All Blog Entries

EURUSD Forecast
The EURUSD had a bearish momentum yesterday after fell below the minor bullish channel and 1.3669 support area (now resistance) as you can see on my h4 chart below. After made a false breakout above 1.3800, we have lower high indicates limited bullish pressure and potential further bearish pressure re-testing 1.3500 key support area in nearest term. However note that unless price makes a clear break below 1.3500, overall we are still in consolidation phase, with range area between 1.3500 – 1.3800. Immediate resistance at 1.3620. Break above that area could lead us to neutral zone in nearest term testing 1.3669 – 1.3687 resistance area.

...

GBPUSD had reached the rising trend line on 4-hour chart. However, the fall from 1.6277 is still treated as consolidation of uptrend from 1.5344 (Dec 28, 2010 low), and rebound from the trend line is still possible later today. Support is now at 1.6012, only break below this level could indicate that the rise from 1.5344 is complete, then the following downward movement could bring price to 1.5800 area.



Daily Forex Forecast

INTRA-DAY USD/JPY:

Last Update At 11 Feb 2011 02:29 GMT

Range Forecast
83.20 / 83.40

Resistance/Support
R: 83.47 / 83.70 / 83.91
S: 83.20 / 83.07 / 82.68

-------------------------

INTRA-DAY EUR/USD:

Last Update At 11 Feb 2011 02:33 GMT

Range Forecast
1.3560 / 1.3590

Resistance/Support
R: 1.3621/1.3638/1.3663
S: 1.3543/1.3508/1.3479

--------------------------

INTRA-DAY USD/CHF:

Last Update At 11 Feb 2011 02:35 GMT

Range Forecast
0.9665 / 0.9700

Resistance/Support
R: 0.9703/0.9742/0.9784
S: ...

[B]Bias: [/B] Hourly momentum is slowing so I expect a correction

The rally has surpassed the 83.30 target and this opens the 83.44 and 83.67 resistances. Hourly momentum is seeing a mild bearish divergence while 4-hour momentum is still rising in overbought territory. From what I can see we should find a top in this 83.44-67 area and quite how deep this falls will be important. There is close initial support at 83.20-25 but once this breaks we should see a move back to the 82.60 area. From here we have to take more care. There is further support at 82.40-45 and more important at 82.20. Ideally the 82.40-60 area should do the trick and send this higher again.

Any earlier break above 83.70 would look awfully bullish. ...

Attached Files

• The Brief Daily Forecaster.pdf (33.4 KB, 203 次查看)