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EUR/GBP in a Double Top as Greek Austerity Vote Passes

Today was the vote for Greece austerity measures. It was a small margin, but the austerity measures are passed now, with 155 for yes and 138 for no. 151 was needed. The EUR/GBP is seen in the 1H chart forming a double today as the austerity measure passes and the market is attempting to sell the news after it has already bought the rumor…

Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)

EURUSD EURUSD closed @ 14370 which was ABOVE the open and breached the previous day’s high. The High was PRECISELY at Precise Trader’s Res Tgt 2 and the Low was 10 pips from Precise Trader’s Sup Zone 1.   The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS  approach […]

Bullish Breakout to a Declining Wedge Observed in the GBP/JPY

GBP/JPY rebounded from the 128.20 area after finishing a 5-wave decline in a wedge pattern. There was also a minor throwback, which the current bullish candle is trying to reverse in order to confirm the bullish breakout. The RSI is pushing against 60, but really there is no strong bearish momentum to kill. But we know from price action that we have completed 3-swings down from the 140.00 high…

Trading Week Outlook: Jun. 27 – Jul. 1

The week ahead will be crucial for the future fate of the euro as all eyes turn to the vote by the Greek Parliament on the new austerity package and the efforts of EU leaders to avert the first default of a sovereign nation since the creation of the Euro-zone. In preparation for the new […]

EUR/GBP Forms an Inverted Head and Shoulder; Targets 0.8950

The EUR/GBP pushed above a declining channel and was testing the the 0.8845-0.8850 pivot area. This was also the neckline of an inverted head and shoulder seen in the 4H chart. The bearish momentum has been killed, as we see the RSI rise above 60. A break above 70 confirms bullish momentum, and validates a short-term target to the current high near 0.8950…

EUR/GBP Resumes Bearish Correction after Sharp Channel Breakout

After, the EUR/GBP finished a 3-wave decline to the 0.8845, the market reacted with a rebound. That rally was rejected sharply at 0.8920. The sharp decline that followed is starting another bearish correction to the end- of-May rally, cracking the 0.8845 pivot. Market action also broke below a rising channel support, and the RSI in the 4H chart is reading below 40…

Retracement Targets and Bearish Projections for EUR/GBP’s Sharp Correction

Although Trichet’s speech was hawkish, the market continued a recent correction in the Euro. The EUR/GBP is now continuing in a second correction leg, accelerating after pausing after pausing at 23.6% retacement. Now the swing is about to reach 38.2% retracement and a previous resistance pivot in the 0.8835-0.8845 area. This is near term support…

EUR/GBP Might Pause its Sharp Rally Ahead of this Week’s Central Bank Meetings

The EUR/GBP is in a very sharp rally as the Euro is strong across the board, and the sterling is pressured. The rally from 0.8610 to the current high at 0.8930 was more than 61.8% retracement of the decline we saw in May. A correction could be due because this week offers the Bank of England and European Central Bank decisions Thursday…

Forex Notes 6.3.2011 – The Euro is the Strongest Currency Right Now

After this week’s price action and after today’s NFP release, the euro is standing out as the most dominant currency. The Swiss Franc is still very strong and the EUR/CHF is still just off its record low. Other than that, the euro is showing some impressive strength. Let’s take a look at the EUR/USD, EUR/JPY, EUR/CHF, and EUR/GBP pairs…

GBP/CHF Creates Fresh Record Lows After Some Strong Swiss Data

The Swiss Franc has already been surging. USD/CHF, EUR/CHF, and GBP/CHF are major pairs making record lows. Over the European session, retail sales numbers came out to 7.5% y/y, beating a 1.9% estimate, and the previous month’s -0.2%. Meanwhile, UK manufacturing PMI came to 52.1, below the 54.3 economists had forecast…

Forex Notes 5.26.2011 – CHF and JPY Gain in a Bout of Risk Aversion

Today’s event risk in the markets was the US GDP, where a revision of the Q1 GDP of 1.8% to 2.2% was expected. Instead a 1.9% growth was estimated. Along with the release, came strength in the JPY and CHF, but not in the USD. Let’s take a look at the USD/JPY, USD/CHF, EUR/JPY, EUR/CHF, GBP/JPY, and GBP/CHF pairs…

Forex Notes 5.20.2011 – Explosion of Swissie Strength on a Friday?

The Swiss Franc has been very strong, and as a “funding” currency, it has done better than the USD and JPY. It has been stronger than both, with relatively less volatility. There was some flattening in May across the board, but it seems like the market for CHF is starting this Friday strong. Did the bears just fled? Let’s take a look at the USD/CHF, EUR/CHF, GBP/CHF, and CHF/JPY…

Forex Notes on CHF-Strength in EUR/CHF, GBP/CHF, USD/CHF, and CHF/JPY

The EUR/CHF maintains it bearish momentum in a medium term range. The GBP/CHF was in a bullish breakout from a narrow range, but is now threatening to break out of the opposite side. The USD/CHF continues to make fresh lows as this is pair consists of an anemic greenback, and strong Swissie. Finally The CHF/JPY is consolidating and showing intent of continuing a prevailing trend…

GBP/CHF in a Range Breakout Targeting 1.48

The GBP/CHF has been in a range roughly between 1.4630 and 1.4540, although the support extended lower, and the range shaped into an expanding triangle or wedge. There was a bit of squeeze seen since last week, although it was not long enough to be technically considered a volatility squeeze. We have a break above 1.4630 in the European session, but there is a throwback heading into the US session…

GBP/CHF Targets 1.44 and 1.4150 After Bearish Breakout

The GBP/CHF is broke below the 1.49 support, which was also the 61.8% retracement level. The 4H chart shows a extension of 161.8% of the 2/27 rally. We might pause here a little, and see a pullback. So far it has been a very week pullback. Let’s see if the support at 1.4690 holds for a pullback towards 1.49, or maybe the 3/11 low at 1.4850…

GBP/CHF Starting a Bearish Impulse Wave

The Swissie strengthened across the board today. We are seeing the GBP/CHF develop a bearish impulse wave, like to be in wave 5. The RSI shows bearish momentum breakout. The market also broke below an important 200SMA and the 1.5500 support area. In the short and intermediate term, we are bearish…

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