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| 9 February 2010 Daily Forecast |
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| Forex Market Outlook for the Week of 27-31 October 2008 (example)
Euro/Dollar
In October the European currency prevailed line of long-term rising trend and fell sharply to levels all the way down to under 1.2500 against the US Dollar.
Last week European currency broke the support in the region of 1.3245, then showed one of the strongest weekly falls throughout the history of its existence.
On the weekly time frame the downward pressure on the European currency remains very strong, as the currency couple drops practically without any correction.
On the daily chart the downward movement of the Euro accelerated, and the pair reached the very strong support level of 1.2500, which was broken today.
Strengthening below that level could cause a further decrease. Back above 1.2800 and strengthening may provoke a corrective recovery of European currency.
 Dollar/Yen
In October the couple prevailed strong support 103.70, then decreased sharply, reaching its lowest level since 1995. Last week the Dollar/Yen fell sharply,
showing the largest decline since the time of the Asian crisis in 1998, almost reaching 90.00. On the weekly time frame the downward pressure continues to
remain strong, while the couple is below 103.70. On the daily chart the pair remains under pressure and accelerate its descending once prevailing its minimum
from this year. Back above 95.80 could provoke further strengthening of the Dollar. Strengthening under the support at 93.50 would give signal for further
dropping of the currency pair.
 Sterling/Dollar
In October the Sterling broke its minimum from 2005 and sharply dropped showing one of the biggest monthly decrease in its history and reached its lowest level
since 2002. Last week the British Pound suffered losses from the collection of auctions at almost 10% against the Dollar . On the weekly chart the downward
pressure on the Pound is maintained and will remain strong while the British currency remains below 1.5400. On the daily time frame the downward movement
accelerated tremendously, although before closing last week the Pound recovered some of its losses. Strengthening below the support 1.5750 will give signals
for further descending of the British currency. Back above 1.6140 may provoke growth of the currency pair.
 Dollar/Swiss Franc
In October the couple broke the long-term decreasing trend line and sharply rose. 1.1750. Last week the currency couple overcame the strong resistance in
the region of 1.1470 and then climbed, reaching the 1.1750 level. On the weekly chart the Dollar/Franc keeps over the long-term downward trend line, which
carries the risk of further growth. On the daily time frame USD/CHF broke the resistance 1.1450-1.1570, which is 50% of the decline in the years 2005-2008,
and the risk of renewed rising remains high. Overall, the currency pair is more susceptible to growth while staying above 1.1110. Strengthening below 1.1470
will give decreasing signals. Height above 1.1750 would signal for rise of the currency couple near the ceiling of short-term ascending channel at 1.1890.
 Have a Great Week!
Disclaimer: Opinions expressed in this article does not represent
recommendation or advice for purchase or sale. The expectations given are those of the author only and may not necessarily/always
come true. Trading foreign exchange carries risk, and may not be suitable for any trader. By viewing this page you agree to our
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