Instaforex

Friday, October 31, 2008

Technical analysis for October 31, 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 pre-planned breakout variant for buyers was realized with attainment of minimal assumed target. OsMA trend indicator, having marked essential bullish activity rise gives reasons for buying planning priorities for today. Hence and considering the descending direction of indicator chart we assume the possibility of pair return to close 1.1380/1.1400 supports, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval.
For buying positions on condition of formation of topping signals the targets will be 1.1460/80, 1.1500/20 and/or further breakout variant up to 1.1560/80, 1.1600/20.
An alternative for sells will be below 1.1300 with targets 1.1240/60, 1.1180/1.1200, and 1.1100/20.
GBP
At 1.6420/40 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 1.6320/40, 1.6240/60, 1.6160/80 and/or further breakout variant up to 1.6100/20, 1.6020/40, 1.5960/80. An alternative for buyers will be above 1.6520 with targets 1.6580/1.6600, 1.6660/80, 1.6720/40.
JPY
The pre-planned test of key resistance range was not confirmed but further realization of the pre-planned breakout variant for sells does not have positive signs for preservation of the earlier-opened short positions for today as well. At the moment considering the current bearish development cycle we assume the possibility of rate correction to close 97.40/60 resistance levels, 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 96.60/80, 96.00/20 and/or further breakout variant up to 95.40/60, 94.80/95.00, 64.00/20.
An alternative for buyers will be above 98.40 with targets 98.80/99.00, 99.40/60, 100.00/20.
EUR
The pre-planned breakout variant for sells was realized with overlap of assumed targets. OsMA trend indicator, having marked essential bearish activity rise and relying on the chosen strategy gives reasons to change planning priorities in favor of sells. Hence and considering the ascending direction of indicator chart we assume the possibility of pair return to 1.2880/1.2900, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval.
For sells on condition of formation of topping signals the targets will be 1.2800/20, 1.2700/20, 1.2600/20 and/or further breakout variant up to 1.2520/40, 1.2440/60, 1.2360/80.
An alternative for buyers will be above 1.3040 with targets 1.3100/20, 1.3180/1.3200, and 1.3260/80.

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