EUR/USD

The EUR/USD pair plummeted yesterday to as low as the 1.3927 level. According to the chart's 4-hour Stochastic Slow, the pair seems to be oversold, and an upward movement today seems to be imminent However, the chart's daily Stochastic Slow and 4-hour MACD support the downward trend to continue today. Going short with tight stops could be the opportunity to make big profits today.

GBP/USD

The pair has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, the daily chart's Stochastic Slow signals that a bullish reversal is imminent. An upward trend today is also supported by the hourly chart's MACD. Going long with tight stops may turn out to pay off today.

USD/JPY

The USD/JPY has gone increasingly bearish in the past 2 days, and currently stands at the 95.86 level. The daily chart's oscillators seem to be misleading when it comes to this pair. If we look further, the weekly chart's RSI supports this currency cross to fall further today. However, the chart's 4-hour Stochastic Slow signals that a bullish reversal will take place today. Entering the pair when the signs are clearer seems to be the wise choice today.

USD/CHF

This pair has been range trading for the past 3 days between the 1.0700 and the 1.0910 levels. The chart's hourly MACD indicates that USD/CHF seems to be running out of steam, and that today's trading will witness a bearish reversal. This is also supported by the chart's 4-hour Stochastic Slow. Going short with tight stops may turn out to be the wise strategy, as today's trading day gets under way.

Wild Card

Silver

Silver has seen a dismal week, dropping more than 50 pips, as the commodity now stands at the 13.45 level. However, the daily chart's oscillators support an impending bullish reversal today. This is also supported by the chart's 4-hour and weekly Stochastic Slow. Going long with tight stops may turn out to be a good strategy today, as forex traders seek to make some end-of-week profits.

Market Trend


EUR/USD GBP/USD USD/JPY USD/CHF AUD/USD EUR/GBP
Daily Trend up up up down up no
Weekly Trend down down up no down up
Resistance 1.4130 1.6530 97.30 1.0960 0.8050 0.8600
1.4090 1.6490 96.90 1.0920 0.8030 0.8580
1.4050 1.6450 96.50 1.0880 0.8010 0.8560
Support 1.3970 1.6370 95.70 1.0800 0.7970 0.8520
1.3930 1.6330 95.30 1.0760 0.7950 0.8500
1.3890 1.6290 94.90 1.0720 0.7930 0.8480

Indicators

Housing Equity Withdrawal
DateTime GMT$€£¥EventPeriodPrev.ForecastImp
2009-07-03
USD
Bank Holidayhelp

**1
2009-07-0307:15CHF
CPIhelp
m/m0.2%0.1%3
2009-07-0308:00EUR
Final Services PMIhelp

44.544.52
2009-07-0308:30GBP
51.751.85
2009-07-0308:30GBP
Housing Equity Withdrawalhelp
q/q-8.0B-8.9B1
2009-07-0309:00EUR
Retail Saleshelp
m/m0.2%-0.1%4

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