Cross Rates

By Oct 13, 2008 08:00PM ET

www.investing.com/analysis/wci%C4%85%C5%BC-nie-wida%C4%87-%E2%80%9Erajdu-%C5%9Bw.-miko%C5%82aja%E2%80%9D-11498

Cross Rates

By | Oct 13, 2008 08:00PM ET

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EUR/JPY

As confidence somewhat was restored in the markets after the governmental bailout plans, risk helped send the EUR/JPY pair to higher levels yet it lacks enough bullish momentum to breach the 74.6% correction at 140.37 for the long term ascending channel. This level is also supported by the 50 day moving average on the four hour chart. We see signs of divergence on the ADX indicator on the four hour charts supporting the downside direction alongside the pair being overbought on the stochastic indicator. Any downside correction witnessed today will be weak where the 139.00-139.10 support level will be able to halt further losses. However, we should note that the mentioned descending channel is forming the fourth leg in an Elliot Wave where if the mentioned level results in the pair to reverse to the downside, it could perhaps extend the final leg to 130.54 levels to complete the wave on the long term.

Support	139.47	139.03	138.69	138.47	137.91
Resistance	140.37	141.00	141.55	141.89	142.26
Recommendation	...

GBP/JPY

Trading today for the pair could be of high volatility as we see the need for a downside correction on the four hour charts but with direction indicators still somewhat supporting the neutral trend with tendency to the upside. The 50 day moving average on the four hour chart is limiting further downside movements at the 178.30s level while the 14 day moving average on the daily charts at 179.40s is stopping the pair from extending its gains.

Support	178.80	178.31	177.82	177.34	176.85
Resistance	180.19	180.73	181.12	181.37	181.65
Recommendation	...

EUR/GBP

The pair yesterday failed to breach the major resistance on the trend line at 0.7975 sending it to the downside to end the day at the 0.7824 level; where today it has failed to breach it in the morning resulting in further losses as the pair is currently testing the 23.6% correction for the long term ascending channel at 0.7796 where it has been providing a good support for the pair allowing it to rebound rather than extend its losses to 0.7783 and then 0.7770s. We see the pair being slightly oversold on the four hour chart but we don't expect to see an upside correction as technical indicators support the neutral trend.

Support	0.7796	0.7783	0.7771	0.7762	0.7749
Resistance	0.7811	0.7824	0.7838	0.7846	0.7858
Recommendation	...

Daily Technical Strategy By Lloyds TSB Corporate Markets - Jan 05, 2009

EUR/USD:Broader themes may have to take a back seat for a couple of weeks, but the bias remains broadly dollar negative. Re-try a small buy against 1.3430 support, stop 1.3380,...

Technical oscillators supporting the~bullish trend for the USD/CHF... By Finotec - Jan 05, 2009

USD/CHF – Market strategy is bullish, buying from the 1.1180~levelUSD/CHF-market strategy can be a buy from the level 1.1180Technical oscillators supporting the bullish trend...

January 06 analysis By Investija - Jan 05, 2009

In this PDF you will find the latest technical analysis published by Forex Trends

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