Today’s Forex Guide

EUR/USD, GBP/USD, USD/CHF 4-hour: Reached the target


Mar.06.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Reached the targets.

Invest Diva positioning: Short positions below 1.0931 with targets at 1.0818 and 1.0676 in extension.

Technical reasons why: The pair continues to drop and reached our bearish target at 1.0931 below the Ichimoku's cloud. The RSI is moving at the over-sold zone.

Alternative Scenario: Above 1.0931 look for further upside with 1.1068 and 1.1153.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0988 1.1067 1.1261
1.0931 1.1150


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Reached the target.

Invest Diva positioning: Short positions below 1.5198 with targets at 1.5118 and 1.4989 in extension.

Technical reasons why: The pair continues to drop and reached our bearish target at the 61% Fibonacci level below the Ichimoku's cloud with the RSI at the over-sold zone. Market sentiment of one of the largest international brokers shows that 66% of traders are long the pair and the combination of the technicals and current sentiment gives a further bearish bias.

Alternative Scenario: Above 1.5198 look for further upside with 1.5263 and 1.5328.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.5118 1.5198 1.5263
1.4989 1.5328


USD/CHF 4-hour Forex Dance Floor
USD/CHF 4-hour: Reached the target.

Invest Diva positioning: Long positions above 0.9767 with targets at 0.9960 and 1.0197 in extension.

Technical reasons why: The pair continues to move up and reached our bullish target at the 76% Fibonacci level above the Ichimoku's cloud. The RSI is at the over-bought zone.

Alternative Scenario: Below 0.9767 look for further downside with 0.9501 and 0.9286.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.9501 0.9767 1.0197
0.9286 0.9960


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Rebounding from the Ichimoku's cloud.

Invest Diva positioning: Short positions below 1.2524 with targets at 1.2390 and 1.2090 in extension.

Technical reasons why: The pair rebounded before reaching our first bearish target at 1.2390 and then is moving down again as failing to break above the pivot level and the Ichimoku's cloud. The RSI is slightly below the neutrality area.

Alternative Scenario: Above 1.2524 look for further upside with 1.2630 and 1.2779.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2390 1.2524 1.2779
1.2090 1.2630

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