Sunday, February 22, 2009

candle forecast for February 22-27

Looking at this week's forecast, I'd say the dragonfly on the eur points to upside action. However, I won't be entertaining a long position before I see a daily close above 1.30. If 1.30 offers strong resistance, look to go short with a target of 1.26.
Last week's spinning top suggests that sterling is also range-bound. As the trend is still down, I'm looking for downside action around 1.46 with a target at 1.41.
Last week's upside jpy action paid me well. However Friday's US banking jitters have left me looking for signs to go long around 92 with my sights set at 94.50.
Last week's chf candle was distinctly bearish. I'm waiting for a clean break of 1.15 before jumping in.

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