Posts Tagged ‘consolidation’
Chart of the Day – GBP/USD
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Monday, 28 February 2011 19:30
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Price action on GBP/USD (a daily chart of which is shown) as of Monday (2/28/2011) has continued its rangebound consolidation, roughly trading between key support around 1.6000 and key resistance around 1.6300, that has been in place since the beginning of the month. Having made a significant bullish push today,

 
Trade Idea Wrap-up: USD/CHF – Sell at 0.9375
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Monday, 28 February 2011 15:31
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Dollar’s near term sideways trading above last week’s low at 0.9229 is expected to continue and as long as this support holds, further consolidation would take place, above 0.9313-20 (current level of the Ichimoku cloud top and Friday’s high) would bring retracement to 0.9375/80 (38.2% Fibonacci retracement of 0.9506 to

 
Trade Idea: EUR/GBP – Sell at 0.8525
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Wednesday, 16 February 2011 14:11
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Despite yesterday’s fall to 0.8357, as the single currency found good support there and has staged a sharp rebound today, suggesting a temporary low has possibly been formed and consolidation with mild upside bias is seen, break of yesterday’s high at 0.8449 would bring retracement to 0.8515 (50% Fibonacci retracement