Forex Bio

Technical Analysis for USDCHF Daily Forecast: February 23

USDCHF Forecast The USDCHF didn’t make significant move yesterday. The main trend should remain bullish but I think we are still in bearish correction phase since the minor bullish channel violated to the downside and now, as you can see on my h1 chart below, price slipped below the minor trendline support with technical downside corrective target  around 1.0700 – 1.0600 area. However I still prefer a bullish scenario at this phase with buy on dips strategy. Initial resistance at 1.0800....

Technical Analysis for USDJPY Daily Forecast: February 23

USDJPY Forecast: The USDJPY had a bearish momentum yesterday, bottomed at 91.01 and closed at 91.12 after failed to break above the major trendline resistance. This fact should keep the major bearish trend intact but as you can see on daily chart below, actually the bullish correction scenario remains intact as price still moving inside the minor bullish channel. The bias is bearish in nearest term targeting 90.50 area. Break below that area and violation the the minor bullish channel should...

Technical Analysis USDCHF for 17 Feb 2010

USDCHF Forecast The USDCHF had a significant bearish correction momentum after fell below 1.0750, bottomed at 1.0650 and closed at 1.0660. The bias is bearish in nearest term as we are now in bearish correction scenario testing 1.0507 area. We seem to have a good intermediate support around 1.0650 area so we need a consistent move below that area to continue the bearish momentum. Immediate resistance at 1.0700. Another movement back above 1.0700  should diminish the bearish correction...

Technical Analysis for USDJPY 17 Feb 2010

USDJPY Forecast: The USDJPY was indecisive yesterday, but as you can see on my daily chart below, price has break above the bearish channel indicating bearish failure and potential bullish correction scenario testing 91.25 and the major trendline resistance area (blue line). Immediate support at 90.00 followed by 89.50 area. However, as long as price move below the major trendline resistance, the major bearish scenario should remains...

Techinical Analysis for EURUSD 15 January 2010

The EURUSD still trapped in range area of 1.4450 – 1.4600 yesterday. However, earlier today in Asian session price break from that range area, slipped below 1.4450 suggesting a potential bearish scenario towards 1.4250 as bullish scenario is now in serious threat. The bias is bearish in nearest term. Another movement above 1.4450 should lead us into no trading zone as direction would become unclear for...

Technical Analysis for GBPUSD 14 January 2010

GBPUSD Forecast: As I had expected, the GBPUSD continued its bullish momentum yesterday, topped at 1.6302 and closed at 1.6278. The bias should remains bullish testing the major trendline resistance (aqua), which is a potential strong resistance are at this phase. Break above the trendline resistance should trigger further bullish momentum towards 1.6430 in nearest term and 1.6700 in longer term. Immediate support at 1.6250. Break below that level should diminish the bullish momentum and lead...