2014-07-10T01:26:29Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT http://api.ning.com:80/files/5ih55D3S*a2j9yfjpK70lYPft0hnDl90ir9q-6QLwB0JuBAzta2yzOtrUlyrPql-DFNZJgqwOaOIoAKX3T2ySTns90l*-DHI/jchen.jpg?width=48&height=48&crop=1%3A1 http://www.forexstreet.net/profiles/blog/feed?user=3dzhydupfh3ci&xn_auth=no Technical Trading Tips and Techniqueshttp://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.giftypepad/fxstreet/fxpathhttp://feedburner.google.com tag:www.forexstreet.net,2011-11-01:3252082:BlogPost:190267 2011-11-01T16:25:57.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/h4OPSiFH3GB95krttWLRLq9cC41usZdaXqRphLeFU0XMdHTWRih5G3jhXj029u3Zk7VSJGxZqdXUMW6HW9FN-dhK9Rji-1vO/20111101eurusddaily.gif" target="_self"><img class="align-full" src="http://api.ning.com:80/files/h4OPSiFH3GB95krttWLRLq9cC41usZdaXqRphLeFU0XMdHTWRih5G3jhXj029u3Zk7VSJGxZqdXUMW6HW9FN-dhK9Rji-1vO/20111101eurusddaily.gif?width=300" width="300"></img></a><br /> <p>EUR/USD (daily chart) as of Tuesday (11/01/2011) has dropped precipitously since the beginning of this trading week from its high last week around key 1.4250 resistance (also the underside of the major uptrend support line extending from the June 2010 low). This dramatic fall broke down below several key…</p>

<a target="_self" href="http://api.ning.com:80/files/h4OPSiFH3GB95krttWLRLq9cC41usZdaXqRphLeFU0XMdHTWRih5G3jhXj029u3Zk7VSJGxZqdXUMW6HW9FN-dhK9Rji-1vO/20111101eurusddaily.gif"><img class="align-full" src="http://api.ning.com:80/files/h4OPSiFH3GB95krttWLRLq9cC41usZdaXqRphLeFU0XMdHTWRih5G3jhXj029u3Zk7VSJGxZqdXUMW6HW9FN-dhK9Rji-1vO/20111101eurusddaily.gif?width=300" width="300"/></a><br /> <p>EUR/USD (daily chart) as of Tuesday (11/01/2011) has dropped precipitously since the beginning of this trading week from its high last week around key 1.4250 resistance (also the underside of the major uptrend support line extending from the June 2010 low). This dramatic fall broke down below several key levels, including 1.4000 and 1.3830, and occurs after a steep bullish run of over 1100 pips that extended through most of the month of October. Now that the pair has lost more than 50% of the gains it made in October, price action is once again targeting key downside support around the 1.3500 price region. If price can further its bearish momentum with a breakdown below 1.3500, key further downside in the direction of a bearish trend continuation resides around the 1.3150 level (the region of the last major low in early October) and then the important 1.3000 psychological level.</p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=mM_6bVPClaU:njgyCyrVEEw:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=mM_6bVPClaU:njgyCyrVEEw:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=mM_6bVPClaU:njgyCyrVEEw:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-31:3252082:BlogPost:189646 2011-10-31T15:59:34.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/AlOeWQBIjb1o4aJmKRTixCS*mpIRg-eljDYdixkFZ7PRwF9JtgtFpI6gqkEuwLouX1Cpysn6kbFfaLgG3PheZJYUKWVJrrur/20111031eurchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/AlOeWQBIjb1o4aJmKRTixCS*mpIRg-eljDYdixkFZ7PRwF9JtgtFpI6gqkEuwLouX1Cpysn6kbFfaLgG3PheZJYUKWVJrrur/20111031eurchfdaily.gif?width=300" width="300"></img></a><br /> <p>EUR/CHF (daily chart) as of Monday (10/31/2011) has continued its fall towards the significant 1.2000 psychological support level after having turned down two weeks ago from an important long-term downtrend resistance line extending from the December 2009 high and the key 1.2400 price region.  After…</p>

