirmed to be set at 88.52 and the pair is in a larger corrective phase, aiming at 91.02 and 91.59 later on.

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• GBP/USD

Current level- 1.4921

The pair is in a downtrend from 2.0153, targeting 1.3768. Trading is situated below the 50- and 200-day SMA, currently projected at 1.5505 and 1.8341.
 

As expected, the pair is still in the consolidation above 1.4473 and more specifically in its third part since 1.4487. Expect the topping process around 1.4986 to take some time, but a genuine reversal will be confirmed only below 1.4805.

Published on  Fri, Jan 16 2009, 10:41 GMT

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