Forex Bio

Technical Analysis for GBPUSD 25 March 2010

GBPUSD Forecast: The GBPUSD had a significant bearish momentum yesterday. On daily chart below we can see that price is now struggling around the major trendline support indicating critical technical phase. Clear break below the trendline support should trigger further bearish scenario targeting 1.4500 region. Immediate resistance at 1.4950. Break above that area could trigger further upside correction testing 1.5000/50 area. Initial support at 1.4840/50 area. Break below that area confirms...

Technical Analysis for EURUSD 25 March 2010

EURUSD Forecast: The EURUSD dropped significantly on Portugal downgrade yesterday. Price break below 1.3450/35 key support area, confirms technical bearishness targeting 1.3100 this week. Trichet is going to speak today and it make sense for me that probably he will say something “positive” about the Euro zone or the Euro to prevent further and faster drop. Whether market will believe it or not is something I’d like to see. Immediate resistance at 1.3380 area. Break above that area could...

Technical Analysis for GBPUSD Daily Forecast: February 25

GBPUSD Forecast: The GBPUSD was indecisive yesterday. The nearest bias is neutral but the main scenario remains bearish as price still move convincingly inside the bearish channel at least testing 1.5347 before targeting 1.5250 area. Immediate resistance at 1.5450/70 area. Break above that area could trigger further bullish correction testing the upper line of the bearish channel. I still prefer a bearish scenario with sell on rallies strategy at this...

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 for GBPUSD Daily Forecast: February 23

GBPUSD Forecast: The GBPUSD also didn’t make significant movement yesterday. The main trend should remains bearish and I still prefer a bearish scenario but as you can see on my h4 chart below price has violated the minor bearish channel indicating potential upside correction testing 1.5560 area. Consistent move above that area should trigger further upside correction 1.5650 region. The bias is neutral in nearest term. Immediate support at 1.5429 area (yesterday’s low). Break below that...