Forex technical analysis

EUR-USD => While 1.5240 and 1.5205 provides support the pair should move higher to 1.5330. Stops slightly below 1.5170.

GBP-USD => Support at 1.9870 and then at 1.9820 should hold all downside corrections. Expecting additional attempt higher to 1.9945 - 2.0020. Falling below 1.9770 sets downside prospectives.

USD-CHF => Expecting an attempt to reach 1.0420 and possibly 1.0470 providing that 1.0350 - 1.0340 area is intact. If broken to the downside, a huge sell off may take place.

USD-JPY => 104.25 - 104.35 should mark the end of an uptrend with a following pullback to 103.45. Rising above 104.70 cancels expectations for correction.

EUR-JPY => Expecting further up move at least to 159.40 and then possibly to 160.50 presuming that support at 158.30 holds. Later a correction to 158.30 - 157.90 may take place.

EUR-GBP => While trading below 0.7675, the pair may dip lower to 0.7640.

EUR-CHF => Support levels are at 1.5785 and 1.58090. Expecting further up move to 1.5870 and then above 1.5915. Stops are places slightly below 1.5765.

AUD-USD => Expecting a test of test 0.9490 with a following sell off to 0.9270 or even possibly to 0.9190.

USD-CAD => While 0.9880 - 0.9900 resists we have an opportunity to trade downside to 0.9800. Later a pullback higher to 0.9900 -0.9920 is expected.

GBP-JPY => Upside potentials are high. If support at 205.70 holds we may see another attempt to test resistance at 207.70, which if broken sets trade on an upside path.

Forex Fundamental overview

Time EST

7:00am GBP Interest Rate Statement => High Impact Expected. Forecast = 5.25%. If actual comes higher than that - stronger GBP, lower - weaker.

7:45am EUR Interest Rate Announcement => High Impact Expected. Forecast = 4.00%. Higher than that - stronger EUR, lower - weaker.

10:00am CAD Ivey PMI => High Impact Expected. Forecast = 55.0, higher than tat - stronger CAD, lower - weaker.

Profitable Forex trading!

This entry was posted on Thursday, March 6th, 2008 at 5:13 am and is filed under Daily market comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.