USDJPY traded in a narrow range between 89.63 and 91.08 for several days. Now the price action in the trading range is more likely consolidation of uptrend from 84.82. As long as 89.63 support holds, another rise to test 92.14 resistance could be expected after consolation. However, below 89.63 level will suggest that the bounce from 88.14 has completed at 91.08 already, then another fall towards 87.00 could be seen to follow.

For long term analysis, USDJPY formed a cycle top at 93.75 level on weekly chart. Fall towards 84.82 previous low is expected.

Weekly Forex Analysis

[B] Friday March 19 , 2010

Previous session overview

The euro dollar pair is consolidating between the 1.36300 levels and 1.36000 levels recording a high of 1.36267 and a low of 1.35984, having the union currency trading around 1.36160.

Regarding the pound dollar pair, it is trading between a high of 1.52554 and a low of 1.51636, having the royal currency trading around 1.51800 levels.

Finally, the dollar yen pair is trading between a high of 90.597 and a low of 90.337, and the pair is currently trading around 90.521.

Market Expectations

EUR/USD :The pair euro against the U.S. dollar achieved our expectations yesterday with high accuracy, we expect a further drop today aimed at the level of support 1.35650 and we expect a breakthrough for this level to head towards the goal 1.35200, these expectations requires constant t

USDCHF broke above 1.0639 resistance, suggesting that a cycle bottom has been formed at 1.0506 level on 4-hour chart. Sideways movement above 1.0506 is expected in a couple of days. Key resistance is now at the falling price channel on 4-hour chart. As long as the channel resistance holds, one more fall towards 1.0450 is possible. However, a clear break above the channel resistance will indicate that the fall from 1.0898 has completed, then the following uptrend could take price back to re-test 1.0898 resistance.

Daily Forex Forecast

[B]Thursday March 18 , 2010

Previous session overview

The euro dollar Pair traded during the Asian trading in a narrow down trend range between the lowest price at 1.36664 and the highest at 1.37409. The pair is currently trading around 1.36710.

The Sterling against the dollar pair also traded in a narrow slanting range between lowest level at 1.52707 and highest level at 1.53239, where the pair traded now at 1.5297.

Dollar against the yen traded in the Asian session between lowest level at 90.060 and highest level at 90.421, which is now traded at 90.250 levels between.

Market Expectations

EUR/USD :The pair euro against the U.S. dollar moved downwards with the beginning of trading session to the support level at 1.36650, we expect a breakthrough for this level during the day to the level of 1.36200 and then 1.35850.

AUDUSD’s upward movement extends to as high as 0.9250 and remains in uptrend. However, now the pair is facing the upper border of the price channel on 4-hour chart, minor consolidation is expected later today. As long as the channel support holds, another rise to 93.00 could be seen after consolidation, a break above 0.9250 could signal resumption of uptrend.

Daily Forex Reports

Wednesday March 17 , 2010

GBP/USD outlook

We expect that GBPUSD is still forming the fourth wave of the downside move that started at 1.63000 levels as seen on our provided four-hour chart. Therefore, the recently established ascending channel that controls the movements should continue taking the pair between 1.53000 -38.2% Fibonacci- and 1.54370 -50% Fibonacci- for the entire third wave followed by sharp declines, where the fifth wave will be in progress, targeting the level of 1.45000. There are three technical evidences that cable is preparing for a new descending wave. Negative crossover on Stochastic and momentum indicator representative. And negative divergence on OsMA.



[B][B][B][B][B]Senior Analyst / Ali Hasan /FXCBS

[url=http://www.fxcbs.com/news

[B]Wednesday March 17 , 2010

Previous session overview

Euro against dollar in the Asian traded in a narrow range slant upwards between highest level at 1.38180 and lowest level at 1.37632, which is trading now around 1.37966.

The Sterling against the dollar pair traded in a narrow slant upward trend between highest level 1.52688 and lowest rate 1.52085; the pairs are traded now at 1.52430.

During the Asian session the Dollar against the yen was traded among its highest level at 90.669 and the lowest price at 90.027, the pair trading now around 90.457.


Market Expectations

EUR/USD :The pair euro against the U.S. dollar hit the resistance level at 1.38200; Stochastic appears saturated in the procurement process, which could lead the pair to a corrective movement towards to the level of 1.37020.

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AUDUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 0.8801. Further rally is still possible in a couple of days and next target would be at 0.9250-0.9300 area. Support is at the lower border of the price channel, as long as the channel support holds, uptrend may be expected to continue. Key support is at 0.9095, only fall below this level will indicate that the rise from 0.8801 has completed.

Daily Forex Forecast