Instaforex

Wednesday, August 20, 2008

Technical analysis for August 20, 2008

Indicators: Moving Average 34, Simple, Median Price HL/2
Moving Average of Oscillator 12,26,9 Close
Ichimoku Kinko Hyo 24,60,120
Time: 1 Hour

CHF
The assumed test of the key supports has been confirmed but the strengthening of bearish activity revealed by OsMA indicator did not dispose to immediate realization of the pre-planned buyers’ positions. At present because of chosen strategy and taking into account the tendency of rising bearish potential, we have grounds to change planning priorities in favor of sells. Hence taking into account short-term component of ascending direction of indicator chart, we assume a possibility of pair return to resistance range 1.0940/60, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.0880/1.0900 and/or further breakout variant below 1.0860 with the targets 1.0800/20, 1.0760/80. An alternative for buyers will be above 1.1000 with the targets 1.1040/60, 1.1100/20.

GBP
The pre-planned breakout variant for sells has been realized with attainment of minimal assumed target. OsMA trend indicator having marked the low activity of both parties because of chosen strategy gives grounds to presume a possibility of range movement of the rate without clearness in a choice of planning priorities for today. Hence taking into account the preservation of some minimal buyers’ advantage as well as descending direction of indicator chart, we assume a possibility of pair return to supports 1.8600/20, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.8660/80, 1.8700/20 and/or further breakout variant up to 1.8760/80, 1.8820/40, 1.8880/1.8900. An alternative for sells will be below 1.8570 with the targets 1.8510/30, 1.8460/80.
JPY
The assumed test of the key supports has been confirmed with conditions for realization of the pre-planned buyers’ positions. At present taking into account the relative strengthening of bullish activity, we have grounds to preserve earlier opened long positions but generally taking into account low level of parties’ activity we assume a possibility of further rate fall for which the boundary support will be Senkou Span levels of Ichimoku indicator at 109.50/60, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval to make a decision about strengthening of long positions or their reducing till minimum. For short-term buys on condition of formation of topping signals the targets will be 109.90/110.00, 110.20/40 and/or further breakout variant above 110.60 with the targets 111.00/20, 111.60/80, 112.40/60, 112.80/113.00. An alternative for sells will be below 109.00 with the targets 108.40/60, 108.00/20.

EUR
The assumed test of the key resistance range has been confirmed but the preservation of considerably high level of buyers’ activity does not promote to realization of the pre-planed short positions and gives grounds to choose buyers’ planning priorities for today. Hence taking into account the current descending direction of indicator chart, we assume a possibility of pair return to supports 1.4730/50, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.4790/1.4810, 1.4860/80 and/or further breakout variant above 1.4900 with the targets 1.4940/60, 1.5000/20. An alternative for sells will be below 1.4680 with the targets 1.4620/40, 1.4580/1.4600.
 
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