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Currency Strategy - 07/05/2010
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TOPIC: Currency Strategy - 07/05/2010
#240
Currency Strategy - 07/05/2010 4 Months ago Karma: 0
* USDCHF
Main Trend still bullish, but the risk of having a strong correction is getting fairly high now. Check the support 1.1104 and 1.015 for a test at 1.0900. On the upper side if 1.1266 is broken rate should go up to 1.1385.

Resistances: 1.1266 / 1.1385 / 1.1425 / 1.1605
Supports: 1.1104 / 1.1015-30 / 1.0900
Strategy: Sell on break @ 1.1015, SL 1.1085, TP 1.10925

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* EURCHF
EURCHF reached 1.4144 with the next stop at 1.4005. Under 1.4005 next support is at 1.3937. On the upper side check 1.4167 for a target at 1.4208.

Resistances: 1.4167 / 1.4208 / 1.4290
Supports: 1.4144 / 1.4005 / 1.3937 / 1.3808
Strategy: Buy on break @ 1.4167 or sell on break @ 1.4000

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* EURUSD
Trend is still bearish. The 2008 low, 1.2329, is getting near. Supports above 1.2329 are 1.2510 and 1.2450. Bearish momentum would loosen if price touchs 1.2840

Resistances: 1.2840 / 1.2906 / 1.2990 / 1.3414
Supports: 1.2510 / 1.2450 / 1.2329
Strategy: Sell on break @ 1.2665, SL 1.2845, TP 1.2330

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* EURJPY
Buy breaking 112.08 EURJPY reached levels never seen since 2001. EURJPY might have completed a bear flag, considered as a bearish figure which would lead us to 108.03. Should the price touch 119.66 bearish momentum would loose steam.

Resistances: 117.91 / 119.66 / 122.46
Supports: 110.49 / 108.03-30 / 105.99
Strategy: Sell on break @ 116.48, SL 119.50, TP 112.10

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* USDJPY
Strong bearish movement after the break of 91.67. This break led us to the last low at 88.14. For now check 91.60, 90.01 ad 89.63. On the upper side next resistance is at 94.00.

Resistances: 92.78 / 94.00 / 94.50
Supports: 91.60 / 90.01 / 89.63 / 87.95
Strategy: Buy @ 91.90, SL 91.10, TP 93.50

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* GBPUSD
Cable has once more completed a bear flag which would lead us to 1.3893. Monitor the bearish move down to 1.4521 and 1.4335.

Resistances: 1.4798 / 1.4937 / 1.5068
Supports: 1.4521 / 1.4335-45 / 1.4110 /1.3893
Strategy: Sell @ 1.4702, SL 1.4940, TP 1.4350

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* XAUUSD

Resistances: 1206.75 / 1’227.00
Supports: 1’190.50 / 1’173.00 / 1’158.00
Strategy: Buy @ 1202, SL 1191.50, TP 1227.00
Forex_Master
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Last Edit: 2010/05/07 04:17 By Forex_Master.
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