Forex trading store

Wed, Jan 6 2010, 10:14 GMT
by Stoyan Mihaylov

www.deltastock.com

EUR/USD

Current level-1.4343

EUR/USD is in a downtrend, after peaking at1.5146 (Nov.25,2009). Technical indicators are neutral, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.4793 and 1.4169.
  
While 1.4257 is intact, the overall bias will remain neutral in the 1.4216-1.4500 range. Nevertheless we feel, that there is a chance for one last upswing to 1.4670 resistance, as the pair will try to gather momentum for the next leg downwards. The intraday bias is positive and a break above 1.4401 will set the focus on 1.4501, en route to 1.4670.

Key Market Levels

Minor

Intraday

Major

Intraweek

Resistance

1.4401

1.4499

1.4499

1.5146

Support

1.4270

1.4257

1.4170

1.3740

__________

USD/JPY

Current level – 92.04

The overall downtrend has been renewed with the recent break below 87.12. Trading is situated below the 50- and 200-day SMA, currently projected at 89.50 and 93.54.

Yesterday’s slide fell short of our target at 90.60 and the pair reversed at 91.25, initiating an uptrend for 92.57-70. The intraday bias is positive, well supported at 91.96, but we will expect a reversal below 92.70 to set the focus back on 88.90.

Key Market Levels

Minor

Intraday

Major

Intraweek

Resistance

92.57

92.70

93.40

95.60

Support

91.96

90.60

89.89

83.45

__________

GBP/USD

Current level- 1.6040

The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.

Although the pair dipped to 1.5944 we continue to expect one more upswing to 1.6410, so stay tuned for a clear break above 1.6070 resistance area, that shall clear the road towards 1.6410. Intraday bias is neutral and while the pair holds below 1.6070, the outlook on the 1 h. chart will remain bearish.

Key Market Levels

Minor

Intraday

Major

Intraweek

Resistance

1.6070

1.6240

1.6410

1.7042

Support

1.5944

1.5833

1.5706

1.5352