Saturday, November 8, 2008

How did the candles do last week?

usd/chf: the hanging man failed as a bearish signal with price rising 200 pips over the week. CHF opened lower and closed higher, engulfing the body of the hanging man. My support wasn't tested at all and resistance held until Friday. My forecast was wishy-washy to say the least. However, it must be said that the franc hasn't regained its former status as a safe haven currency.
forecast rating: 2.5/5

usd/jpy: piercing lines did not hold true to its bullish promise. Price was unable to break 100 and fell 150 pips over the week. Support at 95.70 went untested. It goes without saying that the dollar failed to 'reach for the stars'.
forecast rating: 1/5

eur/usd: the candles were more reliable than my forecast here. The spinning top is a sign of uncertainty and price had no real direction over the week and closed on Friday less than 30 pips higher than its open on Sunday night. Neither support nor resistance were tested.
forecast rating: 2.5/5

gbp/usd: the spinning top was neutral but price fell 400 pips over the week. My levels of support and resistance were untested but my forecast was sound.
forecast rating: 3/5

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