User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday May 21, 2004 - 10:26:51 GMT -

Share This Story:
| | Email

Shooting Star in Dollar/Yen

Daily Forex Technical Report 5-21-2004

Shooting Star in Dollar Yen
Range Trading Dominant Theme in Dollar Swiss

Technical Outlook

The rebound in the EURUSD off of yesterday's low brings the pair right back into the 1.1940-1.2060 range. The series of lower highs and continual rejection of trendline resistance which coincides with the 38.2% fibo of 1.1760-1.2180 indicates that bears still have the upper hand. Continual weakness below Thursday's 1.1895 low would expose 1.1760, the lower Bollinger / April-26 low / 2-yr bull channel support. Strength above Monday's 1.2060 high will give bears a chance to target the May 5th high at 1.2180. The shooting star on the daily in USDJPY signals that shorts are prepared to make a run for key support at 112.40, the former March 5th top / May 12th low and 50% fibo support from the Aug-April bear wave. A break below that level would reinforce the development of an interim top at 114.85, the May 14th high and expose 111.07, the April 29th high. Bulls will have an opportunity to buy on dips on the latter level and towards the 38.2% fibo of 103.40-114.92 at 110.50. The bounce off of trend line support from the May 14th low highlights the lack of notable action in the GBPUSD. Unless the pair can break above Wednesday's 1.7860 high for a chance to target the more meaningful level of resistance at 1.8000, the risk is still for a continued decline towards the lower Bollinger at 1.7542 and then the 200-day SMA at 1.7375. Range trading remains the continual theme in USDCHF. The confluence of moving averages above capped Thursday's rally at 1.2915. The inability to extend beyond that level does increase the chance for a move back towards the lower Bollinger at 1.2713. Despite the series of higher lows, bulls will need to amass a significant amount of strength in order to break above 1.2930/40, the 20-day SMA and 61.8% fibo 1.3085-1.2700. Even if that level is taken, the 200-day SMA and psychological resistance at 1.3000 will attract a good number of renewed shorts. A close above the 1.3100 former highs would be needed to negate short-term bearish momentum and give bulls an opportunity to target a move towards 1.3200, the 50% fibo of Aug-Jan bear wave / upper Bollinger and 1.3230, the 4/26 high.


USD/CHF broke the 2900/3000 area and seems to be in the middle of a typical breakout / retracement pattern. As a result, bulls will have decent opportunities at 3150/80 on the breakout R now S and 50 SMA. A break below will however trigger a momentum that the bear will try to exploit. 2800 will then be intermediate S thanks to the 38.2% Fibo from the Nov - Jan bear wave. Higher, bears will concentrate on the swing High, High BB and 50% Fibo from the Aug - Jan bear wave in the 3250/80 area. A sustained break above will open the door to 3450/3500 (61.8% Fib from the Aug - Jan bear wave). Finally, if the market comes back below 2800, 2540/80 will be to watch since it is the 23.6% Fibo from the Nov - Jan bear wave. Reversal players will not miss it.

USDCHF failed to hold the uptrend and is now slightly bearish since we are below the 200 SMA and the former breakout level. Aggressive bears will step in at 2920/50 in order to exploit a strong Fibo confluence (38.2% Fibo from the Sep - Jan bear wave & 50% Fibo from the Nov - Jan bear wave). Another solid R is to be found at 3100/3130 thanks to the 20 EMA and 50 SMA. Finally another decent risk to reward area is 3220/70 where the 50% Fibo from the Sep - Jan bear wave is present. A break above would open the door to 3450/3500 and the 61.8% Fibo from the Sep - Jan bear wave. Reversal bulls will probably try to get in at 2620/70 thanks to a robust Fibo confluence (76.4% Fibo from the 95 - 01 bull wave & 50% Fibo from the Jun - May bull wave) and the Low BB. If the area cracks 2200 and the 7 years low will be the next stop.


Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105