Forex Bio

EURUSD Weekly Summary: Bearish continues, potential target around 1.3490 next week

The EURUSD had a significant bearish movement this week, fell below 1.4000 key support level and bottomed at 1.3862. On daily chart below we have a nice bearish channel indicating valid bearish trend which has started since December 2009. I am expecting bearish continuation next week. Initial support is seen around 1.3800 – 1.3750 area (50% Fibo retracement of 1.2457 – 1.5144). Break below that area should trigger further bearish momentum targeting 1.3490 area (61.8% Fibo retracement of...

Technical Analysis for USDCHF 29 Jan 2010

The USDCHF didn’t make a lot of movement yesterday, but price so far able to stay above 1.0507 indicating potential bullish continuation targeting 1.0600 – 1.0700 area. Another movement back below 1.0507 should lead us back into no trading zone as direction would become unclear and may take us back in choppy market between 1.0507 – 1.0350...

Technical Analysis for USDJPY 29 Jan 2010

The USDJPY made indecisive movement yesterday, formed a Doji on daily chart. The bias remains neutral in nearest term and I am still expecting range area at 90.60 – 89.00. Overall price still move in a bearish channel which has started from January 08 and we haven’t see any significant bullish correction signal so far so I still prefer a bearish scenario and stay with sell on rallies strategy. Break below 89.00 should continue the bearish scenario towards 88.00...

Technical Analysis for GBPUSD 29 Jan 2010

The GBPUSD attempted to push higher yesterday, topped at 1.6274 but once again, the trendline resistance provided a good technical resistance preventing further upside pressure as price closed lower at 1.6136 after touched the trendline. On daily chart below we can see that price is now struggling around the trendline support. We know that this pair has been moving in no clear direction in last several days, trapped between 1.6270 – 1.6070 area. I prefer a bearish scenario but we need a clear...

Technical Analysis for EURUSD 29 Jan 2010

The EURUSD had a moderate bearish movement yesterday, closed below 1.4000 and keep moving lower around 1.3922 at the time I wrote this comment. This fact should open the door for further bearish scenario targeting 1.3750 area. The bias is bearish in nearest term. Immediate resistance at 1.4000/30 area. Break above that area should lead us into no trading zone as direction would become...

Technical Analysis for USDCHF 28 Jan 2010

The USDCHF had a moderate bullish momentum yesterday, slipped above 1.0507 but still unable to stay convincingly above that level. The bias remains to the upside but we need a consistent move above 1.0507 area to continue the bullish scenario towards 1.0600 – 1.0700.  Immediate support at 1.0460. Break below that area should trigger further bearish correction testing 1.0350...