Forex Forum @ ForexAbode

[Himanshu]

GBP/USD Double top pattern on 15 minute chart. SHould go further down towards 1.6100 and probably lower than that.

http://www.forexabode.com/images/forForum/real_trades/gbpusd-new-trade-aug-11th.jpg

[Himanshu]

Irene, the first hurricane to threaten the U.S. in three years. It's been over 7 years since a major hurricane, considered a Category 3 with winds of at least 179 km/hr (111 miles per hour), hit the East Coast.

Though Irene was downgraded to a Category 1 storm on yesterday but it is expected that it would get stronger. Forecasters say that it could get worse: The storm was likely to strengthen into a Category 4 storm by the time it makes hits U.S. this weekend. The most likely place to be hit is North Carolina.

The last hurricane to hit the U.S. was Ike in 2008. The last Category 3 or higher to hit the Carolinas was Bonnie in 1998, but caused less damage than other memorable hurricanes: Hugo in 1989, Floyd in 1999 and Isabel in 2003.
Even if the storm stays offshore, it could cause flooding and power outages all along the Eastern Seaboard. National Hurricane Center director Bill Read drew comparisons to a 1938 hurricane that also approached from the South and killed 682 people in New England.

Irene has already wrought destruction across the Caribbean. In Puerto Rico, more than a million people were without power, and a woman died trying to cross a swollen river in her car. President Barack Obama has declared an emergency there. Hundreds were displaced by flooding in the Dominican Republic, forced to take shelter in schools and churches.

(Source: Yahoo News)

[Himanshu]

1) Japan’s debt rating was lowered by Moody’s Investors Service today, which cited “weak” prospects for economic growth that will make it difficult for the government to rein in the world’s largest public debt burden. The advancing yen is a “headwind against export competitiveness,” Moody’s said.

2) Japan unveiled a $100 billion effort to help companies cope with a surging yen, signaling that officials may be resigned to the currency remaining high.

“The government’s message may be that businesses need to come up with their own ways to deal with the strengthening currency, that they shouldn’t hold their breath for intervention,” said Toshiya Yamauchi, a senior currency analyst in Tokyo at Ueda Harlow Ltd. “But the reality is that the demerits of a strong yen far outweigh the merits.”

(Source: Bloomberg)

[Himanshu]

AUD/USD correction expected towards Fibonacci 38.2% retracement level (1.4400) from now on. What I am targetting is 1.05200 first and may be more later.

[Himanshu]

The Swiss central bank imposed a ceiling on the franc’s exchange rate for the first time in more than three decades and pledged to defend the target with the “utmost determination.”

The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based bank said in an e-mailed statement today. “With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs” and “is prepared to buy foreign currency in unlimited quantities.”

(Source: Bloomberg)

USD/CHF moved 650 pips in just 30 minutes. Approx 1000 pips movement for EUR/CHF . Where is terrorist squad ???

[Himanshu]

1.3836 retest should take place now. Support should come there but if that support is broken then that may take EUR/USD towards 1.3740/1720 and may be deeper.

[Himanshu]

EUR/CHF broke below 22-hour EMA first time since September 6th SNB Intervention. Please see the hourly charts (2 scrrenshots of the same hourly chart):

[Himanshu]

USD/CHF failing to test 90.00 mark and I am sure that it will pull further back. I already have a short-osition entered at 0.8847 and holding that for at least 0.8760.

[Himanshu]

USD/CHF failing to test 90.00 mark and I am sure that it will pull further back. I already have a short-osition entered at 0.8847 and holding that for at least 0.8760.

USD/CHF moved down to the profit takeing target of 0.8760 as expected and got some support just below 0.8760. In the process, it also tried to break below an important support level very briefly. But than makes me confident of further pull back towards 0.8730 and may be more.

[Himanshu]

Though some more weakness isexpected but there is a definite channel developed and need to watch for the breaks or for taking positions. If the third trendline inside this channel works as resistance then a downward break may have more probability

USD/CHF Daily Chart: