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October/17/2011- Comments and forex-analytics from FBS

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October/17/2011- Comments and forex-analytics from FBS

Postby vanvirtue » Mon Oct 17, 2011 3:09 pm

Ichimoku. Weekly forecast. GBP/USD

Weekly GBP/USD

Pound keeps trading inside the weekly Ichimoku Cloud. On the upside, the advance of the British currency is limited by the resistance provided by the gradually declining Turning line (1) and the horizontal Standard line (2) as well as the upper border of Kumo – Senkou Span A. On the downside, the prices have been successfully supported by the lower border of the Ichimoku Cloud (3).

The Cloud itself has recently switched to the negative mode (4) though it still remains very thin, so the bears haven’t gained enough strength yet.

As the same time the short-term Tenkan-sen (1) looks down that means that sterling will likely drift lower to Senkou Span B (3) and the bears would probably manage to improve their position.

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Daily GBP/USD

Last week the prices have managed to bounce off the support of the Turning line (1) and get higher overcoming resistance provided by the Standard line (2). Now the only obstacle for the bulls is the Ichimoku Cloud (3, 4).

Never the less, it’s necessary to note that although Tenkan-sen (1) and Kijun-sen (2) are likely to intersect soon forming the “golden cross”, the positive signal will be weak as this will happen below the Cloud. In addition, descending Kumo has widened – Senkou Span A (3) declined, while Senkou Span B remained horizontal.

As a result, the pair still may correct upwards, though the general outlook is currently more in favor of bears.

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Re: October/17/2011- Comments and forex-analytics from FBS

Postby vanvirtue » Mon Oct 17, 2011 3:10 pm

Ichimoku. Weekly forecast. USD/JPY

Weekly USD/JPY

On the weekly chart US currency has edged a bit higher and closed above the Turning line (1) for the first time since the end of April. All in all, the pair is trading between 76 and 78 yen – in the range within which it has been trading since the beginning of August.

The greenback still faces resistance of slightly decreased Standard line (2) and the bearish Ichimoku Cloud that has widened a bit (3, 4).

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Daily USD/JPY

On the daily chart the prices managed to overcome resistance of the Turning line and the Standard line and approach the lower border of the descending Ichimoku Cloud – Senkou Span A (2).

The lines Tenkan-sen and Kijun-sen intersected forming the “golden cross” – weak signal taking into account the fact that it happened below Kumo.

The bulls will likely test the levels inside the Cloud and the pair will consolidate in the area of Senkou Span A.

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Re: October/17/2011- Comments and forex-analytics from FBS

Postby vanvirtue » Mon Oct 17, 2011 3:11 pm

Ichimoku. Weekly forecast. USD/CHF

Weekly USD/CHF

Last week the pair USD/CHF bumped into resistance provided by Senkou Span A (3) – the bulls didn’t manage to enter the declining Ichimoku Cloud from the first time (4). At the same time, it seems likely that they will repeat this attempt.

The lines Tenkan-sen (1) and Kijun-sen (2) which formed a weak “golden cross” a week before last are supporting the pair.

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Daily USD/CHF

On the daily chart the greenback breached support provided by Tenkan-sen (1) and Kijun-sen (2).

At the same time, the rising Ichimoku Cloud (3, 4) keeps widening and supporting the prices, while the Turning line (1) and the Standard line (2) are horizontal. As a result, it’s possible to assume that we may see some sideways trade here.

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