<a target="_self" href="http://api.ning.com:80/files/AlOeWQBIjb1o4aJmKRTixCS*mpIRg-eljDYdixkFZ7PRwF9JtgtFpI6gqkEuwLouX1Cpysn6kbFfaLgG3PheZJYUKWVJrrur/20111031eurchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/AlOeWQBIjb1o4aJmKRTixCS*mpIRg-eljDYdixkFZ7PRwF9JtgtFpI6gqkEuwLouX1Cpysn6kbFfaLgG3PheZJYUKWVJrrur/20111031eurchfdaily.gif?width=300" width="300"/></a><br /> <p>EUR/CHF (daily chart) as of Monday (10/31/2011) has continued its fall towards the significant 1.2000 psychological support level after having turned down two weeks ago from an important long-term downtrend resistance line extending from the December 2009 high and the key 1.2400 price region.  After having hit the high above 1.2400 two weeks ago, price action broke down below a steep uptrend support line extending from the early August low just above parity (1.0000). The fact that the pair both respected the long-term downtrend resistance line as well as almost simultaneously broke down below the counter-trend uptrend support line, stands as a significant bearish trend indication. With upside resistance continuing to reside around the noted long-term downtrend resistance line, the key downside support target to watch continues to reside around the 1.2000 support/resistance psychological level.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=bI5_-GtvY2g:pW2F9F0sS8M:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=bI5_-GtvY2g:pW2F9F0sS8M:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=bI5_-GtvY2g:pW2F9F0sS8M:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-27:3252082:BlogPost:187724 2011-10-27T15:57:22.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/wz17QXZL4nGBgCUTTjH0g8HfodTKeNMurUUq4eYXhypi9L8sC00M1q8LZe84hUkP72-GieJUFDymPkLAndSdgxG**vBmLuzL/20111027usdchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/wz17QXZL4nGBgCUTTjH0g8HfodTKeNMurUUq4eYXhypi9L8sC00M1q8LZe84hUkP72-GieJUFDymPkLAndSdgxG**vBmLuzL/20111027usdchfdaily.gif?width=300" width="300"></img></a><br /> <p>USD/CHF (daily chart) as of Thursday (10/27/2011) has extended its fall substantially after breaking the neckline of a well-formed head-and-shoulders reversal pattern. Thursday’s price action saw the pair drop more than 200 pips to hit a 7-week low just below 0.8600, approaching key support in the 0.8550…</p>

<a target="_self" href="http://api.ning.com:80/files/wz17QXZL4nGBgCUTTjH0g8HfodTKeNMurUUq4eYXhypi9L8sC00M1q8LZe84hUkP72-GieJUFDymPkLAndSdgxG**vBmLuzL/20111027usdchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/wz17QXZL4nGBgCUTTjH0g8HfodTKeNMurUUq4eYXhypi9L8sC00M1q8LZe84hUkP72-GieJUFDymPkLAndSdgxG**vBmLuzL/20111027usdchfdaily.gif?width=300" width="300"/></a><br /> <p>USD/CHF (daily chart) as of Thursday (10/27/2011) has extended its fall substantially after breaking the neckline of a well-formed head-and-shoulders reversal pattern. Thursday’s price action saw the pair drop more than 200 pips to hit a 7-week low just below 0.8600, approaching key support in the 0.8550 price region. 0.8550 represents a key level that has been respected several times in the past both as support and as resistance. With price approaching such low levels, bearish momentum off the reversal pattern could well extend further to the downside. In the event of a breakdown below 0.8550, price action could begin targeting further downside around the next key support level below, in the 0.8275 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=qUooblwQQXk:4_gtAJse2nk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=qUooblwQQXk:4_gtAJse2nk:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=qUooblwQQXk:4_gtAJse2nk:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-26:3252082:BlogPost:187348 2011-10-26T16:27:59.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/RkZEUQ-IHic5Xl5*PW8IterSb23QqGRDaaki4cP8cE9NbXNLKUwdPYPGWWwjFzBiVYR5QH3CCPeigSkUEMRkf*2xE9HGhRpm/20111026usdjpydaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/RkZEUQ-IHic5Xl5*PW8IterSb23QqGRDaaki4cP8cE9NbXNLKUwdPYPGWWwjFzBiVYR5QH3CCPeigSkUEMRkf*2xE9HGhRpm/20111026usdjpydaily.gif?width=300" width="300"></img></a><br /> <p>USD/JPY (daily chart) as of Wednesday (10/26/2011) has hit yet a new all-time low below 76.00, reaching down to 75.70 in Wednesday’s trading. This bearish price action conforms to a bearish trend channel that extends back to the early April high around 85.50. The downtrend channel has prompted the pair to…</p>

