Wednesday, March 14, 2012

Forex pairs to observe-3.13.2012

Eur.Gbp and Gbp.Chf

Both pairs enjoy playing the game of support and resistance and we can see that with the pretty charts they have been making lately. These two pairs have definitely been interesting to follow and I thought it would be a good idea to take a closer look, if your not to keen on trading such market moves its best to stay away from these two.

Eur.Gbp experienced an aggressive move towards the south not to long ago and is sitting at support levels at the moment. I anticipate this pair to rally towards 0.8349 and u-turn south to try and take out that upwards trendline. If Resistance levels fail second resistance can be found around 0.8400. The market for this pair is currently after 0.8278 with a fib target of 0.8261. Gbp.Chf decided to bounce back into the channel and is also currently retracing. First support level can be found around 1.4440 with S2 at the bottom of the channel around 1.4380. If support holds I anticipate a further move north. The bulls are currently after 1.4571 with a fib target of 1.4640.

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