Week 13 0f 2010 (Mar 29 – Apr 02)

USDJPY

USDJPY is currently looking to test an important level at 93.10 in weekly charts and if USDJPY manages to break above that level then the next level to test for it will be 96.65 and break of that will confirm upward trend in weekly charts. We might see aggressive traders taking a chance by selling USDJPY around 93.10 level with a small stop and hope that USDJPY resumes its downward trend.

In case of a dip by USDJPY, the initial target will be around 90.00 level and break of that will set 87.00 as next target level for USDJPY. Currently USDJPY is at a critical point and conservative traders might choose to sit back and let USDJPY settle in one direction.

Week 12 0f 2010 (Mar 22 – Mar 26)

USDCHF

USDCHF is currently trying to break above Moving Average (55) and once it succeeds, it will next test 1.0700 level. Break of 1.0700 will start, which is expected to an extended move, towards 1.1000 level. But the break of 1.0700 will be main focus level for both long term and intra-day traders.

On the lower side, 1.0545 is an important level, because break of that will set things in downward trend and we might then see an extended move towards 1.0300 level. Therefore we might see traders looking waiting for breakout in either direction before entering the market.

Week 10 0f 2010 (Mar 08 – Mar 12)

GBPUSD

GBPUSD managed to break above 1.5000 level last week and this upward move seems to extend towards 1.5350 level and there it will be touching the top of downward channel’s top. It seems that GBPUSD might look to resume downward move from 1.5350 level and that will be a very ideal level for traders to sell GBPUSD for targets below 1.5000 level.

If GBPUSD manages to break above 1.5350 level, then a long term upward move might seen which will initially head towards 1.5700 level without taking any break. Breakout traders might be eying that level as well as traders with reversal trading strategy might also look to capture on that opportunity.