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.
I start out looking at the EUR/CHF, it is a new week of course and we are just up against the descending trend line we have been stuck at for the past couple weeks. This trend line seems to be holding since it is overlapped by a fib level between 61.8 and 78.6 as well as a 55 ema and the stochastics is in the overbought zone based on the weekly chart.
Starting out with the weekly chart, last week price came close to a 50.0 fib then dropped the entire week. The stochastics is still in the overbought zone so further decline is expected.
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The Loonie continued to take back some of its losses against its Yankee counterpart to the south last week. The weekly charts hows the progress crystal clear with a bearish power bar spanning .2957 pips...or almost 3 cents.
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Normally, I would look at this pair and think it was bearish. But even in a bullish market bearish conditions will always exist. In uptrend's we will have retracements to the downside.
I am going to skip the weekly chart today since it is no different than yesterday and go straight to the daily.
As always, I begin my analysis with this pair examining the EUR/CHF and I start out with he weekly chart. We are still just below the descending trend line I have been speaking about everyday this week.
GBP/USD pair has been trapped in the same 100 pip zone for the last few weeks and just cannot seem to make a decision.
I am going to skip the weekly chart for this pair once again and go straight to the daily.
Tenkan sen (Blue Average) is above Kijun sen (Red Average) with a strong Kumo (Wide Cloud) which signal a good upside momentum.
The NZD/USD pair didn't do too much yesterday which is understandable after the quick 500+ pips it, along with other pairs moved over the last week.
As usual, I start out my analysis for this pair by first analyzing the EUR/CHF then the GBP/CHF. This is how I determine relative strength between the EUR and the GBP.
