USDCHF Analysis.
USDCHF stays in a trading range between 0.9917 and 1.0222. Further rise to test 1.0222 resistance would more likely be seen later today, a break above this level could signal another bounce to 1.0300 zone. Key resistance is located at 1.0338, only break above this level will indicate that the longer term downtrend from 1.1021 (June 24 high) has completed at 0.9917 already.
Archive for December, 2009
Daily Forex Analysis – December 7, 2009
Monday, December 7th, 2009If You Think the Past Decade Was Bad For Stocks, Wait Till You See This
Saturday, December 5th, 2009By Robert Folsom
A well-known business magazine recently published a story with this headline:
Stocks: The "Loss" Decade
A disastrous ten years for the stock market ends in just a month. Will the turning of a new decade change investors’ luck?
One sentence from the story itself tells you most of what you need to know: "The ten years since Y2K are on track to produce the worst total returns for investors since the 1930s."
Of course, no one should really be surprised by a story that says the stock indexes did poorly over the past decade. That’s not news. The facts in the article more or less repeat what our own Elliott Wave Financial Forecast reported last March, complete with this chart:
The proof of the market is in its charts. Professional market technicians know something you don’t. A solid grasp of the most successful technical analysis methods can help you cut through the hype and give you the big-picture, unbiased perspective you need now more than ever. You can now download a FREE 50-page Technical Analysis Handbook from the largest independent technical analysis provider in the world. Learn more about technical analysis, and download your free 50-page ebook here.
Daily Forex Analysis – December 4, 2009
Friday, December 4th, 2009EURUSD Analysis.
EURUSD failed to test 1.5144 previous high resistance, pullback towards 1.4900 zone to reach next cycle bottom on 4-hour chart would more likely be seen in a couple of days, however, a break below 1.5032 support is needed to confirm such case. On the other side, a break above 1.5144 level will signal resumption of longer term uptrend from 1.3748 (Jun 16 low), and then further rally is expected to 1.5200-1.5300 area.
Now Available Until Dec 7: Free Fibonacci Trading eBook
Thursday, December 3rd, 2009Elliott Wave International has extended their “downloading deadline” for their free 42-Page eBook, How You Can Identify Turning Points Using Fibonacci. The eBook, created from the $129 two-volume set of the same name, is now available free until December 7, 2009. Learn more.
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Daily Forex Analysis – December 3, 2009
Thursday, December 3rd, 2009GBPUSD Analysis.
GBPUSD breaks above the falling trend line from 1.6875 to 1.6745, suggesting further rally to test 1.6745 resistance. However, next short term cycle is nearing, pullback would more likely be seen before breaking above this level. Key support is now located at 1.6550, a break below this level will indicate that a short term cycle top has been formed and the rise from 1.6271 has completed, then another fall could be seen to 1.6000 zone. On the other side, above 1.6745 will suggest that the fall from 1.6875 has completed at 1.6271 level already, then further rise is expected to follow and next target would be at 1.6950-1.7000 area.
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Daily Forex Analysis – December 2, 2009
Wednesday, December 2nd, 2009USDJPY Analysis.
USDJPY stays below a falling trend line from 90.60 to 89.18, as long as the trend line resistance holds, rebound from 84.82 is treated as consolidation of downtrend from 92.32 and another fall below 84.82 is still possible after consolidation. However, a clear break above the trend line resistance (now at 87.90) will indicate that the fall from 92.32 has completed at 84.82 level already, then the following uptrend could take price back to 89.00 or even 91.00.
Daily Forex Analysis – December 1, 2009
Tuesday, December 1st, 2009AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.8946 level on 4-hour chart, further rise to test the resistance of the falling trend line from 0.9404 to 0.9321 is possible later today, a clear break above the trend line resistance will indicate that the fall 0.9404 has completed, then another rise towards 0.9500 could be seen to follow. Critical support is located at 0.8916, below this level will suggest that the uptrend from 0.7703 (July 13 low) has completed at 0.9404 already, then the following downtrend could bring price to 0.8500 zone.
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