Daily Forex Technical Reports

Technical analysis is a best method of forecasting price schedule by looking at with the sole purpose market-generated information. Price information from a particular marketplace is most usually the type of information analyzed by a technician. The substructure line when utilizing any type of analytical method, technical or otherwise, is to stick to the basics, which are methodologies with a proven track record over a long period. After finding a trading system that works for you, the more tightly packed fields of study can subsequently be incorporated into your trading toolbox.

Foreign Exchange Market Commentary
Yesterday's break above 1.4000 came as a bolt from the blue and alters the picture to some extent, probably bringing it more into line with USDCHF. It could mean a directly bearish picture or we could be talking about a longer correction that could move back to 1.4049-76 once another time. I also imagine that even in an adjustment we may just move below 1.3876... If so then the 1.3810-35 area becomes key and while it holds we can still see a move back above 1.3878 and pivot resistance at 1.3930 to recycle the correction all the way back up to around 1.4008 initially and after a correction to the 1.4049-76 resistance. I feel that will hold. Note next resistance is at 1.4092 and 1.4124. A direct break above 1.3930 from 1.3876 would also provide the same.