Forex Technical Analysis: EUR, JPY, CHF, GBP
|The EUR/USD continued Bullish momentum Wednesday topping at 1.1186.The bias is Bullish in near term for a test at 1.1280.1st support is seen at 1.1040. A clear break below that mark could push price to Neutral in here, any Southside pullback is normal and should be seen as a good buying opportunity.
The GBP/USD continued its Bullish move Wednesday topping at 1.5497.
The bias is Bullish near term for a test at 1.5550.
1st support is seen at 1.5350. A clear break below that mark could push price to Neutral in here and test 1.5280, but any Southside pullback is normal and should be seen as a good buying opportunity.
The USD/JPY was volatile but indecisive Wednesday.
The bias is Neutral near term. The probable daily range is seen between 119.50 – 118.50.
Overall the price is sideways without clear direction.
Standing aside waiting for direction.
The USD/CHF had a strong Bearish move Wednesday, as it broke below Ke support at 0.9490, and bottomed at 0.9339.
The bias is Bearish near term testing 0.9250.
1st resistance is seen at 0.9440. A clear break above that mark could drive price to Neutral for a test at 0.9490, any Northside move now should be seen as a good sell opportunity.
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After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method, technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
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