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Tuesday, 17 July 2007

Big Pippin - Babypips

EUR/USD
The Euro hasn't been dropping like I thought it would and actually rose up to 3800 but now looks like it has finally found resistance at 3800. Daily stochastics are in overbought territory and 4hr stochastics are trending down which means we could see some short term bearish movement. Currently the pair is trading at around 3775 and I would watch for it to continue falling to 3750.

GBP/USD
The Sterling just won't say die as it once again made a new 15 year high at 2.0400. Daily stochastics are in overbought territory and 4hr stochastics are trending down. Like the Euro, I would watch for the Sterling to drop tomorrow. Currently the pair is trading at around 2.0360 and I would watch for it to head down near the 2.0300 mark.

USD/CHF
The Swissy has been treading on the 2000 mark for several days now and it seems as though its proving to be a pretty stuff support level. Daily stochastics are in oversold territory and 4hr stochastics are trending up which means I would expect the pair to move up tomorrow. Currently the pair is at 2027 and I would watch for it to continue up to the 2050 level.

USD/JPY
The Yen has been moving crazy the past few days as it's been moving up and down. However, the one constant is that the 50 EMA on the daily chart has been a good support area. Now, we're at that support level again and 4hr stochastics are trending up which indicates that we could see some upward movement tomorrow. Since my theme for the tomorrow seems to be a bullish dollar day, it also fits!