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Forex4you Technical Analysis 23/07/10

EUR/USD: Technical Analysis

The breakout of the trend channel and upward surge yesterday took prices to 1.2930 and this morning the pair has been consolidating in a sideways range before just now breaking out to the upside again in second leg up. Prices will likely carry higher, probably to near the old highs at 1.2980 or even higher to 1.3020.

USD/CHF: Technical Analysis

After the sharp fall of recent weeks this pair has found support and is currently trading within a range. Price is near the lows at 1.0400 where it has previously found support and rebounded back into the range – this is also the level of the S1 monthly pivot. There may be a bounce from there again or earlier, as it is unlikely this consolidation phase, which is probably a wave 4, has finished. If prices mount a rally then initial resistance may come at 1.0505 followed by 1.0555 at the highs.

Analysis by: written by Joaquin Monfort
Forex4you analyst

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