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Mohammed Isah
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Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for... More
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FXTechstrategy.com
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FXTechstrategy
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Think Like a Forex Strategist
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  • USDCHF – Risk Of Further Declines Likely, Set To Target The 0.9067 Level (The Week Ahead).
    USDCHF: With the pair failing to follow through higher on the back of its previous week gains to close lower on Friday, the risk of further declines is likely in the new week. In such a case, the 0.9063/75 level, its Nov 30'2011 low.50 Fib Ret (0.8558-0.9591 rally) will be targeted where a violation will extend weakness towards its psycho level at 0.9000. We may see a breather here due to the psychological nature of this support level but if taken out, expect more declines to build up towards the 0.8890 level, its Nov 03'2011 low. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, on any recovery, the pair will aim at the 0.9262 level, its Feb 06'2012 low followed by the 0.9374 level, its Jan 23'2012 high and possibly further higher towards the 0.9504 level, its Jan 13'2012 low. We expect respite to occur here and turn the pair back lower but if that fails, further declines could target its Jan 09'2012 high at 0.9591. On the whole, USDCHF remains biased to the downside on further weakness nearer term.

    Feb 11 6:32 AM | Link | Comment!
  • Technical Focus: GBPUSD
    GBPUSD: The pair’s recovery is now fading suggesting it could return to the 1.5270 level, its Oct 2011 low.A break of there will aim at the 1.5235 level with a cut through that level extending further declines towards its .618 Fib Ret at 1.5187 (1.4229-1.6736 rally). Further down, its big psycho level at 1.5000 comes in as the next downside target. Alternatively, the risk to this analysis will be a violation of the 1.5406 level. This will clear the way for a move towards the 1.5770/79 levels. Above here will have to be traded to trigger further strength towards the 1.5885 level, its Nov 18’2011 high. On the whole, GBP’s downside vulnerability remains intact despite its current attempt at recovering.
    Jan 18 8:06 AM | Link | Comment!
  • Daily Technical Strategist: EURJPY
    EURUSD: Maintains Its Bearish Tone, Downside Risk Set For Its Major Level.
     
    EURUSD: With EUR holding on to its bearish momentum, our bias remains for it to weaken further towards its major support at the 1.2587 level, its Aug 2010 low.We may see a breather here triggering a correction on an initial test but if that level is breached, expect the pair to weaken further towards the 1.2479 level.  Further down, support comes in at the 1.2400 level, its psycho level, its daily and weekly RSI is bullish and pointing lower supporting this view.  Alternatively, on any recovery, the 1.2874/56 levels will be targeted where a reversal of roles as resistance is expected to occur and turn the pair back down. However, if that zone is taken out, more strength is likely towards the 1.3074 level and then the 1.3197 level. Above here if seen will aim at the 1.3212 level, its Nov 25’2011 low. All in all, EUR remains biased to the downside in the medium term downtrend as it looks to weaken further.
    Jan 16 9:56 AM | Link | Comment!
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