{"id":19088,"date":"2011-02-06T08:47:10","date_gmt":"2011-02-06T13:47:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=19088"},"modified":"2011-02-06T08:47:10","modified_gmt":"2011-02-06T13:47:10","slug":"fx-weekly-preview","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/02\/06\/fx-weekly-preview\/","title":{"rendered":"FX Weekly Preview"},"content":{"rendered":"

By Russell Glaser<\/strong><\/p>\n

An analysis of the major FX pairs for the coming week.<\/p>\n

EUR\/USD<\/p>\n

While it may be premature to call a top in the euro\u2019s recent rally, the failure of the pair to move above the 1.3860 combined with falling momentum point to further declines in the pair. Support will be found at the 1.3540 mark, not far from the 100-day moving average. A natural target for the decline may be 1.3480 which is the 38.2% Fib retracement from this year\u2019s bullish move. This level looks to be bolstered as it coincides with the mid-December high. Should the pair continue to fall, the next target would be the 61.8% Fib at 1.3250.<\/a>
\n\"EURUSD_Daily\"<\/p>\n

GBP\/USD<\/p>\n

The failure of the GBP\/USD to close above the downward sloping trend line on the weekly chart <\/a>does not bode well for the pair. However, the daily chart shows the pair found support at the 1.6040 level. The rising short term trend line from the late January lows should also prove supportive. A breach below this could take the pair to the late January pivot at 1.5750. Resistance will be the 2011 high at 1.6280.<\/p>\n

\"GBPUSD_Daily\"<\/p>\n

USD\/JPY<\/p>\n

The pair reached the bottom channel line of the downtrend and reversed its direction a full 180 degrees. A move below the channel line will target the 2011 low of 80.90. Resistance will be found in a range between the early December low of 82.30 and Friday\u2019s high of 82.50. Further resistance is located at the falling trend line off of this year\u2019s highs. The levels of 83.70 and 84.50 also stand out.<\/p>\n

\"USDJPY_Daily\"<\/p>\n

USD\/CHF<\/p>\n

The Swissie has come off its 2011 high and the USD\/CHF and is currently pressing the 0.9590 level that coincides with a long term trend line which falls from the May 2010 high. A breach of the trend line next week will first target 0.9690, followed by 0.9780. Should the pair fall in-line with the long term trend line this week\u2019s low of 0.9320 will be in play<\/a>.<\/p>\n

\"USDCHF<\/p>\n

Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em>
\n<\/a><\/strong><\/em><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

The failure of the GBP\/USD to close above the downward sloping trend line on the weekly chart does not bode well for the pair. However, the daily chart shows the pair found support at the 1.6040 level…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19088","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=19088"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19088\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=19088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=19088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=19088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}