Good Morning All,

I trust you all had a great weekend. Congratulations Brett and Paul……

This morning we have CHF Retail sales at 8.15 am then at 1.30pm USD Empire State Manufacturing Index. Other wise we are fairly clear of news this AM.

Looking across most pairs the Dollar Strength shown on Friday has dragged the EUR and GBP back onto the Support levels we failed to break last week. Hopefully we will see these breached this morning.

GBPUSD:

• 4 Hourly Trend Down
• Although this looks weak, early signs suggest that the support on this level 1.6440 will not be breached instead a retracement back to the averages would look more likely.
• At the 1 hourly 20 MA and resistance 1.6500 I would be looking for a short play.

GBPJPY

• 4 hourly trend Down

· Again the Yen Pairs look strong but GBPJPY is coming back to the daily channel which it has respected until this point.

· Currently floating around Dan´s Bull the MP so I will be avoiding until a short term pull back

· Once we see around 157.20 I will be happy to look for a position.

EURUSD

• 4 Hourly Trend down.
• Again at the MP so selling here could be met with a lot of support.
• waiting to see how the Support at 1.4120 holds up.
• If not will look for short play again around the Averages.

EURJPY

• 4 hourly trend down
• Channel Broken to the south.
• Silver cross on the 4 hourly fast approaching.
• Pull back is required again before selling.

Verdict.

Looks interestingly setup this morning but sadly pullbacks are the order of the morning.

For that reason we will have to target GBPCHF as CHF retail sales are at 8.15am and are expected much better than previous. Will be looking for a possible play through support at 1.7670 or at 1.7780

Happy pipping

August 17th 2009 Posted to CHF, EUR, GBP, JPY, USD, forex | Comments (0) |  Email This Post

Good morning ladies and gents,

Sterling is still in a hourly down trend indicated by the fact that GJ and cable are both trading below the 4hr 20 MA. They both look tired and a pullback north may be on the cards soon. Euro has shown some signs of a recovery and the cross in the MAs would provide me more confidence in buying the euro this morning.

Cable- I do not want to be shorting cable this morning until and unless it breaks 1.6380. I do not want to go long cable until it breaks the 4hr 20 and the daily 20 zone with a view to target the 4hr 50 area.

GJ- As with cable, this is still in a downtrend. A break through 157.90 would indicate a move lower to re-test the 156 support area. A break through the 4hr 20 would suggest that a re-test of 160 is likely.

EU- The 1hr 20 has crossed the 4hr 20. This would suggest that a move to 1.43 is possible and I am looking to buy EU at the 60 min 20 average. Be aware of the double top formation on the hourly chart.

EJ- The price is currently boxed in between the 60 min and 4hr 20 average. As long as the 60 min 20 holds, I am looking to buy on tests of that average with a view to test 137.20 area.

Have a great day.

August 13th 2009 Posted to EUR, GBP, JPY, USD, forex | Comments (0) |  Email This Post