Forex Technical Review

[tsafi]

Forex Technical Review 4/08/08

EUR/USD
The daily chart is still very bullish as both the slow stochastic and the RSI are floating in mid level of 50. The 4 hour chart is showing a moderate bearish reversal signal, and the 1 hour chart is indicating an imminent bearish trend. Buying on dips with a tight stop will go on that.
GBP/USD
The cable is testing the key Fibonacci level of 1.9810 and is the middle of a very strong bearish trend. A breach through that level will validate a much stronger bearish trend that might take the pair to the 1.9730 zone. Going short on this today
USD/JPY
The bullish channel continues at full steam, as the 4 hour chart is showing that there is still much steam in the trend. The daily chart is showing a double doji formation with a bearish cross on the slow stochastic which might indicate a moderate corrective move before the bullish trend resumes. Buying on dips but a risky one.
USD/CHF
The daily chart is showing that the pair has been range trading with no distinct direction for a while now. The 4 hour chart is showing no clear signals as the RSI and the slow stochastic are floating on neutral territory. still no trading on this for me need a clear signal before entering the market.