Monday, January 17, 2011

Weekly Forecast (FX)

GBP/USD trading near main resistance 1.5909, if GBP/USD break above this level, then it may probably extend another 150 pips towards 1.6050.
If current resistance 1.5909 hold tight, minor support 1.5780, 1.57, major support at 1.5650.

Prefer trading short now, observe development of reversal pattern at current high (1.5886) or 1.6050 region.

Recent high 1.3455, and and 1.3496 (Dec-2010) present a good opportunity to short.
breaking above this high means EUR/USD will rally towards 1.3620.
My preference is to the downside, pick short around 1.3450.
If formed a reversal pattern at current high, expect minor support at 1.3250, 1.3150.

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