<a target="_self" href="http://api.ning.com:80/files/RkZEUQ-IHic5Xl5*PW8IterSb23QqGRDaaki4cP8cE9NbXNLKUwdPYPGWWwjFzBiVYR5QH3CCPeigSkUEMRkf*2xE9HGhRpm/20111026usdjpydaily.gif"><img class="align-left" src="http://api.ning.com:80/files/RkZEUQ-IHic5Xl5*PW8IterSb23QqGRDaaki4cP8cE9NbXNLKUwdPYPGWWwjFzBiVYR5QH3CCPeigSkUEMRkf*2xE9HGhRpm/20111026usdjpydaily.gif?width=300" width="300"/></a><br /> <p>USD/JPY (daily chart) as of Wednesday (10/26/2011) has hit yet a new all-time low below 76.00, reaching down to 75.70 in Wednesday’s trading. This bearish price action conforms to a bearish trend channel that extends back to the early April high around 85.50. The downtrend channel has prompted the pair to drop below successively lower support levels, including the key 80.00 and 78.00 levels. Japanese intervention notwithstanding, further downside momentum below the key 76.00 level within the current bearish trend could see price make its way down towards the 73.00 price level, a significant Fibonacci extension. Potentially more likely, however, price could soon see yet another substantial move to the upside, perhaps triggered by intervention activity, that breaks out above the noted bearish channel and targets the key 78.00 resistance level to the upside once again.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=j6Ohzh-DQWo:J38mAwm3jDo:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=j6Ohzh-DQWo:J38mAwm3jDo:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=j6Ohzh-DQWo:J38mAwm3jDo:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-24:3252082:BlogPost:186102 2011-10-24T17:34:15.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<p><a href="http://api.ning.com:80/files/adiVefyM5is6NbAZvXtgyGogQmczIC6jdxRsJRI8Pey4iyGnEKAN0QLelpesiBDkH7dDqz6RBQfrKcl7CVPBe-Dat1Ho08-l/20111024gbpusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/adiVefyM5is6NbAZvXtgyGogQmczIC6jdxRsJRI8Pey4iyGnEKAN0QLelpesiBDkH7dDqz6RBQfrKcl7CVPBe-Dat1Ho08-l/20111024gbpusddaily.gif?width=300" width="300"></img></a> GBP/USD (daily chart) as of Monday (10/24/2011) has extended its rise up to the key 1.6000 psychological resistance level before backing off slightly. This occurs within the context of a steep bullish correction that began after price hit its 1.5270 low in early October. The current 2+ week bullishness has…</p>

<p><a target="_self" href="http://api.ning.com:80/files/adiVefyM5is6NbAZvXtgyGogQmczIC6jdxRsJRI8Pey4iyGnEKAN0QLelpesiBDkH7dDqz6RBQfrKcl7CVPBe-Dat1Ho08-l/20111024gbpusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/adiVefyM5is6NbAZvXtgyGogQmczIC6jdxRsJRI8Pey4iyGnEKAN0QLelpesiBDkH7dDqz6RBQfrKcl7CVPBe-Dat1Ho08-l/20111024gbpusddaily.gif?width=300" width="300"/></a>GBP/USD (daily chart) as of Monday (10/24/2011) has extended its rise up to the key 1.6000 psychological resistance level before backing off slightly. This occurs within the context of a steep bullish correction that began after price hit its 1.5270 low in early October. The current 2+ week bullishness has risen to more than 50% of the precipitous fall from the August 1.6616 high to the noted October 1.5270 low. Any subsequent further push to the upside that breaks above the 1.6000 level has an immediate resistance target around 1.6100, which is around the 61.8% Fibonacci retracement of the noted 1.6616-to-1.5270 fall. In the event that price pushes even further to the upside above the 61.8% level, a potential new trend change could be imminent. In the opposite event of a downside trend continuation, a key immediate support target resides around the 1.5800 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=fWkpKNcFLhM:KqRq4f5JdDg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=fWkpKNcFLhM:KqRq4f5JdDg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=fWkpKNcFLhM:KqRq4f5JdDg:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-20:3252082:BlogPost:184022 2011-10-20T16:27:33.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/WkOxaDFpHidBrLQg4dPKzwUG7x7EWb-hOcL5GcNsr3V6bcPnEBZ6h3GSAlgam435exaHcqnnZCiDWJdIDAZqOZPoQRO287u8/20111020eurchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/WkOxaDFpHidBrLQg4dPKzwUG7x7EWb-hOcL5GcNsr3V6bcPnEBZ6h3GSAlgam435exaHcqnnZCiDWJdIDAZqOZPoQRO287u8/20111020eurchfdaily.gif?width=300" width="300"></img></a><br /> <p>EUR/CHF (daily chart) as of Thursday (10/20/2011) has hit and tentatively respected a key resistance confluence that includes both a long-term descending resistance trend line extending back almost two years, and a key support/resistance line at the important 1.2400 level. Therefore, price is currently at…</p>

