Forex Technical Review

[tsafi]

Forex Technical Review 3/19/08
EUR/USD

After bottoming out at 1.5620 after the Fed rate cut turmoil, the pair appears to be resuming its familiar bullish path. The daily chart is showing a bullish cross on the slow stochastic as the hourlies are still moderately bearish. Buying on dips looks to be an excellent choice today but only for day/swing trading.


GBP/USD

The cable is floating between two major Fibonacci key levels with bullish momentum on the daily chart. The 4 hour RSI is floating on the 50 level with a positive slope which indicates that we might see a test of the 2.0230 level before the weekend. Being on the buy side appears to be preferable.


USD/JPY

The 4 hour chart is showing that the bullish corrective momentum has diminished and is now slightly bearish. The bearish cross on the slow stochastic strengthens the bearish behavior of the pair, and could see a valid target price at 98.10.

USD/CHF

After a very sharp drop and a test of the 0.9630 level, the pair has shown a moderate correction. The daily chart is giving mixed signals, and the 4 hour chart is slightly bearish. if you are a Forex traders i will advised to wait for a clearer signal before entering the market with that pair.