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The EUR/GBP candlestick analysis for 08/11/2010 2010-11-08​

At daily graph the EUR/GBP pair has formed the combination of candlesticks Bearish Engulfing, which indicates the downside movement.
This combination of candlesticks shows that the currency pair was showing the upward movement during several weeks after the failed attempt to break through the support level of 0.8067. However, having come closer to 0.8950 the pair reversed. This means that the bears increased their influence here and the bears could not fixate.
The breakout of the Fibonacci correction level 38.2 and support level of 0.8626 confirms this viewpoint. In this case the downside motion with the target at support level of 0.8462 is expected.
The stop orders should be set slightly above 0.8821, since the breakthrough of theis mark will target the pair at 0.8950.



Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

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EUR/USD Intraday Technical analysis 2010-11-08​

The spot rate is removed from its medium-term bullish channel by breaking the terminal low of 1.4020 in the latter giving rise to a strong acceleration. A pull back is expected before a resumption of the downtrend.

According to previous events, the market indicates a bearish opportunity on the levels of 1.4020 with a 1st objective of 1.3920, then 1.3860. A break in 1.4050 would invalidate this scenario.




Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

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GBP/USD Intraday Technical analysis 2010-11-08​

The spot rate is currently testing the lower limit of its medium-term bullish channel and 1.6110 seems to start a rebound. However a break in this area would lead to a downward acceleration and initiate a new trend.

According to previous events, the market indicates a bullish opportunity on the levels of 1.6110 with a 1st objective of 1.6190, then 1.6220. A break in 1.6080 would invalidate this scenario.




Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

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GOLD Intraday Technical analysis 2010-11-08​

Gold approaching the upper limit of its medium-term bullish channel to 1405 suggesting a decline in the short term. However a break in this area would release a significant potential and initiate a more violent upward trend.

According to previous events, the market indicates a bearish opportunity on the levels of 1405 with a 1st objective of 1384, then 1380. A break in 1408 would invalidate this scenario.


Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

Candlestick Analysis of the GBP/CHF for 08/11/2010 2010-11-08​

At 4-hour graph the GBP/CHF makes a rollback from Fibonacci correction level 61.8.
Earlier the GBP/CHF formed a combination of Bearish Engulfing candlesticks which gives a signal to the downward trend and that confirmed afterwards.
A breakthrough of 1.5627 and Fibonacci correction level 38.2 means that this point of view is correct.
The fact that the currency pair has broken through the support level at 1.5541 means that the GBP/CHF targeted to 1.5378.
This combination of candlesticks shows that the currency pair demonstrated an upward motion during several days after a failure to break through the support level at 1.51. However, coming closer to 1.5964, it made a turnout. In its turn it means that "bears" activated at this mark not giving the bulls a chance to solidify.

Worth pointing out that stop-orders should be placed slightly higher than 1.5825, as this rate capture will target the GBP/CHF to 1.5964.



Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

USD/JPY Intraday Technical analysis 2010-11-08​

The pair is currently testing the upper limit of the bearish channel medium and its triangle of short-term in 81.50. A break of this area would release a significant potential and begin an upward trend.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 81.50 with a 1st objective of 82.00, then 82.30. A break in 81.30 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

CAD/CHF begins to show signs of reversing the downward trend, November 8, 2010 (Daily Strategy) 2010-11-08​

The Canadian dollar/ Swiss franc pair began to show signs of reversing the downward trend in which it was involved during the past five months after breaking its line of short-term trend. The mere fact that the pair returned to examine the trend line above, but failed to close below gives an indication of a true breaking of the trendline. The accompanying positive deviation in the estimation strengthens bullish MACD.

Current price levels are attractive enough to take long position immediately, but the break above the 0.9770 resistance level is a strict confirmation to the upward sequence, which is expected to rise to the secondary target of 1.0100, and then progress to our target price together around the 1.0500 resistance level. The protection order can be placed slightly above the intraday low of the last session, around 0.9480 Swiss francs per Canadian dollar.

Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2010

 

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EUR/USD around the 61.8% Fibonacci retracement, November 8, 2010 (Daily Strategy) 2010-11-08​

The hangover after last week’s post-FOMC festivities has descended upon the markets with the US Dollar rebounding sharply against its major counterparts to start the trading week. The operative question to be answered now is whether these moves are only corrective or if the hearty dollop of QE criticism from the likes of the German Finance Minister (among many others) is starting to stir doubts about the policy’s merits or – worse yet – rekindle fears of competitive devaluation.

EURUSD has lost its grip on the 1.40 figure slipping ot support 1.3920 marked by the 61.8% Fibonacci retracement of the 10/20-11/04 upswing. A break below here exposes that rally's base at 1.3696, with a daily close under that level making for a medium-term bias shift toward a bearish view. I will monitor prices closely for attractive selling opportunities.


Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

EUR/USD Intraday Technical analysis 2010-11-09​

The spot rate is now testing support through its medium-term bullish channel 1.3840 suggesting a rebound in the short term. However a break in this area would entail a return to the lower limit of its channel to 1.3770.

According to previous events, the market indicates a bullish opportunity on the levels of 1.3840 with a 1st objective of 1.3950, then 1.3980. A break in 1.3810 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

GBP/USD Intraday Technical analysis 2010-11-09​

The spot rate has bounced off the lower limit of its medium-term downtrend channel and is currently testing the resistance through it to 1.6150. A break of this zone would allow it to reach the upper limit of its channel to 1.6225.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6150 with a 1st objective of 1.6225, then 1.6260. A break in 1.6130 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010