USD/CAD:During the last session, a double top appeared on the daily graph at the resistance of 1.0211. Although this resistance is not very strong, but …
GBP/JPY: For the last few weeks, the pair is moving aside between 129.39 (support) and 134.00 (resistance). During the last session…
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**Whoever took the “Short” trade on EUR/CHF from the previous session reached the first degree to “Take Profit” of 36 pips. Although the destination we are mentioning are small, but the the prob for the pair to reach them is quite high.
USD/CAD
Daily graph: http://www.real-forex.com/charts-daily/DEC2010/CAD_DAILY_221210.JPG
During the last session, a double top appeared on the daily graph at the resistance of 1.0211. Although this resistance is not very strong, but several stops occurred on it for the last few months.
A two-day stop on a resistance may suggest a soon reversal and a new short-term trend. However such an opportunity requires some confirmation. A possible confirmation is trough the identification of a decreasing configuration on a 1H graph.
Potential trade
1H graph: http://www.real-forex.com/charts-daily/DEC2010/CAD_1H_221210.JPG
An additional double-top appear on the 1H graph on the resistance of 1.0208, another indicator for reversal. Once the support at 1.0152 will be broken down, the required configuration should appear, giving the alert for the time to order the trade.
– “Limit” order on “Short” position 10 pips below the support mentioned, meaning: 1.0142
– “Stop Loss” on the last peak appeared, which is: 1.0208
– 1st Degree to “Take Profit” on the following support: 1.0101
GBP/JPY
Daily graph: http://www.real-forex.com/charts-daily/DEC2010/GBP_JPY_DAILY_221210.JPG
For the last few weeks, the pair is moving aside between 129.39 (support) and 134.00 (resistance). During the last session, the pair reached the support mentioned. This level has the title of support since the beginning of November, and is therefore strong.
Actually, the pair can either:
– Break down the support (not very likely) and start a new downtrend, the opportunity for a “Short” Trade.
– Stop on the support for one or two sessions and reverse its current trend for a few sessions, the opportunity to go “Long”.
– Test the support once again (vain breach of the support) and start a new uptrend.
Have a profitable day
Real – Forex team 