Market Info
GBP/CHF Potential Trend Line Bounce (June 20, 2014)
GBP/CHF’s uptrend is still intact, as seen on the 4-hour forex chart with an ascending trend line connecting price lows. Stochastic still hasn’t reached the oversold zone, which suggests that a deeper pullback might happen before the rally resumes.
Forex Major Currencies Outlook (June 19, 2014)
USD
The US dollar gave up a lot of ground in recent trading as the FOMC statement wasn’t as hawkish as many expected. In fact, the Fed even had a slightly dovish tone as policymakers announced downgraded GDP forecasts for 2014.
USD/CHF Range Breakdown (June 19, 2014)
USD/CHF has been trading inside a range for the past few days but it appears that the pair is already hinting at further losses. A downside break took place after the latest FOMC interest rate decision, as the US central bank downgraded 2014 GDP forecasts and reiterated its plan to keep rates low for a considerable time.
Forex Major Currencies Outlook (June 18, 2014)
USD
The Greenback traded mostly higher than its major forex counterparts, despite mixed data from the US economy.
EUR/AUD Corrective Wave (June 18, 2014)
EUR/AUD has been in a strong downtrend, with the falling trend line connecting the highs of the price on the 4-hour time frame still intact. Stochastic is in the overbought zone, indicating that bulls are already exhausted. A move below the 80.00 level would suggest that selling momentum is about to pick up and that price would head south.
Forex Major Currencies (June 17, 2014)
USD
The US dollar regained ground against most of its trading counterparts when most economic reports came in stronger than expected.
GBP/USD Consolidation Pattern (June 17, 2014)
After the sharp rally in the past couple of days, GBP/USD is now stalling at a major psychological resistance level, which is also around the yearly highs at 1.7000. Stochastic is moving down, which means that pound bears are ready to take control of price action.
A selloff could last until the next major psychological level or the 1.6900 mark, which would act as support for the pullback. A deeper correction could last all the way until the 1.6700 previous month lows.
On the other hand, a strong upside break would mean that more gains are in the cards for this currency pair. Of course, this depends on how the upcoming UK events (CPI, retail sales, BOE minutes) turn out and whether or not they support an earlier tightening cycle from the BOE.
Going long above the 1.7000 handle with a wide stop and a large long-term profit target in case the UK events are bullish for the currency could be a good swing trade setup. Shorting on a downside break of 1.6950 could pave the way for a short-term trade until the 1.6700 support zone.
By Kate Curtis from Trader's Way
Forex Major Currencies Outlook (June 16, 2014)
USD
Data from the US economy has disappointed once more on Friday, with the PPI and preliminary UoM consumer sentiment figures all coming in weaker than expected.
AUD/JPY Long-Term Countertrend Play (June 16, 2014)
On its daily forex chart, AUD/JPY is testing the top of the rising channel with stochastic reflecting overbought conditions. Price might pull up for a test of the actual resistance around the 96.00 major psychological level before heading south.
Forex Major Currencies Outlook (June 13, 2014)
USD
The US dollar edged slightly lower in recent trading sessions as US retail sales data disappointed.