Forex daily review- 09.08/2011

Important announcements for today:

09.30 (GMT+0) GBP – Industrial production

13.15 (GMT+0) CAD – Housing starts

17.15 (GMT+0) USD – Federal Funds Rate

17.15 (GMT+0) USD – FOMC Statement

AUD-CHF

Time: 04:39 (GMT+0) rate: 0.7561

Strategy: Short

60 minutes chart

During a long period of time, the price created a series of highs and lows in a descending pattern, the meaning of this is that now every move upwards is a correction to the previous move downwards. We believe that a break of the last low of the 0.7439 price level will continue the existing downtrend.

Potential trade

Short

Entry: 0.7439

Stop Loss: 0.7571

Target: 0.7309

You can see the chart on the link below:

EUR-CHF

Time: 04:52 (GMT+0) rate: 1.0710

Strategy: Long

60 minutes chart

The price reached around the 1.0604 price level for the second time, if this support will hold and the last high of the 1.0765 will break, then we believe that a ascending move will begin, with first target at the 1.0926 price level.

Potential trade

Long

Entry: 1.0767

Stop Loss: 1.0602

Target: 1.0926

You can see the chart on the link below:

EUR-JPY

Time: 05:01 (GMT+0) rate: 109.80

Strategy: Short

60 minutes chart

The price created a dynamic support and resistance lines, and broke the ascending support line. We believe that a break of the 109.10 support level will be a sign for a continuation of the existing move downwards, with first target at the 107.63 price level.

You can see the chart on the link below:

GBP-JPY

Time: 05:09 (GMT+0) rate: 125.85

Strategy: Short

60 minutes chart

The price performing a descending price structure (a series of descending highs and lows), we believe that a break of the last low at the 125.40 price level will continue the move downwards, with first target at the 123.98 price level.

You can see the chart on the link below:

NZD-JPY

Time: 05:16 (GMT+0) rate: 62.52

Strategy: Short

60 minutes chart

The price performing a descending price structure (a series of descending highs and lows), we believe that a break of the last low at the 61.41 price level will continue the move downwards, with first target at the 59.95 price level.

You can see the chart on the link below:

NZD-USD

Time: 05:21 (GMT+0) rate: 0.8128

Strategy: Short

60 minutes chart

The price performing a descending price structure (a series of descending highs and lows), we believe that a break of the last low at the 0.7966 price level will continue the move downwards, with first target at the 0.7797 price level.

You can see the chart on the link below:

USD-CHF

Time: 05:26 (GMT+0) rate: 0.7510

Strategy: Short

60 minutes chart

The price performing a descending price structure (a series of descending highs and lows), we believe that a break of the last low at the 0.7484 price level will continue the move downwards, with first target at the 0.7398 price level.

You can see the chart on the link below:

EUR-AUD

Time: 05: 33 (GMT+0) rate: 1.4107

Strategy: Short

60 minutes chart

The price reached to the 1.4260 resistance level which can be seen at the daily chart. We believe that a brake at this area will lead to a correction of the last continuous ascending move (blue broken line), the size of the correction is assumed to be between a third and two thirds of the move. Meaning between the 1.3758 and the 1.3446 price levels

You can see the chart on the link below: