GIGFX Daily Economic Analysis - page 25
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Monday February 6th 2012 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD succeeded to break the bottom border of the long and mid-term bullish channel and then it tested the support level 1.3080 then it rose from this level to test the bottom border of the channel again, the pair declined after testing the bottom border of the channel to trade around the level 1.3080 during the last intraday trades. It is expected that the pair will continue declining targeting to break the support area between the levels 1.3080 and 1.3025 then it may decline again targeting the support level 1.2925 which coincides with the target of breaking the channel, but if the pair held above the level 1.3080 it will rise again re-testing the near resistance level reaching the level 1.3245.
Res: 1.3210 1.3275 1.3346
Pivot: 1.3139
Sup: 1.3074 1.3003 1.2938
GBP/ USD
The Sterling pair is trading outside the bullish channel which was for the near and mid-terms with a strong signal of starting the bearish near-term corrective direction, whereas there’s a target for the pair to get out from this channel in order to reach the support level 1.5634 which represents 38.2% Fibonacci retreatment correction level for the bullish direction extending (from 1.5234 to 1.5882), reaching this level during the next trades; the support level 1.5729 must be broken down.
This scenario depends on the stability of the resistance level 1.5830.
Res: 1.5868 1.5919 1.5978
Pivot: 1.5809
Sup: 1.5758 1.5699 1.5648
USD/CHF
As it was expected, the USD/CHF rose against the U.S dollar reaching the resistance level 0.9225 which represents 32.6% of fibonacci's correction level for the last bearish wave (from 0.9575 to 0.9115) as the pair failed to break the support level 0.9150, so, it is expected that, the pair will continue rising targeting the resistance level 0.9290 which represents 38.2% of fibonacci's correction level for the last bearish wave, this level also coincides with the final target of breaking the top border of the bearish channel but under the condition of breaking the resistance level .9225.
The stability of these expectations requires holding the support level 0.9150.
Res: 0.9239 0.9239 0.9346
Pivot: 0.9183
Sup: 0.9132 0.9076 0.9025
Tuesday February 7th 2012 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD failed to break the support area between the levels 1.3080 and 1.3025 as it rose from the level 1.3025 to trade above the level 1.3080 during the current trades, generally, holding the pair above the bottom border of the channel supports the bullish direction of the pair and it is expected to target the resistance levels 1.3245 followed by 1.3350. but if the pair broke the level 1.3025 it may decline targeting the support level 1.2925 which represents the target of breaking the bullish channel.
Res: 1.3172 1.3213 1.3284
Pivot: 1.3101
Sup: 1.3060 1.2989 1.2948
GBP/ USD
The Sterling failed to break down the support level 1.5729 during yesterday trades, a bottom has been formed pushed the pair up again with a strong sign that the pair will continue its bullish direction for the mid-term, it’s expected during the next intraday trades that the pair will retest the resistance level 1.5882 which with breaching it up means continuing the bullish direction till level 1.5975 which represents 161.8% Fibonacci retracement continuous level for the bearish direction (from 1.5882 to 1.5729).
This scenario depends on the stability of the support level 1.5729.
Res: 1.5863 1.5906 1.5973
Pivot: 1.5796
Sup: 1.5753 1.5686 1.5643
USD/CHF
The pair failed to continue rising as it failed to break the resistance level 0.9255 which coincides with the top border of the bullish channel in which the pair is moving, which led the pair to decline again breaking the support level 0.9225 which represents 23.6% of fibonacci's correction level for the last bearish wave (From 0.9225 to 0.9115) and it reached the support level 0.9185 which coincides with the bottom border of the bullish channel, it is expected that the pair will rise again standing at the support level 0.9185 to re-test the resistance level 0.9255 but under the condition of breaking the resistance level 0.9225.
The stability of these expectations requires holding the support level 0.9185.
Res: 0.9239 0.9292 0.9323
Pivot: 0.9208
Sup: 0.9155 0.9124 0.9071
Wednesday February 8th 2012 GIGFX Technical Analysis Report
EUR/USD
As it was expected, the pair rose after holding the support area between the levels 1.3080 and 1.3025, it reached the level 1.3025 to trade above the level 1.3080, then it rose near the resistance level 1.3245 during the current trades, it is expected that, if the pair tended to rise it will break the current resistance level targeting the resistance level 1.3350 which may coincide with testing the bottom border of the broken channel, but if the resistance level 1.3245 held, the pair will decline alittle targeting to test the near support levels which may push the pair to test the support area between the levels 1.3080 and 1.3025.
Res: 1.3324 1.3386 1.3502
Pivot: 1.3208
Sup: 1.3146 1.3030 1.2968
GBP/ USD
The Sterling rose again till the resistance level 1.5882 moreover it broke it up, this bullish move came after the formed bottom has been based at the support level 1.5729, whereas the pair is forming the AB=CD harmonic pattern and the resistance level 1.5882 which represents the B point and the support level 1.5729 which represents the C point, thus it’s expected that the pair will continue forming the remaining part for the bullish CD rib which targets the resistance level 1.5960 representing the complement D point.
This scenario depends on the stability of the support level 1.5882.
Res: 1.5937 1.5979 1.6054
Pivot: 1.5862
Sup: 1.5820 1.5745 1.5703
USD/CHF
The pair succeeded to break the resistance level 0.9185 which coincides with the bottom border of the bullish channel in which the pair is moving, after it failed to break the resistance level 0.9225 which represents 23.6% of fibonacci's correction level for the last bearish wave (From 0.9575 to 0.9115) and it broke the support level 0.9155 and reached the support level 0.9155 which represents the target of breaking the bottom border of the bullish channel, it is expected that the pair will rise again correctly to re-test the support level 0.9185 but under the condition of breaking the resistance level 0.9155.
The stability of these expectations requires holding the support level 0.9115.
Res: 0.9192 0.9268 0.9309
Pivot: 0.9151
Sup: 0.9075 0.9034 0.8958
Thursday February 9th 2012 GIGFX Technical Analysis Report
Thursday February 9th 2012 GIGFX Technical Analysis Report
EUR/USD
The last trades of EUR/USD were in a narrow range near the level 1.3245 that the pair reached after holding the support area between the levels 1.3080 and 1.3025 as it was expected previously. It is expected that, the pair tends to continue rising it will break the current resistance level targeting the resistance level 1.3350 which may coincide with testing the bottom border of the broken channel, but if the resistance level 1.3245 held, the prices will retreat targeting to test the near support levels and it may test the support area between the support levels 1.3080 and 1.3025.
Res: 1.3292 1.3322 1.3356
Pivot: 1.3258
Sup: 1.3228 1.3194 1.3164
GBP/ USD
The Sterling ended the bullish CD rib for the AB=CD harmonic pattern at the resistance level 1.5927, thus during yesterday trades a top had been formed at this level forced the pair to form a corrective bearish wave, the pair formed a bottom at the support level 1.5792 which is located at 76.4% Fibonacci retracement correction level for the bullish CD rib therefore it’s expected that the pair will use this bottom to rise up again till retesting the resistance level 1.5927 which was expected to be broken up till the resistance level 1.5963 which represents 127% Fibonacci retracement continuous level for the last bearish wave.
This scenario depends on the stability of the support level 1.5792.
Res: 1.5897 1.5977 1.6027
Pivot: 1.5847
Sup: 1.5767 1.5717 1.5637
USD/CHF
The USD/CHF succeeded to hold at the support level 0.9115 which led the pair to rise again to retest the resistance level 0.9150 as it was expected, and it failed to rise again as it failed to break the resistance level 0.9150 which led the pair to decline again. It is expected that the pair will continue declining breaking the support level 0.9115 followed by the support level 0.9075.
The stability of these expectations requires holding the resistance level 0.9150.
Res: 0.9146 0.9169 0.9189
Pivot: 0.9126
Sup: 0.9103 0.9083 0.9060
Friday February 10th 2012 GIGFX Technical Analysis Report
EUR/USD
The narrow range is still dominating the trades of the single currency against the U.S. dollar between the levels 1.3320 and 1.3215, it is expected that, the pair may decline breaking the level 1.3215 to target the support area between the levels 1.3080 and 1.3025, or, it may break the resistance level 1.3320 targeting the level 1.3430, but the expectations tend to be bearish as the pair broke the bullish channel.
Res: 1.3332 1.3377 1.3434
Pivot: 1.3275
Sup: 1.3230 1.3173 1.3128
GBP/ USD
The Sterling formed the previous mentioned bullish wave which was initially awaited to reach the resistance level 1.5927, whereas this wave formed a bearish top at the resistance level 1.5885, this top pushed the pair down again, it’s expected that the bearish 1.2.3 pattern will be formed, the pair’s last trades is below the level 1.5800 which represents the support wave (1) thus the pair will continue forming the bearish wave (3) remaining part which will target the support level 1.5747, if the pair continued the bearish move therefore a further drop is expected till the support level 1.5662, this scenario depends on the stability of the resistance level 1.5885 breaking up this level means a further rise till the resistance level 1.5963.
Res: 1.5870 1.5923 1.5962
Pivot: 1.5831
Sup: 1.5778 1.5739 1.5686
USD/CHF
The pair retreated to the support level 0.9090 after it failed to break the resistance level 0.4140 which coincides with the bearish trendline for intraday trades, it rose again breaking the bearish trendline so it is expected that the pair will continue rising targeting the resistance level 0.9180 which represents the target of breaking the bearish trendline but under the condition of breaking the resistance level 0.9140, and if the pair broke the support level 0.9090 it will decline targeting the support level 0.9040.
The stability of these expectations requires holding the support level 0.9090.
Res: 0.9150 0.9183 0.9214
Pivot: 0.9119
Sup: 0.9086 0.9055 0.9022
Monday February 13th 2012 GIGFX Technical Analysis Report
EUR/USD
The pair formed a top at the level 1.3320 that pushed it to decline, the pair tried to test the main bullish trendline and rose targeting the level 1.3320 again, the pair formed the harmonic pattern AB=CD which will push the pair to continue rising during the upcoming near and mid-term trades but under the condition of breaking the resistance level 1.3320 which represents the point B of the pattern, then it will target the resistance level 1.3430 which represents the point D of the pattern, but holding the resistance level 1.3320 will push the pair to decline targeting to break the support level 1.3215 and will break the main bullish trendline targeting the support area between the levels 1.3080 and 1.3025.
Res: 1.3262 1.3344 1.3397
Pivot: 1.3209
Sup: 1.3127 1.3074 1.2992
GBP/ USD
The Sterling continued retreating during the previous week end till it completed the 1.2.3 pattern; it reached the support level 1.5747 area which represents the (3) wave end, a bottom was formed at this area pushed the pair up at this week trades beginning by registering a bullish gap as a sign of starting the new bullish directions, but it’s expected that the pair will cover all the price gap before rising again therefore it’s expected with retesting the support level area between the levels 1.5747 and 1.5728 during the next intraday trades searching to form a bottom again will push it up in order to breach up the bearish trendline for the near-term then breaching up the resistance level 1.5800 then the pair will initially continue rising till the resistance level 1.5885.
This scenario depends on the stability of the support level 1.5728.
Res: 1.5818 1.5894 1.5939
Pivot: 1.5773
Sup: 1.5697 1.5652 1.5576
USD/CHF
The pair stood at the support level 0.9090 as it was expected which led the pair to rose breaking the resistance level 0.9155 which represents 38.2% of fibonacci's correction level for the last bearish wave (From 0.9265 to 0.9090) and then it reached the resistance level 0.9195 which represents 61.8% of the same levels then it failed to break this level and declined reaching the support level 0.9130 (23.6%) as it began with a bearish gap. It is expected that, the pair will rise again to cover this gap and to retest the resistance level 0.9195 then it will decline but under the condition of breaking the resistance level 0.9155.
The stability of these expectations requires holding the support level 0.9090.
Res: 0.9213 0.9254 0.9310
Pivot: 0.9157
Sup: 0.9116 0.9060 0.9019