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Forex4you Technical Analysis 16/07/10

EUR/USD: Technical Analysis

The formerly made forecasts were justified with the market events. The fixation above 1.2800 caused the implementation of the scenario of checkup of the range of 1.2900/50, whereas the price reached 1.2950/55 and is currently consolidating within the range of 1.2955-1.2900. The indicators’ mood points to the probable continuation of the upturn, which may warn about the trades’ increase into the range of 1.3000/50 in its turn. The resistance at 1.3030/40 looks like very powerful; it may also become a starting point for the massive downgrading rollback. Most unlikely, the higher degrees will be checked up in the near future. As seems, however, the trading may keep it within the present range for quite a prolonged period of time, and even spread this corridor till lower supports at 1.2870/50. Furthermore, the price sagging down below 1.2780/90 will give a handle for suspicions of the “bullish” dullness, whereas the comeback into the area of the long-term downgrading channel (i.e., the price sinking down below the blue diagonal line) will mean the probability of the “bearish” trend’s renovation.

GPB/USD: Technical Analysis

The mark of 1.5380/70 was not only checked up, as it had formerly been forecasted in the previous analysis, but also overwhelmed, because the price reached 1.5460/70. The trading is carried at 1.5410/00, whereto exactly the rate has sagged down thereupon the rollback. The indicators’ tune still prefers the upturn, and that presumes maintaining the “bullish” expectances, also considering the possible trades; upraise above 1.5600. However, there’s a severe obstacle on this way – the resistance at 1.5500/10, which is the April maximum at the same time. This mark will obviously be checked up with the possibility of the essential rollback downward in afterwards. The risks of the reversal at this very cross will raise in case of the price decrease below 1.5200/10.

USD/JPY: Technical Analysis

As previously forecasted, the breach of the support at 88.20 opened the way to the annual minimums at 86.90/87.00. Thereupon the checkup of these rates the price went ahead consolidating nearby and currently resides at 87.00/10. The indicators steadily retain prejudice in favor of the downgrading move’s lasting. It affords grounds for the presumptions of the further sagging down at this cross till the new minimums. Going on, the breach of 86.95 will reason the checkup of the support at 86.50/60 and further at 86.30/20 as well in the close time. At the same time, the currently checked support is well within reach going ahead withstanding the attacks of the “Bears”, and that probably means the development of the trades’ consolidation within the range of 87.30/40-86.95/87.00.

   The “bearish” scenario will be canceled only in case of the price’s upturn above the resistance at 87.90/88.20.

EUR/CHF: Technical Analysis

 Prices have reached the return line of the channel for the most recent rally. If they break through and push higher then they could easily go up to above 1.3600. Alternatively they may retrace back down to 1.3490 which is the trend-line for the latest advance. If pressure down persists after that then they may even go further to 1.3450 before consolidating.

Analysis by: written by Joaquin Monfort
Forex4you analyst


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