Forex Technical Review

[tsafi]

Forex Technical Review 3/21/08


EUR/USD


After making a sharp correction to the 1.5400 level, the pair is now consolidating on that area. The 4 hour chart is showing a strong reversal cross after a three top formation with negative slope. The daily chart is supporting the reversal notion, and it appears that going long might be a good choice today.


GBP/USD


The cable is floating around the key Fibonacci level of 1.9850 and is now regaining bullish momentum. There is a bullish cross forming on slow stochastic of the 4 hour chart, which indicates that this might a good entry point for a long position.


USD/JPY


The pair is about to make a second attempt to breach through the 100.00 level after the first attempt failed to validate the bullish breach. The momentum is very strong at the moment and if a breach will occur, it will validate a possible additional bullish trend that might take the pair back to the 101.00 levels.


USD/CHF


The daily chart is showing 4 consecutive days on an increase, as the momentum is bullish than ever. The slow stochastic of the daily chart is floating on mid levels and shows no crosses. Going long might be a great position today.