TECHNICAL ANALYSIS GBPUSD Prospect Figure 4: GBPUSD Monthly
The Daily and Weekly GBPUSD charts are bearish, however the Chikou Span line has to break out from the Kumo on the down side to fully confirm the bearish prognosis on the Weekly chart. The Monthly GBPUSD chart is also mostly bearish, but as the price is currently above the strong Kijun-Sen support
level,
it should get below this level first to validate the bearish picture.
USDCHF Retrospect
The Monthly USDCHF is bearish since the end of 2002. However
during Figure 5: GBPUSD Weekly the last Figure 6: GBPUSD Daily
three months, it was ranging between the flat Kijun-Sen and the Tenkan-Sen lines. This three months range was the consequence of the fact that - with reaching a low record in August – disequilibrium happened on the market as the price got too far from the Kijun- Sen level. Finally the Kijun-Sen turned flat and attracted the price back to it.
Figure7: USDCHF Monthly
During the last few months of the year the price was moving above the Kijun-Sen level on the Weekly USDCHF chart. The Chikou Span also crossed up the price and the Tenkan-Sen was moving above the Kijun-Sen too. Finally at the end of 2011 the price moved into the body of the Kumo and started to range.
FX TRADER MAGAZINE January - March 2012 79
FX
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