Forex4you Technical Analysis 1/10/10
EUR/USD: Technical Analysis
Level 1.3700/1.3680, previously seen as a strong resistance didn’t prove to be strong enough to start a large-scale correction, so the trading went upwards and is now carried on at 1.3720/25. Indicators keep suggesting two different scenarios – R% and SS remain in the overbought zone, supporting the “bullish” trend on the one hand, and MACD is currently forming divergence, giving signs to a possible pullback downwards. Therefore, the pullback probability is now connected with strong resistance 1.3740/50, which breakout would mean strong “bullish” potential and a possible growth to 1.3810/20. The alternative scenario when the pair reverses down will take place if support falls below 1.3200/1.3160.
GBP/USD: Technical Analysis
Resistance level 1.5920/10 proved its strength and the trading pulled back downwards to support 1.5690/1.5700. It didn’t manage to break it though, so the trading went back to 1.5850/70. Indicators suggest upward movement, so there is quite a possibility that the price will grow to the new local maximums - to level 1.5960/70 at first, and then may be to level 1.6010/20, in case of level 1.5920 breakout.
Support 1.5740 breakout with the following fixation below 1.5700, not less than the closing price within H4 time frame, will indicate the weakness of the uptrend potential.
USD/CHF: Technical Analysis
There is not much to say about this pair except that it is close to its all-time-lows at 0.96470 and a break of them would be significant and mean a continuation - possibly and acceleration too - of the current persistent downtrend. If they remain intact however, and there is a bounce then it might be expected to reach the resistance grouping around 1.010 initially.
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.
Level 1.3700/1.3680, previously seen as a strong resistance didn’t prove to be strong enough to start a large-scale correction, so the trading went upwards and is now carried on at 1.3720/25. Indicators keep suggesting two different scenarios – R% and SS remain in the overbought zone, supporting the “bullish” trend on the one hand, and MACD is currently forming divergence, giving signs to a possible pullback downwards. Therefore, the pullback probability is now connected with strong resistance 1.3740/50, which breakout would mean strong “bullish” potential and a possible growth to 1.3810/20. The alternative scenario when the pair reverses down will take place if support falls below 1.3200/1.3160.
GBP/USD: Technical Analysis
Resistance level 1.5920/10 proved its strength and the trading pulled back downwards to support 1.5690/1.5700. It didn’t manage to break it though, so the trading went back to 1.5850/70. Indicators suggest upward movement, so there is quite a possibility that the price will grow to the new local maximums - to level 1.5960/70 at first, and then may be to level 1.6010/20, in case of level 1.5920 breakout.
Support 1.5740 breakout with the following fixation below 1.5700, not less than the closing price within H4 time frame, will indicate the weakness of the uptrend potential.
USD/CHF: Technical Analysis
There is not much to say about this pair except that it is close to its all-time-lows at 0.96470 and a break of them would be significant and mean a continuation - possibly and acceleration too - of the current persistent downtrend. If they remain intact however, and there is a bounce then it might be expected to reach the resistance grouping around 1.010 initially.
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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