Forex Trading Information & Resources

EUR/USD

EUR/USD's rally resumed after brief consolidations and reaches as high as 1.3027 so far. Intraday bias remains on the upside and further rally should be seen to 1.3105/3123 cluster level next (38.2% retracement of 1.5143 to 1.1875 at 1.3123, 161.8% projection of 1.1875 to 1.2466 from 1.2149 at 1.3105). Nevertheless, as such rise from 1.1875 is viewed as a correction only, we'll look for sign of loss of momentum in the current rise and expect upside to be limited by 1.3105/3123 cluster level and bring reversal. Below 1.2871 will turn intraday bias neutral first and will put focus back to 1.2522/2721 support zone .

Recommendation:
Based on the charts and explanations above our opinion is buying the pair with the breach of 1.2985 targeting 1.3095 and stop loss below 1.2890, might be appropriate .

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Last Updated on Tuesday, 27 July 2010

USD/JPY

USD/JPY continues to stay in tight range above 86.26 and some more sideway trading would possibly be seen above there first. But after all, recovery is expected to be limited well below 89.14 resistance and bring fall resumption. Below 86.26 will target a test on 84.81 low next .

Recommendation:
Based on the charts and explanations above our opinion is buying the pair with the breach of 87.20 targeting 88.00 and stop loss below 86.60, might be appropriate .

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GBP/USD

GBP/USD drew some support from 4 hours 55 EMA and recovers. Another fall might still be seen as pull back from 1.5470 extends, possibly to trend line support (now at 1.5109). But note that rise from 1.4230 remains in favor to continue as long as 1.4947 support holds. Above 1.5351 minor resistance will flip intraday bias back to the upside for 1.5470 and above. Decisive break of 1.5521 resistance will confirm that whole fall from 1.7043 has completed at 1.4230 already and target 61.8% retracement of 1.7043 to 1.4230 at 1.5968 next. However, failure below 1.5521, followed by break of 1.4947 will revive the case that fall from 1.7043 is still in progress and will flip intraday bias back to the downside for another low below 1.4230 .

Recommendation:
Based on the charts and explanations above our opinion is buying the pair around 1.5215 targeting 1.5325 and stop loss below 1.5155, might be appropriate .

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USD/CHF

Some more consolidations would possibly be seen in USD/CHF above 1.0399 temporary low. But still, short term outlook will remain bearish as long as 1.0674 resistance holds and another fall is in favor. Below 1.0399 will target outer trend line support (0.9634, 0.9916, now at 1.0014). However, considering bullish convergence condition in 4 hours MACD, break of 1.0674 will suggest that 1.0399 is at least a short term bottom and should bring stronger rebound to 55 days EMA (now at 1.0895) .

Recommendation:
Based on the charts and explanations above our opinion is selling the pair around 1.0545 targeting 1.0400 and stop loss above 1.0600, might be appropriate .

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USD/CAD

With 4 hours MACD crossed below signal line, a temporary top is in place at 1.0580 and bias is turned neutral. Overall outlook is unchanged. Price actions from 1.0734 are viewed as sideway consolidation pattern, probably in form of triangle. Break of 1.0675 resistance will argue that such consolidation is completed and rise from 0.9929 low is resuming for another high above 1.0851. On the downside, in case of another fall, we'd expect downside to be contained by 1.0138 support and finally bring rally resumption .

Recommendation:
Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0495 targeting 1.0365 and stop loss above 1.0580, might be appropriate .

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