Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
British Pound GBP Trend Analysis - 14th Oct 19
A Guide to Financing Your Next Car - 14th Oct 19
America's Ruling Class - Underestimating Them & Overestimating Us - 14th Oct 19
Stock Market Range Bound - 14th Oct 19
Gold, Silver Bonds - Inflation in the Offing? - 14th Oct 19
East-West Trade War: Never Take a Knife to a Gunfight - 14th Oct 19
Consider Precious Metals for Insurance First, Profit Second... - 14th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - 13th Oct 19
The Most Successful IPOs Have This One Thing in Common - 13th Oct 19
Precious Metals & Stock Market VIX Are Set To Launch Dramatically Higher - 13th Oct 19
Discovery Sport EGR Valve Gasket Problems - Land Rover Dealer Fix - 13th Oct 19
Stock Market US Presidential Cycle - Video - 12th Oct 19
Social Security Is Screwing Millennials - 12th Oct 19
Gold Gifts Traders With Another Rotation Below $1500 - 12th Oct 19
US Dollar Index Trend Analysis - 11th Oct 19
China Golden Week Sales Exceed Expectations - 11th Oct 19
Stock Market Short-term Consolidation Does Not change Secular Bullish Trend - 11th Oct 19
The Allure of Upswings in Silver Mining Stocks - 11th Oct 19
US Housing Market 2018-2019 and 2006-2007: Similarities & Differences - 11th Oct 19
Now Is the Time to Load Up on 5G Stocks - 11th Oct 19
Why the Law Can’t Protect Your Money - 11th Oct 19
Will Miami be the First U.S. Real Estate Bubble to Burst? - 11th Oct 19
How Online Casinos Maximise Profits - 11th Oct 19
3 Tips for Picking Junior Gold Stocks - 10th Oct 19
How Does Inflation Affect Exchange Rates? - 10th Oct 19
This Is the Best Time to Load Up on These 3 Value Stocks - 10th Oct 19
What Makes this Gold Market Rally Different From All Others - 10th Oct 19
Stock Market US Presidential Cycle - 9th Oct 19
The IPO Market Is Nowhere Near a Bubble - 9th Oct 19
US Stock Markets Trade Sideways – Waiting on News/Guidance  - 9th Oct 19
Amazon Selling Fake Hard Drives - 4tb WD Blue - How to Check Your Drive is Genuine  - 9th Oct 19
Whatever Happened to Philippines Debt Slavery?  - 9th Oct 19
Gold in the Negative Real Interest Rates Environment - 9th Oct 19
The Later United States Empire - 9th Oct 19
Gold It’s All About Real Interest Rates Not the US Dollar - 8th Oct 19
A Trump Impeachment Would Cause The Stock Market To Rally - 8th Oct 19
The Benefits of Applying for Online Loans - 8th Oct 19
Is There Life Left In Cannabis - 8th Oct 19
Yield Curve Inversion Current State - 7th Oct 19
Silver Is Cheap – And Getting Cheaper - 7th Oct 19
Stock Market Back to Neutral - 7th Oct 19
Free Market Capitalism: Laughably Predictable - 7th Oct 19
Four Fundamental Reasons to Buy Gold and Silver - 7th Oct 19
Gold and Silver Taking a Breather - 7th Oct 19
Check Engine Warning Light ECU Dealer Diagnostic Cost - Land Rover Discovery Sport - 6th Oct 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

U.S. Dollar Trading Fibonacci Projections

Currencies / Forex Trading Nov 26, 2009 - 03:46 AM GMT

By: ForexPros

Currencies

The Swiss KOF Economic Research Agency will publish its "Leading Indicators Index" Tomorrow (Nov 27), which determines the overall economic health of the country's economy.

The Index is comprised of 12 indicators related to consumer confidence, banking confidence, production, new orders and housing- and sheds light on the economic trend and the movement of GDP growth in Switzerland.


A higher than expected reading should be taken as positive/bullish for the CHF, while a lower than expected reading should be taken as negative/bearish for the CHF.

Analysts predict Tomorrow's Index to stand at 1.85, rapidly climbing since last May's slump of -1.86.

Euro Dollar:
The Euro broke the resistance 1.5018, and reached both suggested targets 1.5082 & 1.5144 successfully and with an unbelievable accuracy (yesterday’s high in some companies was 1.5143 and in others 1.5144). It looks like reaching 1.5144 will provide a chance to correct the last up-move from 1.4887. such a correction will typically target the area 1.5015-1.4985. the importance of the lower limit of this area is that it combines the rising trendline on the hourly chart, with short-term Fibonacci 61.8%, which makes it a very important support for setting the direction for what is left of the week.

But, before considering this scenario the favorite one, we should see a break of 1.5077, then a visit to 1.5015-1.4985 will be highly anticipated. And if 1.4985 is taken, the Euro will fall under considerable pressure, that will initially lead to 1.4919, on the way to lower targets. Short-term resistance is 1.5138 and only breaking it would improve the technical outlook, and target 1.5200 & 1.5260.

Support:
• 1.5077: Fibonacci 61.8% for the micro-term.
• 1.4985-1.5015: a support area combining Fibonacci 50% & 61.8% for the short-term, with the rising trendline from 1.4800 on the hourly chart.
• 1.4919: previous important intraday support.

Resistance:
• 1.5138: previous resistance from 2008.
• 1.5200: previous resistance from 2008.
• 1.5260: previous resistance from 2008.

USD/JPY:
As expected, and in harmony with the trend, Dollar-Yen broke the support 88.13 , and successfully reached the two suggested targets 87.10 & 86.40. This move has brought us prices that have not been seen for 15 years. It is only expected (and logical), that reaching 86.40 would provide us with a correction for the down leg that started at 89.17, and reached here without any significant correction. Such a correction will typically target the area 87.73-88.07 where there is Fibonacci 50% & 61.8% resistance levels (for the short-term). But before jumping on board we should see a break of the resistance 87.01.

On the other hand, the support 86.40 will be support of the day, and breaking it would mean a continuation of the downtrend that showed a lot of strength yesterday, and a continuation of the drop towards new levels that have not been seen for a decade and a half, at 85.90, and may be later the calculated target for the broken wedge formation at 85.33.

Support:
• 86.40: support area from 1995.
• 85.90: support area from 1995.
• 85.33: the calculated target for the broken wedge formation.

Resistance:
• 87.01: Fibonacci 61.8% for the micro-term.
• 87.73: Fibonacci 50% for the short-term.
• 88.33: the bottom of the broken wedge formation.

Analysis by: http://www.Forexpros.com - Written by Alyssa Levy

Forexpros offers the most definitive Forex portal on the web. It contains industry leading market analysis, up-to-the minute news and advanced trading tools which provides brokers, traders and everyone involved in the financial market with an all-round guide to Forex.

Copyright © 2009 by ForexPros.com All rights reserved.

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Alex
27 Nov 09, 04:23
AUD/USD

There is a possibility that this bear may hold-reason is the AUD has already broken the critical resistance of 0.9024 for the month ending on the 22/12/09 with a correction target at 0.8329-however if the current valuation of gold remains as it is, the AUD will at worst touch 0.8901 running up to Xmas.

Cheers


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules