James Chen's  Instablog

James Chen
Send Message
James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John Wiley &... More
My blog:
FX Path
My book:
Essentials of Foreign Exchange Trading
  • USD/CAD - Still Around Major 1.0800 Support 0 comments
    Jul 28, 2009 10:11 AM

    Price action on USD/CAD, a daily chart of which is shown, has been fluctuating around major support in the key 1.0800 price region for the last couple of days. Without actually having made a true breakdown (or daily close) below this support region as of yet (7/28/2009 morning), price has tentatively dipped significantly below it. With a true breakdown potentially in the making, a major downside support target resides in the 1.0550 support/resistance price region. In the event of a support breakdown of this nature, a downtrend continuation off the key 38.2% upside retracement (the high-to-low retracement span being measured from the high on 3/9/2009 to the low on 6/1/2009) will have been confirmed.

    - James Chen, CTA, CMT

    * I will be giving a workshop at the Forex & Options Expo in Las Vegas, August 3rd. For more information: http://www.moneyshow.com/lvfx/WorkShopDetails.asp?wkspid=1C565A972C0E408C906EB11624490B12

    * I will be key speaker at FXstreet.com’s International Traders Conference in Barcelona, Spain in October 2009 - for more information, please go to: www.traders-conference.com .

    * For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

    * Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Back To James Chen's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.