The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
Forex Technical Analysis
Forex Technical Analysis
Recently, there have been some questions about the uptrend in the GBP-USD.
The Australian Dollar appreciated substantially on Tuesday, after the Reserve Bank of Australia raised interest rates to 4.75%
The major resistance at the 1.6050 area has again held very well keeping cable into the larger range and not allowing a potential new high.
While many currency pairs have been trading in ranges or even erratically lately, the NZD-CHF staged a convincing rally from 0.7187 to 0.7645.
One of the currency pairs that experienced a lower volatility recently is the GBP-CAD.
The Swiss Franc, like many other currencies, has appreciated substantially against the US Dollar in recent months.
After reaching the parity with the USD, the Australian Dollar retreated to 0.9670. Another attempt at the all time high failed, when the move stalled at 0.9973.
Earlier this month, the GBP-CHF pair set a new all time low at 1.5091.
From the looks at the hourly chart for today it still looks like there will be support in the EUR/USD pair at around the 1.3857 area. There is already a double bottom there and if it can continue to hold, the bull move might not be over.
Like many other currencies, the New Zealand Dollar has appreciated strongly against the US Dollar in 2010. It rallied from 0.6560 in May to 0.7640 in recent days.
At the beginning of September, the EUR-CHF made an all time low of one 1.2765. Since then, it had been in a steady, if slow at times, uptrend, reaching as high as 1.3532 on Thursday.
Earlier this week, the US Dollar mounted a broad rally against all other currencies. It lasted coupled of days and gained few hundred pips in most cases
In recent days, the GBP-AUD slowed its decent to some degree. This pair has made an all time low at 1.5960, fueled by the seemingly unstoppable strength in the Australian dollar and lack of good news for the Pound. However, that trend could be changing.
Is EUR-USD forming a top? It has been a very nice rally for the EUR-USD. Since August, this pair has progressed from 1.2670 to just under 1.4100 last week or over 1400 pips in less than two months.
CAD-JPY could re-test 78.40. A lot has been made recently about the Canadian Dollar reaching parity with the US Dollar. Upon closer inspection, however, that has more a result of a weakness in the USD than a genuine strength in the CAD.