Forex Bio

Technical Analysis for USDCHF 7 May 2010

The USDCHF was indecisive yesterday. On daily chart below we can see that price so far unable to stay above 1.1175 area indicating limited bullish momentum so far, but the major scenario remains to the upside. We need a break above 1.1200 today to continue the bullish scenario testing 1.1250 and 1.1300/30 region. On the downside, immediate support at 1.1065/50. Break below that area could trigger further bearish pressure testing 1.1000...

Technical Analysis for USDJPY 7 May 2010

The USDJPY had a significant bearish momentum yesterday, bottomed at 88.23 but closed higher at 90.53 and keep corrected higher around 91.68 at the time I wrote this comment. On daily chart below we can see that price violated the bullish channel, slipped below the major trendline support but now traded higher above the trendline indicating the major bullish scenario remains intact so far but surely under serious threat especially if price move below the trendline support again testing 88.15...

Technical Analysis for GBPUSD 7 May 2010

The GBPUSD made a huge bearish movement yesterday, slipped below 1.4779, bottomed at 1.4712 but corrected higher around 1.4850 at the time I wrote this comment. The bias is bearish both in nearest and medium term. Another movement below 1.4779/60 area could continue the bearish pressure testing 1.4712 and 1.4660 before testing 1.4500 region. On the upside, immediate resistance at 1.4932 (current high). Break above that area could trigger further bullish correction testing 1.5000 area but I...

Technical Analysis for EURUSD 7 May 2010

The EURUSD continued its bearish momentum yesterday, bottomed at 1.2523 and closed at 1.2619 but corrected higher earlier today in Asian session, touched 1.2677. The bias is neutral in nearest term and I am anticipating some upside correction after significant bearish, but the main scenario remains to the downside and I am still in bearish mode especially if price able to break minor support around 1.2550 area today, re-testing 1.2520 region. Break below 1.2520 could continue bearish pressure...

Technical Analysis for USDCHF 5 May 2010

The USDCHF had a significant bullish momentum yesterday, topped at 1.1034 and closed at 1.1027 after break above 1.0888 – 1.0923 area yesterday. The bias is bullish in nearest term targeting 1.1175 – 1.1250 area especially if price able to break above 1.1095 area today. Immediate support at 1.0950. Break below that area could trigger further bearish pullback testing 1.0888...

Technical Analysis for USDJPY 5 May 2010

The USDJPY was indecisive yesterday. The bias is neutral in nearest term. The major bullish scenario remains intact but price has a problem to consistently move above 94.70 key level. I think we need a break above 95.10 area to continue the bullish scenario testing 95.50 and 96.70 this week. Immediate support at 94.31 (yesterday’s low). Break below that area could trigger further bearish momentum testing 94.00...