FOREX TRADING

USDCHF: With the pair failing to follow through higher on the back of its previous week gains to close lower on Friday, the risk of further declines is likely in the new week. In such a case, the 0.9063/75 level, its Nov 30’2011 low.50 Fib Ret (0.8558-0.9591 rally) will be

AUD/USD has been trading inside of a bullish channel since making lows in mid-December and last night’s decline following a dovish RBA statement on monetary policy has seen the pair fall to test key support. The recent drop in AUD/USD looks to have been halted by the nearly 2-month long

The USD/CAD is in a sharp breakout to the upside. A bottom was building while it consolidated between 0.9927 and 0.9992. Finally in the 2/10 European session, the market pushed above 0.9992 and parity, showing strength in the short-term. This rally also broke above a declining channel in the 4H

The EUR/USD failed to maintain the bullish bias reported in the last update. Instead, after cracking the 1.3311 high, the market fell back slowly below the levels prior to the ECB meeting and then the rising trendline seen in the 1H chart. As the 2/10 European session got under way,

Cable dipped to a low of 1.5766 and has bounced back well above 1.5800 again. Significant Resistance is seen at 1.5850 which needs to be broken for the pair to extend it upmove further. While below 1.5850 a downmove to 1.5750-00 is possible and cannot be ruled out. We will

On Thursday Dollar/Yen increased with 70 pips. The currency couple appreciated from 77.03 to 77.73 yesterday, matching the positive Interbank sentiment at nearly +13%, closing the day at 77.65. This morning the Dollar strengthened slightly further against the Yen, reaching 77.75. On the 1 hour chart new upward channel has

Still in the prolonged consolidation pattern after the recent break above 1.3230 and my outlook remains absolutely bullish for a continuation of the uptrend towards 1.3450, en route to 1.3540. Major support are is projected at 1.3210-30 and crucial on the mid-frames is 1.3030. The intraday bias is slightly positive,

EURUSD With the pair continuing to hold firmly above its key resistance at the 1.3233 level, its Jan 27’2012 high and bullish, the risk is for EUR to target the 1.3375 level, its Dec 12’12 high. A breach of there will aim at its Dec 02’2011 high at 1.3547.

EUR/USD is now well-positioned for further gains and may advance up to 1.3625/30. The following target will be located at 1.3840/1.3900. Dips should be limited by supports at 1.3135 and 1.3048.

On Thursday Pound/Dollar traded within almost 100 pip range. The Cable appreciated from 1.5792 to 1.5886 yesterday, in line with the positive Interbank sentiment at almost +53%, closing the day at 1.5814. Today the British Pound lost all Thursday’s gains, descending down to 1.5766. On the 1 hour chart quotes

USDCAD trading this week continues to consolidate inside Friday’s range with rallies sold and dips bought, resulting in a sequence of 4 days yielding little net change. But buying pressure has emerged from Thursday’s low and although a break of Tuesday’s high of 0.9996 is needed confirm the upside momentum,

The EURUSD had another indecisive movement yesterday. Price attempted to push higher topped at 1.3320 but the bullish momentum was disappointing and now retesting 1.3240/50 support area. I still prefer a bullish scenario at this phase with buy on dips intraday strategy still testing 1.3375 as the nearest bullish target

The pair holds positive tone off 1.3025 higher platform, after break above 1.3232 tested levels above 1.3300 barrier. Near-term price action, however, remains in sideways mode, as 90 day SMA continues to cap at 1.3320. Failure to clear this level, may see initial test of strong support at 1.3230/20, previous

The pair was able to breach the barrier at 122.25 and settled above it with a daily closing, which supports our intraday expectations of a continuous upside move within the ascending correctional channel as shown above, which is supported by SMA 50. Our main targets start at 123.80 and then

The pair couldn’t hit SMA 100 and started to show a slight bearish tendency as seen on the provided daily graph. Meanwhile, trading continued above the pivotal support of 1.3230 and also above SMA 50. The bearish picture will not come back into focus unless we witness a daily closing