Forex Technical Review

[tsafi]

Forex Technical Review 3/31/08

EUR/USD
The pair is still consolidating around the 1.5780 level, and it appears that the momentum on the 4 hour chart is moderately bullish. The daily chart is showing that there might be an attempt to breach through the 1.5850, and if a breach will occur we might see a stronger bullish move. Going long appears to preferable today.
GBP/USD
The cable is in the middle of a bearish corrective move ad is now floating around 1.9870. The momentum on the 4 hour chart is very bearish and it appears that there might be a testing of the Fibonacci level of 1.9805. going short might be the way to go today.
USD/JPY
The daily chart is very bullish as the slow stochastic shows no crosses and is floating at the 50 level. The 4 hour chart has been giving mixed signals with no distinct market direction for the past 4 trading days. i will wait for a clearer bullish sign on the hourlies before entering the market.
USD/CHF
The pair is in a flat consolidation mode around the 0.9960 with no clear direction on the daily chart. The 4 hour chart is moderately bullish as the slow stochastic shows a positive slope. It appears that waiting for a significant bullish breach might be a wise choice before entering the market.