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By: Crown Forex - 20-10-2008
0votesEUR/JPY
Our first upside target has been retested today after the yen declined versus the Euro and the pair was able to gather enough bullish momentum to head towards the 23.6% correction for the descending channel at 137.96 yet has failed to breach it recording so far a high for the day at 137.89. We expect to see low volume trading today in a neutral patter with slight tendency to the upside as the Stochastic and Relative strength indicator show the need for an upside correction on the weekly charts as the pair is being oversold. The 50 day moving average on the four hour chart at 136.73 is currently providing a support for the pair where if broken, the next obstacle will be at the 20 day moving average at 136.25 which should rebound the pair.Support 137.13 136.73 136.46 136.25 135.84 Resistance 137.96 138.39 138.89 139.23 139.70 Recommendation ...
GBP/JPY
As the yen weakened, the GBP/JPY pair soared to the upside breaching our previously mentioned resistance level at the end of last week at 176.11 to near our upside target at the 38.2% correction for the downside channel at 177.82. The pair still has the potential to breach that resistance level but could need a downside correction to perhaps the 176.76 support level in order for the momentum indicators to adjust on the four hour charts before rebounding to the upside, breach the mentioned resistance and target higher levels at 178.70.Support 137.13 136.73 136.46 136.25 135.84 Resistance 137.96 138.39 138.89 139.23 139.70 Recommendation ...
GBP/JPY
As the yen weakened, the GBP/JPY pair soared to the upside breaching our previously mentioned resistance level at the end of last week at 176.11 to near our upside target at the 38.2% correction for the downside channel at 177.82. The pair still has the potential to breach that resistance level but could need a downside correction to perhaps the 176.76 support level in order for the momentum indicators to adjust on the four hour charts before rebounding to the upside, breach the mentioned resistance and target higher levels at 178.70.Support 176.76 176.11 175.78 175.10 174.81 Resistance 177.36 177.82 178.33 178.70 179.09 Recommendation ...
EUR/GBP
The EUR/GBP pair is trading within narrow ranges but with tendency to the downside as the pair was able to reach both our downside targets set last week at 0.7750s and nearing the 0.7742 support level as they are currently providing the pair with enough support to halt further losses. We still expect a sideways trend to dominate movements for today but as the stochastic indicator on the daily charts shows the pair being oversold, we don't expect any upside correction to be strong since direction indicators show the bullish direction weakening gradually.Support 0.7742 0.7727 0.7717 0.7703 0.7694 Resistance 0.7766 0.7775 0.7786 0.7796 0.7805 Recommendation ..
Next Analysis: Daily Analysis – CHFContent Provided by:
Crown Forex
CROWN FOREX SA, located at St-Hubert 38, 2854 Bassecourt, P.o.box 247, Switzerland, is fully regulated as a financial intermediary under Swiss federal law on the prevention of money laundering (LBA, MLA). Our company is also affiliated with the ARIF association, thus overseen by the Swiss federal de
DISCLAIMER:
The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver &energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk
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