bforex
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USDCHF:
The Swiss Franc continues to ride the 50 day Moving Average as it looks for direction. The 100 day MA is converging on the 200 day MA. If those two MA's cross it will signal further weakness for the CHF. When major moving averages cross there is usually a period of price consolidation as well as a retrace towards the averages. If price action fails to break across one of the major moving averages then the MA cross is likely to follow, with further price depreciation ahead.
NZDUSD:
The NZD is in a precarious position. It recently failed to pop above the 100 day Moving Average despite finding support at the 200 MA. However, the 50 day MA is about to cross below the 200 day MA, usually a signal of weakness ahead. If the cross happens, expect the NZD to test Support near .68.
USDJPY:
After crossing above the 200 day Moving Average last week the USD has managed to hold onto its gains. Price bounced off the 50% Fibonacci Retrace level generated from the 2009 high and low. The next point of Resistance sits at 93.50. A break above the Fibonacci 50% level as well as above the near term Resistance level and the JPY may be headed north to test 95.50.
The Swiss Franc continues to ride the 50 day Moving Average as it looks for direction. The 100 day MA is converging on the 200 day MA. If those two MA's cross it will signal further weakness for the CHF. When major moving averages cross there is usually a period of price consolidation as well as a retrace towards the averages. If price action fails to break across one of the major moving averages then the MA cross is likely to follow, with further price depreciation ahead.
NZDUSD:
The NZD is in a precarious position. It recently failed to pop above the 100 day Moving Average despite finding support at the 200 MA. However, the 50 day MA is about to cross below the 200 day MA, usually a signal of weakness ahead. If the cross happens, expect the NZD to test Support near .68.
USDJPY:
After crossing above the 200 day Moving Average last week the USD has managed to hold onto its gains. Price bounced off the 50% Fibonacci Retrace level generated from the 2009 high and low. The next point of Resistance sits at 93.50. A break above the Fibonacci 50% level as well as above the near term Resistance level and the JPY may be headed north to test 95.50.
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