EUR/USD
Daily Analysis
7 October 2008
Current level-1.3570
EUR/USD is in а downtrend, after finalizing the rebound from 1.3882 (Sept. 11 2008) at 1.3882. Technical indicators are falling, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.4595 and 1.5183.
The pair broke through the 1.3882 weekly low, thus signalizing, that the overall downtrend has been renewed. Yesterday's slide has reached 1.3443 and we believe, that the current rebound is corrective in nature, preceeding another sell-off towards 1.3361.
Today's strategy: Stand aside.
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USD/JPY
Daily Analysis
7 October 2008
Current level - 102.68
The pair is in the second part of the broad consolidation since 95.75 short-term bottom, aiming at 100.01. Trading is situated below the 50- and 200-day SMA, currently projected at 107.61 and 105.76.
After dipping to 104.64 in Friday, the pair initiated a fast upswing to 106.13, that was practically the final leg of the whole consolidation pattern above 103.55 (Sept. 16) and we believe, that the general decline has been renewed, targeting 100.01.
Our target at 100.01 has almost been met with yesterday's low at 100.21 and the consolidation unfolding from that level is expected to peak below 103.55, before the next sell-off takes place, for 97.83. DJIA suffered a huge loss in value, all the way down to 9 521 and we think, that the end-of-session rebound to 10 022 is just a part of a corrective structure below 10 301, before next leg unwinds downwards, to 9 215.
Today's strategy: Stand aside.
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GBP/USD
Daily Analysis
7 October 2008
Current level- 1.7561
The pair has finished the broad consolidation above 1.9338 and the general downtrend has been renewed, targeting levels below 1.80+. Trading is situated below the 50- and 200-day SMA, currently projected at 1.8391 and 1.9421.
As expected the downtrend from 1.8669 is still intact and after the brief consolidation above the 1.7549 support, the pair has been sold-off to 1.7336. The rebound from that level has reached intraday peak at 1.7645 and looks absolutely ready for the next leg downwards, to the huge support at 1.70+.
Today's strategy : Stand aside.
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