Forex Trading Information & Resources

EUR/USD

EUR/USD's recovery might be completed at 1.2921 already. Intraday bias is cautiously on the downside for 1.2731/3 support. Decisive break there will will indicate that whole rebound from 1.1875 is completed and will bring deeper decline to 1.2466 support next. ON the upside, above 1.2921 will bring more consolidations. But upside all, upside is expected to be limited well below 1.3330 resistance and bring another fall .

Recommendation:
Based on the charts and explanations above our opinion is selling the pair around 1.2830 targeting 1.2730 and stop loss above 1.2900, might be appropriate .

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Last Updated on Thursday, 19 August 2010

USD/JPY

USD/JPY recovers strongly today but after all it's still bounded in range of 84.71/86.36 and intraday bias remains neutral. Recent decline is still in favor to continue as long as USD/JPY stays in the falling channel (resistance at 86.74). Break of 84.71 will confirm long term down trend resumption for 80 psychological level next. However, decisive break of the upper channel resistance will strongly suggest that USD/JPY has bottomed out and will bring rally to 88.11 resistance for confirmation .

Recommendation:
Based on the charts and explanations above our opinion is buying the pair around 85.70 targeting 86.90 and stop loss below 84.85, might be appropriate .

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GBP/USD

GBP/USD's post BoE minutes rebound was strong but brief. After all, it's limited below 1.5701 resistance and thus fall from 1.5997 is still in progress. Below 1.5497 will target 1.5123 cluster support (50% retracement of 1.4230 to 1.5997 at 1.5114). Also, note that the sustained trading below near term rising trend line suggests that whole rally from 1.4230 is completed too after failing 1.6 psychological level. Decisive break of 1.5123 will confirm this case and target a retest on 1.4230. On the upside, above 1.5701 will indicate that fall from 1.5997 is finished and bring recovery. But after all, risk will continue to remain on the downside as long as 1.5997 resistance holds .

Recommendation:
Based on the charts and explanations above our opinion is selling the pair with the breach of 1.5530 targeting 1.5360 and stop loss above 1.5640, might be appropriate .

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USD/CHF

Intraday bias in USD/CHF remains neutral for the moment. As noted before, it's uncertain whether USD/CHF has bottomed at 1.0330 already. Break there will indicate that whole fall from 1.1729 has resumed for lower trend line support (now at 1.0030). On the upside, break of 1.0624/0639 resistance will revive that case that fall from 1.1729 is completed and will bring stronger rebound to 38.2% retracement of 1.1729 to 1.0330 at 1.0864 next .

Recommendation:
Based on the charts and explanations above our opinion is buying the pair with the breach of 1.0460 targeting 1.0590 and stop loss below 1.0360, 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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