Forex Technical Update August 24, 2010
Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Multiple Time-Frame Analysis GBP/JPY Points to 119
- 4H: The USD/CHF has so far behaved as anticipated throughout the Asian and European session. It is now at a swing projection that completes an ab=cd retracement pattern just below 1.0450.
- A swing projection was given in yesterday's post from this level if topping action occurs. The current 4H candle is starting to represent that reversal sentiment back into the bearish trend.
- A full swing projection points to 1.0082, basically the parity level 1.00. In the more near-term, there is a swing projection suggested by the negative reversal. This signal comes when the RSI high, which is near 60 recently is higher than the previous, which was just below 50, while the price level about 1.0440, was lower than the previous 1.0450. This suggests a swing back to the previous low near 1.0250.
Commodity Trading Advisor
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