FX TECHNICAL ANALYSIS
On the Daily USDCHF chart the price was moving above the Kumo during the last months. It touched the Senkou Span A level at the end of October and bounced up from it. After that a strong bullish Tenkan- Sen/Kijun-Sen cross happened at the middle of November and the Chikou Span also confirmed the bullish move with crossing up the price at the same time.
USDCHF Prospect
The prognosis of the USDCHF currency pair is mixed, as the Daily chart is clearly bullish, the Weekly chart is neutral/undecided as the price is in the body of the Kumo, while the Monthly chart is clearly bearish. The continuation of the bearish run is more possible, however the price should get below the Monthly Tenkan-Sen
level
first. USDJPY Retrospect
On The Monthly USDJPY chart the bearish picture hasn’t changed at all since January 2008. In the last three months, the price was moving below the Kumo, Tenkan- Sen and the Kijun-Sen, the Chikou Span was below the Kumo and the price, the Tenkan-Sen was below Kijun-Sen and the Kumo future was bearish too.
However the
price was only ranging after the big bearish run and because of the end of year low volume.
On the Weekly USDJPY chart 80 FX TRADER MAGAZINE January - March 2012 Figure 11: USDJPY Weekly
Figure 8: USDCHF Weekly
Figure 9: USDCHF Daily
Figure10: USDJPY Monthly
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