The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
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I am going to skip the weekly chart for this pair once again and go straight to the daily.
Tenkan sen (Blue Average) is above Kijun sen (Red Average) with a strong Kumo (Wide Cloud) which signal a good upside momentum.
The NZD/USD pair didn't do too much yesterday which is understandable after the quick 500+ pips it, along with other pairs moved over the last week.
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As usual, I start out my analysis for this pair by first analyzing the EUR/CHF then the GBP/CHF. This is how I determine relative strength between the EUR and the GBP.
GBP/USD pair, even though it has been bearish up until today, it has reached the 38.2 Fib level of its recent move down and the 38.2 fib overlaps with the daily 55 ema.
Starting out with the EUR/JPY weekly chart I see that price recently broke support and has retested back to the scene of the crime, has touched the 13 ema and should continue to drop for a bit.
EUR/USD pair has obviously made a lot of headway since yesterday. Will it continue? That's the big question.
Looking at USD/CHF pair and starting with the weekly chart we can see that price has obviously taken a dive.
Tenkan sen (Blue Average) has crossed Kijun sen (Red Average) down-up above wider Kumo which signal a strong bullish sign.
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GBP/USD pair Final wave C in a larger ZigZag
The Sterling continued to gain ground today closing 175 pips higher than yesterday, closing right on the 38.2 retracement level from the bearish run that started on August 19th.
Looking at this pair and starting with the weekly chart I can see we are in a fib war. We are reacting to the fact that price is at a fib zone of the recent move down, but based on a lower time frame chart we are making a fib.
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Sign up to get the latest market updates and free signals directly to your inbox.Today the EUR/CHF looks just as bullish as it did yesterday, maybe today will be the day it breaks the descending trend line I have been keeping track of. All forces are behind it giving it the push it needs to break the line.
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