Technical analysis for 31.07.2009

EUR / USD
Decreasing momentum in euro / dollar was interrupted yesterday. On the four-hour chart we can see that after the breakthrough of expanding price formation step up and could not remain outside the formation. Speaking technically, after the withdrawal or breakthrough pressure up or down is normal and often happening in the market and the longer prices remain outside the formation, scenario descendants will remain intact. Today, U.S. GDP data come out, which should be quite important. Worse than expected GDP should be good for the green money and may see further weakening of the euro to 1.3870, while the best data would likely shut down descendants and possibly cause a significant effect on the euro in more retestvane every 1.4336.

GBP / USD
Pound / dollar failed to continue decreasing momentum yesterday, reaching vran of 1.6524 to 1.6493 and closed. Certainly not seen significant movement and a clear direction so far, but today the publication of key data for GDP in the U.S. may cause significant traffic and a clearer direction. Worse than expected data could be good for the dollar and should have a downward momentum to test trendliniyata support (daily chart) and if it is punctured, we have a future scenario with decreasing testing the key level 1.6000. However, better than expected GDP should be good for the cable and gave us a potential scenario in ascending retestvane the region of 1.6660.

USD / JPY
Dollar / yen had a significant increasing momentum on Thursday. Formation „triple top was broken up, indicating potential prospects with rising testing 96.50-97.00. However, it is still too early to bichi prospects over the medium period, as indeed the couple is still under trendliniyata of resistance. The current strength of the bulls may be strong enough to test trendliniyata, but until you break it, rising scenario has not yet been confirmed. In the short term, the longer the couple stays above 95.30, preferably upward perspective. But once marketed in this area was supposed to see further descendants views.

USD / CHF
Yesterday dollar / franc was hesitant movement formed „dozhi on daily chart. As can be seen in four-hour schedule, the couple tried to rise but failed to consistently remain above 1.0922. Important reyndzh will be observed today between 1.0922-1.0800. Dent of reyndzha was supposed to give us a clearer direction. Break above 1.0922 may cause further increasing momentum to 1.1022 while below 1.0800 breakthrough will lead to a future scenario descending back to the region of 1.0620.

* The opinion expressed in this material does not constitute advice or recommendations to buy or sell. Forecasts cover the expectations expressed by the author of the material and may not come true.