FOREX BUY/SELL SIGNAL FORECAST FOR GBPUSD

GBPUSD For the fourth consecutive week GBPUSD failed to break the very strong resistance level at 1.4136, in addition, the pair had formed a descending triangle in the daily chart. For this week we have a very wide trading range (1.4661 to 1.4107) GBPUSD needs to break to determine its future direction, till it breaks this trading range we should stand aside. Current Week Trading Strategy: We will stay neutral on this pair till it breaks above 1.4661 or under 1.4107, any close beyond those boundaries should be considered as a buy/sell signal.

Forex Levels to Watch (Week of Mar 2-6, 2009)

Here are some key forex support/resistance price levels to watch (breaks/bounces) for the upcoming week of March 2-6, 2009:

EUR/USD - Support 1.2510 / Resistance 1.2990

USD/JPY - Support 96.00 / Resistance 98.70

GBP/USD - Support 1.4050 / Resistance 1.4660

USD/CHF - Support 1.1460/ Resistance 1.1885

FOREX SIGNAL FOR GBPUSD, 2ND MARCH 2009

The pair of GBPUSD is an interesting pair for this week. First of all, a weekly bearish signal is noticed on the weekly chart. Secondly, the daily chart has shown that the pair is currently trading below a triangle and the best of all now, the 15minute chart that we use in confirming out trade had also broken below a symmetrical triangle. This is great sell signal. We are cuurently selling this pair for now and have placed out target at +70 pips and stoploss at -45pips. Happy trading.

FOREX TRADING SIGNAL FOR CHFJPY, 2ND MARCH 2009

The currency pair, CHFJPY is currently bearish as it has broken down a descending triangle in the 4 hour chart. After we received the sigal from the 4hour chart, we went down to our 15minute chart and the 15minute chart had almost confirmed the bearish trade for us. Go sell for this currency. We will continue to be selling until the newMACD signal crosse or till we make a total of 70 pips. Our stoploss is fixed at 35. 

FOREX FORECAST FOR USDJPY

USD/JPY  in the past week saw price breakout dramatically above several major resistance levels, confirming a double-bottom (87.00) bullish reversal in the process. The pair extended its reach all the way up to the 98.70 region before retreating substantially at the very end of the week. 

For the upcoming week of March 2-6, the obvious upside level to watch is 98.70, a breakout of which would signal a continuation of the bullish reversal, potentially targeting resistance in the 100.00 region and beyond. To the downside, 96.00 serves as a key support level for the near-term.