Forex Majors chart update 23rd July 2014

My name is Chris Blandin De Chalain, Director of Serene Education and full time currency trader.  I am here to share with you my views of the currency market through this live video recording.  Come and watch me conduct my analysis on the 4 Major Currency Pairs using the MetaTrader4 Platform and Serene Educations FX Ultimate Strategy

EURUSD – Mondays Daily candle close has seen Price fall below the current support level posted around 1.35250 that Price has failed to breach since early June 2014. The 4hr & Daily charts paints a picture of negativity whilst the Weekly indicates that Price is heading towards 200sma levels. Overall Bias for this Pair has been positive BUT having not seen a new high posted recently – especially on the weekly indicates that there is currently no bullish bias – coupled with the recent cuts to interest rates and increasing tension in Ukraine has not done EUR nay favours of late. The bias near term should be for further negativity.

GBPUSD – This Pair has seen a lot of bullish sentiment over the past year or s14. o and coupled with low unemployment – high employment and inflation being kept in check – there is also word that we could see a hike in interest rates before the end of 2014. Having said all that – GBP has failed recently to make further highs especially since mid June. We had some worrying news with last weeks PPI Input m/m falling well below expectations & Average Earnings Index 3m/y figure dropping a lot lower than forecasted. 1.7000 level has been a psychological level of S&R and Price is trading above that level. As long as that level remains below Price the bias still favours further upside.

USDCHF – Weekly chart shows this Pair testing prior resistance level highs that were posted back in early June 2014. Ideally a weekly close higher than this level would go along way to forging a strong support level with a sign that $US is moving back into contention. Long Term bias is still one of negativity BUT as I have always said – we need to see new lows for a negative trend and visa versa new highs for a positive trend. Keep that in mind each time you look at a chart. What is the long term trend, then look at the timeframe you wish to trade – is it moving with the LT trend or not ??

USDJPY – This Pair moving sideways and has done for as long as I can remember. Since early January 2014 it’s failed to break out of a range. There is a clear support level being forged at around the 101.200 level . Having said that – Price over the months has failed to make new highs – in fact the highs have got progressively lower as the months have rolled by. Is this indicating a shift in sentiment. Well to be truly negative – we’d like to see a weekly close lower than the current support level to start with. Until then – be patient – you shall be rewarded.

 

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