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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 technician. The bottom line when utilizing any type of analytical method, technical or otherwise, is to stick to the basics, which are methodologies with a proven track record over a long period. After finding a trading system that works for you, the more esoteric fields of study can then be incorporated into your trading toolbox.



USDCHF - Reverses Losses, Eyes The 0.9741 Level Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 24 14 02:31 GMT
USDCHF - With the pair reversing its previous week losses and closing higher on Friday, it faces price extension in the new week. On the upside, resistance resides at the 0.9741 level, its year-to-date high where a break will aim at the 0.9800 level. Further out, resistance resides at the 0.9850 level. A breather may occur here and turn the pair lower. However, if that level is violated, further bullishness is envisaged. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 0.9600 level with a break targeting the 0.9550 level and then the 0.9500 level. Further down, support comes in at the 0.9450 level. All in all, the pair remains biased to the upside long term
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EURUSD - Sets Up To Resume Broader Weakness Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 24 14 02:30 GMT
EURUSD - With EUR halting its recovery to turn lower the past week, it faces further downside pressure. Our minimum target is seen at 1.2357 level with a cut through here opening the door for more downside towards the 1.2300 level. On the other hand, support lies at the 1.2200 level where a break will expose the 1.2150 level. Below here will pave the way for a move lower towards the 1.2100 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.
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USDCHF - Closes Lower On Corrective Pullback Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 17 14 02:07 GMT
USDCHF - Having triggered a corrective weakness the past week, further downside is likely in the new week. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9550 level with a break targeting the 0.9500 level and then the 0.9450 level. Further down, support comes in at the 0.9400 level. All in all, the pair remains biased to the downside on correction.
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EURUSD - Halts Weakness, Targets Further Upside Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 17 14 02:06 GMT
EURUSD - With EUR halting its decline and turning higher at the end of the week, further strength is envisaged in the new. However, EUR will have to break and hold below the 1.2393 level to resume its weakness. On the other hand, support lies at the 1.2300 level where a break will expose the 1.2250 level. Below here will pave the way for a move lower towards the 1.2200 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.
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IMM Positioning: Bearish EUR Bets Regain Momentum Print E-mail
Weekly Forex Technicals | Written by Danske Bank | Nov 10 14 10:13 GMT
IMM data released last Friday revealed that for the fifth consecutive week investors added bearish EUR positions, sending non-commercial EUR positioning to the fourth percentile – the most bearish level since August 2012. The move reflects speculation about a dovish Mario Draghi at the ECB meeting on 6 November, which we now know he was. The build in short-EUR positions increased the aggregate speculative USD positions to a new record high (see page 2). While positioning suggests a barrier to a further decline in EUR/USD, we believe the case for a stronger USD – also in the short run – is very much present with the market using all opportunities to position for a stronger USD. This is also reflected in IMM positioning where speculators remain long USD against all currencies in the report (see page 3) – something that before October this year had happened in only one week since 2000. We target 1.20 in EUR/USD in 6M but highlight that risks are skewed to these targets being reached faster than expected.
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USDCHF - Corrective Pullback Risk Develops Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 10 14 02:11 GMT
USDCHF - With the pair backing off higher price at 0.9741 level to close slightly higher the past week, it faces a corrective pullback risk. On the upside, resistance resides at the 0.9741 level where a break will aim at the 0.9800 level. Further out, resistance resides at the 0.9850 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9650 level with a break targeting the 0.9600 level and then the 0.9550 level. Further down, support comes in at the 0.9500 level. All in all, the pair remains biased to the upside in the medium term though expecting a pullback.
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EURUSD - Recovery Risk Develops Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 10 14 02:10 GMT
EURUSD - With the pair closing marginally lower following its strong Friday close (see daily chart), it faces the risk of a recovery higher in the new week. If this occurs, expect more strength to occur towards the 1.2577 level. Further out, resistance resides at the 1.2700 level where a breach will aim at the 1.2770 level and possibly higher towards the 1.2800 level. On the other hand, support lies at the 1.2357 level where a break will expose the 1.2300 level. Below here will pave the way for a move lower towards the 1.2250 level. If this continues, expect further downside to occur towards the 1.2200 level. All in all, EUR remains biased to the downside in the medium term with corrective recovery risk.
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IMM Positioning: Bullish USD Bets Back At A New Record High Print E-mail
Weekly Forex Technicals | Written by Danske Bank | Nov 03 14 10:22 GMT
IMM data released last Friday revealed a build in net EUR shorts sending noncommercial EUR positioning to the most bearish level, the 5th percentile, since the beginning of September (see page 3). The move reflects speculation that the ECB will have to do more in order to fight the deflationary pressure in the euro zone. The bearish EUR-build was the main driver for returning aggregate speculative USDpositioning to a new record high (see page 2). This suggests that EUR/USD sensitivity to the upside has increased further. Fundamentally, however, we still expect the cross to edge lower due to a combination of relative growth, relative monetary policy, the USD’s role as an asset currency and the EUR’s status as a preferred funding currency. We still target EUR/USD at 1.22 in 3M.
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USDCHF - Closes Higher But Faces Pullback Risk Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 03 14 02:41 GMT
USDCHF - The pair closed strongly higher the past week leaving risk of further upside on the cards. On the upside, resistance resides at the 0.9662 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower. Its weekly RSI is bullish and pointinmg higher supporting this view. On the downside, support lies at the 0.9600 level with a break targeting the 0.9550 level and then the 0.9500 level. Further down, support comes in at the 0.9450 level. All in all, the pair remains biased to the upside in the medium term.
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EURUSD - Pressure Builds On Key Support Print E-mail
Weekly Forex Technicals | Written by FXTechstrategy | Nov 03 14 02:40 GMT
EURUSD - With a follow through higher occurring the past week, further downside pressure is expected in the new week. However, EUR will have to break and hold below the 1.2500 level to extend its weakness. On the other hand, support lies at the 1.2500 level where a break will expose the 1.2450 level. Below here will pave the way for a move lower towards the 1.2400 level. If this continues, expect further downside to occur towards the 1.2350 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.
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