Increasing momentum of the euro / dollar was stoped yesterday

Technical analysis for 05.08.2009

EUR / USD
Increasing momentum of the euro / dollar was the catalyst stopiran yesterday consolidated reyndzhovo market movement, as seen in the time schedule. While this consolidation is normal after significant momentum bichi Friday and Monday and another break up is expected to continue to 1.4500 and 1.4719, it appears investors are awaiting pokolebaha and key fundamental events this week before you take the following steps. Moreover NFP on Friday and have the decision of the ECB’s interest rate on Thursday and is expected to retain a 1%. Speaking technically if we break up the range of today should be further bicho movement and 1.4500 is still a major short-term goal. The longer the pair remain above 1.4336, the technical prospects remain upward.

GBP / USD
Pound / dollar movement tentatively made yesterday constituting „dozhi on daily chart. On the four-hour chart we can see that since there was a significant increasing momentum on Friday and Monday, the couple consolidated reyndzh. We believe that consolidation is normal and the outlook for the pair to remain upward potential target 1.7100. However, CCI just track down samples of 100 four-hour schedule, so it should be taken down for potential kondolidatsiya to test 1.6840 support. From a fundamental part of the ATSB’s decision except for interest tomorrow, we have the publication of industrial production and business activity in the service sector today, which are expected to come out positive. If you have good results, technical rising prospects should be supported to see further strength of the bulls. But disappointing ruzeltati will see further downward correction.

USD / JPY
And dollar / yen made indecisive movement yesterday, formed „dozhi on daily chart. On the four-hour schedule is mizhda that the couple tried to cut, drilling trendliniyata support, but further decreasing scenario was rejected as the pair rose sharply, protection against trendliniyata. Like I trendliniyata done a good job, so be ascending correction scenario is still intact. Although we expect more pressure nataatshen up trendliniyata of resistance should be strong resistance, so bichata momentum may be limited at this time. First resistance is seen in 95.90. The nearest support is at 94.35 (end of yesterday).

USD / CHF
Decreasing momentum in dollar / franc continued yesterday. On the four-hour chart we can see that the couple move into a range indicating consolidation after the significant downward momentum. We believe that this is normal and expect desc p rodalzhenie soon. Signals are neutral in the short term, but consistent movement 1.0589 move will cause more natatshen Mechi momentum with potential medium-term target of 1.0364. Immediate resistance remains at 1.0670. Break above this area could lead to further upward adjustment to 1.0750.

* 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.