Tuesday, February 14, 2012

Forex pairs to observe-2.13.2012

There aren’t too many pairs I’m looking at only because I’m already involved in so many trades. I am currently bearish on commodity dollars Vs. USD and Commodity dollars Vs. Yen. Eur.Usd is currently sitting on the upwards trend line and the backside of the channel. I anticipate this pair to continue to drop further down. Gbp.Usd broke through major areas of support and is currently heading towards the bottom of the channel. Likewise I anticipate Usd.Chf will continue to rally north.

Eur.Usd

This pair is currently sitting on small support, the backside of the channel. I anticipate this pair to break it and continue further south. The fib target of this pair is at 1.3109 and if the bears keep control they will be after the low around 1.3031. Be very cautious trading this pair, USD got some fundamentals coming out tomorrow.

Gbp.Usd

This pair broke through support with momentum. I anticipate a further continuation south. The first fib target of this pair is at 1.5633, the bears will be after the low in this area which resides around 1.5641.

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