Technical Analysis
EUR/USD
The pair crossed the key psychological level of 1.3000 yesterday, for the first time since August 2007, further demonstrating how strong the current downtrend is. On the daily chart, the pair is still floating beneath the Bollinger Band's lower border, indicating that the pair might extend its bearish move. Going short with tight stops might be the right choice today.
GBP/USD
The Cable is in the middle of a very intensive downtrend that started a week ago and shows great momentum that on a bigger scale appears to have more room to run. Currently, all oscillators on the hourly chart are pointing down and it seems that going short will be the right choice today.
USD/JPY
The pair has been range-trading for a while now, with no specific direction. The Daily chart's Slow Stochastic providing us with mixed signals. All oscillators on the 4 hour chart do not provide a clear direction as well. Waiting for a clearer sign on the hourlies might be a good strategy today.
USD/CHF
This pair is still in the midst of a steady uptrend which is not yet showing any sign of leveling out. The RSI and Momentum on the daily chart are still positively sloped indicating that there is still plenty of steam left in this bullish move. Once this pair breaches the 1.1750 level it's likely to make another sharp break upwards.
Read this newsletter in your browser . Forex Trading Newsletter | June 26th, 2011 DailyForex.com Q3 2011- New Outlooks, New Tools Q3 2011 begins at the end of this week, but for most Forex traders, looking backwards is the only way to prepare for the changes ahead. Amid speculation that the Bank of England will keep interest rates down, the British Pound posted its fourth week of consecutive declines against
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