Archive for January, 2008
GBP/USD could stage a rally as a correction of its steep downtrend. The market decided that the US credit market crisis will have its spillover effect in UK and the GBP sell off started two and a half months ago. The current correction reached the 1.9850 resistance and may go as far as 2.0030, which [...]
EUR/USD is in range for the last 3 months. Technically the uptrend is still intact, but the fundamentals are changing. Almost all the bad news for the US economy are priced in. Everybody knows that the FED will continue to cut rates. The question now is when will see the spillover effect of the subprime [...]
EUR/USD broke below the 1.4590 support. Technical indicators are in negative territory. Next downside targets are 1.4310, 1.4120, 1.4010.
The FX market is a little messy. Some EUR “bulls” tried to make new lifetime high but could only push EUR/USD to 1.4921. Strong offers from various names capped the move. Among the sellers were again the guys from a Swiss private bank, so expect a new leg down probably towards 1.4640 and then 1.4570. [...]
GBP/USD chart looks bearish as it can be, but the bears should sell with some caution. Some indicators show divergence and the Slow Stochastics is breaking up through the signal level. A correction towards 1.9750 is possible before the next leg down to the 1.9180 support.
Russian names sales helped the GBP/USD to break strong support @ 1.9650 and reazh 9 mont low against the USD and new life time high against EUR. Next support is 1% MA envelope @ 1.9600 and the daily Bollinger band @ 1.9510. If BoE cuts the rates tomorrow expect further weakness although the oversold conditions.
The market is becoming normal after final months of the last year. EUR/USD broke the flag formation to the upside after the NFP was released last Friday. Obviously the overbought conditions prevented another leg up and now the market is consolidating on intraday basis. Move and close above 1.4824 will lead to test of the [...]
EUR/USD yesterday made first attempt at the 1.4770-80 resistance. This attempt was unsuccessful. Dealers report offers form Swiss bank and I’d like to remind that orders from this bank preceded every market move in the recent weeks. So be careful with EUR longs. If the resistance is taken out we could expect a rally towards [...]
The EUR rally off mid December lows extended towards the strong resistance $ 1.4770-80. If this level is cleared a flag formation will be completed and the measured target will be around 1.5300. If the resistance holds we can expect retracement to 1.4280.