User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Monday May 10, 2004 - 10:14:03 GMT -

Share This Story:
| | Email

Dollar/Yen hits new YTD High

Daily Forex Technical Report 05-10-2004

New YTD High in Dollar/Yen
USD/CHF above 200-day SMA

Technical Outlook

After failing at the 100-day EMA / upper Bollinger and subsequently breaking support at the 200-day SMA, bears remain in control in the EURUSD. A sustained breach of the next level of support at 1.1845-60, which is the 50% fibo of the Sept-Feb bull wave and the 76% fibo of the 4/26-5/5 rally would give bears the opportunity to take profits at 1.1760, which is the 4/26 low and lower Bollinger. Bulls may look to bid around this level, but on the upside, only a break back above the 5/5 high and pivot at 1.2180 would negate our bearish scenario. After making 7-month highs, USDJPY is not taking any breaks following Friday's strong 280-pip rally. The 10-day SMA crossing above the 100-day SMA and break of the 3/8 high at 112.35 indicates that bulls remain firmly in control. A break above psychological resistance at 113 would pave the way for a rally towards the 50% fibo of the 125.64-103.44 sell off at 114.55, Bears can only find conviction on a failure below Friday's low of 109.70. Shorter-term support can be found at 112, the 38.2% fibo of the 125.64-103.44 sell off. A new range appears to be developing in the GBPUSD between 1.75-1.80. With a break below the 10-day EMA support turned resistance, bears will be compelled to sell rallies towards the 100-day EMA / former head & shoulders neckline and psychological resistance at 1.80. More aggressive shorts will look to exploit near term resistance at the 5/5 low at 1.7875. The Mar-4 low at 1.7700 is an attractive entry for bulls, but they may want to patient and wait for more meaningful support at 1.7580/1.76, the 4/29 low and lower Bollinger. The surge above the 200-day SMA in USDCHF gives bulls a strong psychological boost and immediately exposes the pair for a move towards the 4/27-4/29 highs at 1.31 and for a possible return to the year to date high at 1.3230. Bulls who have missed the rally may seek to go long on dips towards the 200-day EMA and psychological support at 1.3000. Bears will find 1.3200, which is the 50% fibo of the 8/26-1/12 down move and lower Bollinger an attractive area to initiate shorts.


Comment from 04/14
On 03/12 EURGBP was briefly above our 6800/20 R zone with a high at 6849, the cross failed at the level and collapsed to the 6543 low, 306pts lower. The cross had a brief reaction on the 04/07 low 6558 (slightly below our 6580/6610 area) and reached the 04/08 high at 6629 and 71pts higher. Today the outlook is still bearish (we have a textbook breakout/retracement from the 6580/6610 area) but the cross is about to reach serious S. 6490/6510 could be an aggressive entry for the bulls thanks to the ST trend S and Low BB. However the key S below is the 6410/6450 area. Bulls will step in the zone to exploit the former breakout pt now S and 38.2% Fibo from the Apr 01 - 03 bull wave. Bears will check the 6670/6700 area to exploit the 38.2% Fibo from the 00 - 03 bull wave and 20 EMA. The area would become serious S for the bulls if a sustained breakout above occurs. Finally, a come back to 6880/6900 would be a decent opportunity for the bearish crowd thanks to the 200 SMA and 23.6% Fibo from the 00 - 03 bull wave.

On 04/16 EURGBP had a high at 6718 (slightly above our 6670/6700). A retracement followed to the 6624 Low on 04/20, 94pts below. The same scenario played out on 04/22 (high at 6729) where EURGBP had a correction to the 6623 low (04/27), 106 pts lower. The R area broke on 04/29 and acted as S from 04/30 to 05/05 (lows between 6117 & 6731). The outlook is still bearish LT but the MT picture looks now quite neutral. 6600/6630 will attract bullish range players thanks to a robust Fibo confluence (50% Fibo from the 01 - 03 bull wave & 23.6% Fibo from the Mar - Apr bear wave). If the area cracks, breakout players will immediately add to their Sterling holdings while more conservative trend followers will wait for a bounce back to the area (former S now R). Below, 6520/40 will be a decent reversal play for the bulls thanks to the Low BB and swing low. 6410/6450 would then be the next important S (breakout pt now S and 38.2% Fibo from the Apr 01 - 03 bull wave). Finally, if the market comes back to higher levels, bears will pay attention to the 6800/6830 zone where the 100 SMA, High BB and 50% Fibo from the Dec - Apr bear wave are present. 6900 is the next stop above.


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

Mon 10 Sep 2018
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan

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