<a target="_self" href="http://api.ning.com:80/files/WkOxaDFpHidBrLQg4dPKzwUG7x7EWb-hOcL5GcNsr3V6bcPnEBZ6h3GSAlgam435exaHcqnnZCiDWJdIDAZqOZPoQRO287u8/20111020eurchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/WkOxaDFpHidBrLQg4dPKzwUG7x7EWb-hOcL5GcNsr3V6bcPnEBZ6h3GSAlgam435exaHcqnnZCiDWJdIDAZqOZPoQRO287u8/20111020eurchfdaily.gif?width=300" width="300"/></a><br /> <p>EUR/CHF (daily chart) as of Thursday (10/20/2011) has hit and tentatively respected a key resistance confluence that includes both a long-term descending resistance trend line extending back almost two years, and a key support/resistance line at the important 1.2400 level. Therefore, price is currently at a critical juncture. This occurs after price action rose dramatically (around 2400 pips in total) in a substantial bullish correction extending back to the early August all-time low just above parity. If price continues to respect the current resistance confluence, the next downside support target resides around the key 1.2000 price region, which is an important support/resistance and psychological level. To the upside, in the event of a breakout above the resistance confluence, the key upside target to watch resides around the 1.2700 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=A3Dh_25xjRw:ryZqkkQ8evg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=A3Dh_25xjRw:ryZqkkQ8evg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=A3Dh_25xjRw:ryZqkkQ8evg:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-18:3252082:BlogPost:183200 2011-10-18T15:16:28.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/-1l4SjOIKAjcZjIY5CmFLGnXZHyK8foBW1OWpub56rTBCK97kayc5yuUMgKnlUKJpoYeUkCyTtBKuT64JvHDF3DO0T4Fs965/20111018golddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/-1l4SjOIKAjcZjIY5CmFLGnXZHyK8foBW1OWpub56rTBCK97kayc5yuUMgKnlUKJpoYeUkCyTtBKuT64JvHDF3DO0T4Fs965/20111018golddaily.gif?width=300" width="300"></img></a><br /> <p>Gold (daily chart) as of Tuesday (10/18/2011) has made a pronounced drop below its wedge pattern consolidation, which hints at a potential continuation of the bearish run that originated from the early September all-time high around 1920. This wedge pattern, which can also be considered a large inverted…</p>

<a target="_self" href="http://api.ning.com:80/files/-1l4SjOIKAjcZjIY5CmFLGnXZHyK8foBW1OWpub56rTBCK97kayc5yuUMgKnlUKJpoYeUkCyTtBKuT64JvHDF3DO0T4Fs965/20111018golddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/-1l4SjOIKAjcZjIY5CmFLGnXZHyK8foBW1OWpub56rTBCK97kayc5yuUMgKnlUKJpoYeUkCyTtBKuT64JvHDF3DO0T4Fs965/20111018golddaily.gif?width=300" width="300"/></a><br /> <p>Gold (daily chart) as of Tuesday (10/18/2011) has made a pronounced drop below its wedge pattern consolidation, which hints at a potential continuation of the bearish run that originated from the early September all-time high around 1920. This wedge pattern, which can also be considered a large inverted pennant pattern, represented a slightly bullish pullback consolidation that occurred after gold’s plummet down to the 1532 low extreme back in late September. After that low was hit with a strong hammer candle, price consolidated into a tight and converging three-week pullback move (that conveniently rose to around the 38.2% Fibonacci retracement of the bearish run’s high-to-low), before making the current tentative breakdown of the wedge pattern. Further downside momentum on the current bearish move could go on to target the 1550 support region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=8vq18Z2gPiw:_aOiu2bFFhc:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=8vq18Z2gPiw:_aOiu2bFFhc:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=8vq18Z2gPiw:_aOiu2bFFhc:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-17:3252082:BlogPost:182794 2011-10-17T18:22:12.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/eqFq1lLUgUJpnDF*XPLBfDxHBKWrGdmgtJxQEQKNBL3s*L3Hx5Gfvjy4t1tuML7WV*uGlSBE8OZPTbDZQ5rWXtwZgpw6S8q2/20111017usdchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/eqFq1lLUgUJpnDF*XPLBfDxHBKWrGdmgtJxQEQKNBL3s*L3Hx5Gfvjy4t1tuML7WV*uGlSBE8OZPTbDZQ5rWXtwZgpw6S8q2/20111017usdchfdaily.gif?width=300" width="300"></img></a><br /> <p>USD/CHF (daily chart) as of Monday (10/17/2011) has stalled above key support in the 0.8900 price region, emphasizing this level as the current price region to watch for key events to occur. At the moment, that key event has been a slight bounce that has highlighted 0.8900 as the most important…</p>

