Forex4you Technical Analysis 29/10/10
EUR/USD: Technical Analysis
The growth got stuck within the range 1.3940/30/50 on the last session, breached uptrend channel line (blue dashed line) turned out to be a very strong, this time as a resistance. The trading is currently carried on at level 1.3820/30. Indicators are turned downwards, which suggests further downward movement of the price. Strong support at level 1.3780 is the next to come, if this barrier is breached, support levels 1.3660 and 1.3610/00 tests are likely to take place. Though it's worth noting, that such risks already exist, even now, when the trading is carried on around level 1.3800/10.
GBP/USD: Technical Analysis
Seems like the assumptions of the previous comment are correct – resistance 1.5950/70 stopped the growth and the price started to fall - it currently resides at 1.5890/80. Indicators are turned downwards, which makes yesterday's scenario even a higher possibility, which means that support 1.5665/50 is going to be tested in the nearest future. Nevertheless, there are serious barriers on the way downwards – the first is at level 1.5860/50, and the next, the key one, is at 1.5780.The alternative scenario is the same - resistance 1.5970/50 breakout will be a signal to level 1.6030/40 test and a possible growth to 1.6100.
USD/CHF: Technical Analysis
The current sharp rally up from 15th which gained renewed strength from a push higher this morning is close to heavy resistance from the monthly pivot and the 50 day MA. I see the exchange rate probably dropping slightly to support at 0.9870 before making another rally higher to the pivot at 0.9935 before rolling over again.
EUR/GBP: technical analysis
This pair has reversed at the 0.8900 highs and been falling for the last few days. It appears to have completed a complete Elliot wave impulse down, corrected and then began falling again today. It is probable that it will continue to drop completing the second leg of the pattern. Looking at the daily chart the fall from 0.8900 could be a Elliot wave 4 of a larger impulse pattern which began on 29th June. If it is then it is likely to correct between 30% and 50% of previous move. This gives a target starting from about where the exchange rate is situated now to 0.8502. Within that zone the 200 day MA is situated at 0.8570 and this would be a natural point for the fall to end.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
The growth got stuck within the range 1.3940/30/50 on the last session, breached uptrend channel line (blue dashed line) turned out to be a very strong, this time as a resistance. The trading is currently carried on at level 1.3820/30. Indicators are turned downwards, which suggests further downward movement of the price. Strong support at level 1.3780 is the next to come, if this barrier is breached, support levels 1.3660 and 1.3610/00 tests are likely to take place. Though it's worth noting, that such risks already exist, even now, when the trading is carried on around level 1.3800/10.
GBP/USD: Technical Analysis
Seems like the assumptions of the previous comment are correct – resistance 1.5950/70 stopped the growth and the price started to fall - it currently resides at 1.5890/80. Indicators are turned downwards, which makes yesterday's scenario even a higher possibility, which means that support 1.5665/50 is going to be tested in the nearest future. Nevertheless, there are serious barriers on the way downwards – the first is at level 1.5860/50, and the next, the key one, is at 1.5780.The alternative scenario is the same - resistance 1.5970/50 breakout will be a signal to level 1.6030/40 test and a possible growth to 1.6100.
USD/CHF: Technical Analysis
The current sharp rally up from 15th which gained renewed strength from a push higher this morning is close to heavy resistance from the monthly pivot and the 50 day MA. I see the exchange rate probably dropping slightly to support at 0.9870 before making another rally higher to the pivot at 0.9935 before rolling over again.
EUR/GBP: technical analysis
This pair has reversed at the 0.8900 highs and been falling for the last few days. It appears to have completed a complete Elliot wave impulse down, corrected and then began falling again today. It is probable that it will continue to drop completing the second leg of the pattern. Looking at the daily chart the fall from 0.8900 could be a Elliot wave 4 of a larger impulse pattern which began on 29th June. If it is then it is likely to correct between 30% and 50% of previous move. This gives a target starting from about where the exchange rate is situated now to 0.8502. Within that zone the 200 day MA is situated at 0.8570 and this would be a natural point for the fall to end.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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