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TECHNICAL and FUNDAMENTAL ANALYSIS
| Thursday, 04 March 2010 | ForexYardThe U.S. dollar traded lower Wednesday as investors moved to higher-yielding currencies and riskier assets after U.S. data was better than expected. ISM service data showed the U.S. services sector grew in February at its fastest pace in more than 2 years, reducing the appeal of the greenback as a... Full Analysis |
- USD/CHF
- USD/JPY
- GBP/USD
- EUR/USD
The price of this pair appears to be floating in the over-sold territory on the 4-hour chart's RSI indicating a downward correction may be imminent. The downward direction on the daily chart RSI also supports this notion. Going long might be a wise choice.
The pair has been range-trading for a while now, with no specific direction. The Daily chart's Slow Stochastic providing us with mixed signals. The 4 hour charts do not provide a clear direction as well. Waiting for a clearer sign on the hourlies chart might be a good strategy today.
The GBP/USD has gone increasingly bullish in the past 2 days, and currently stands at the 1.5070 level. The daily chart's RSI supports this currency cross to rise further today. However, the 4-hour chart's Stochastic Slow signals that a bearish reversal might take place today. Entering the pair when the signs are clearer seems to be the wise choice today.
The daily chart is showing mixed signals with its RSI fluctuating at the neutral territory. However, there is an impending bearish cross forming on the 4-hour chart's MACD indicating a bearish correction might take place in the nearest future. When the downwards breach occurs, going short with tight stops appears to be preferable strategy.
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