<a target="_self" href="http://api.ning.com:80/files/eqFq1lLUgUJpnDF*XPLBfDxHBKWrGdmgtJxQEQKNBL3s*L3Hx5Gfvjy4t1tuML7WV*uGlSBE8OZPTbDZQ5rWXtwZgpw6S8q2/20111017usdchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/eqFq1lLUgUJpnDF*XPLBfDxHBKWrGdmgtJxQEQKNBL3s*L3Hx5Gfvjy4t1tuML7WV*uGlSBE8OZPTbDZQ5rWXtwZgpw6S8q2/20111017usdchfdaily.gif?width=300" width="300"/></a><br /> <p>USD/CHF (daily chart) as of Monday (10/17/2011) has stalled above key support in the 0.8900 price region, emphasizing this level as the current price region to watch for key events to occur. At the moment, that key event has been a slight bounce that has highlighted 0.8900 as the most important support/resistance area within the context of the current bullish trend that has been in place since the early September breakout above the previous long-term downtrend. 0.8900 has served several times in the past as a turning point both as support and as resistance. A continuation of the current uptrend would be the likely bias if price is able once again to reach towards its strong upside resistance target around 0.9300, which is another key support/resistance region that price respected in early October, less than two weeks ago. If instead there is a strong subsequent downside break below 0.8900, the current downtrend will have been placed in serious danger of trend change, with the next major downside target around the equally strong 0.8550 support/resistance price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=s-YPyfzk7Kc:kfLTvOP1ZyU:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=s-YPyfzk7Kc:kfLTvOP1ZyU:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=s-YPyfzk7Kc:kfLTvOP1ZyU:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-13:3252082:BlogPost:180809 2011-10-13T17:06:20.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/aEJ7uLgkrsTSah1vELl68GB*Ti7q*iXz0Mxl8ASMS7p6JOBZ9jL2eVDU1GXDU9HGeUhcow*nkt4D0uEkAit033nnrEtWDVlt/20111013eurusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/aEJ7uLgkrsTSah1vELl68GB*Ti7q*iXz0Mxl8ASMS7p6JOBZ9jL2eVDU1GXDU9HGeUhcow*nkt4D0uEkAit033nnrEtWDVlt/20111013eurusddaily.gif?width=300" width="300"></img></a><br /> <p>EUR/USD (daily chart) as of Thursday (10/13/2011) has turned down from key resistance in the 1.3830 price region. This occurs after more than a week of strongly bullish price action that has formed a significant bullish correction within the context of the new overall downtrend that has been in place…</p>

<a target="_self" href="http://api.ning.com:80/files/aEJ7uLgkrsTSah1vELl68GB*Ti7q*iXz0Mxl8ASMS7p6JOBZ9jL2eVDU1GXDU9HGeUhcow*nkt4D0uEkAit033nnrEtWDVlt/20111013eurusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/aEJ7uLgkrsTSah1vELl68GB*Ti7q*iXz0Mxl8ASMS7p6JOBZ9jL2eVDU1GXDU9HGeUhcow*nkt4D0uEkAit033nnrEtWDVlt/20111013eurusddaily.gif?width=300" width="300"/></a><br /> <p>EUR/USD (daily chart) as of Thursday (10/13/2011) has turned down from key resistance in the 1.3830 price region. This occurs after more than a week of strongly bullish price action that has formed a significant bullish correction within the context of the new overall downtrend that has been in place since the breakdown below 1.4000 in early September. The 1.3830 resistance level, which was just hit on Wednesday before turning back down in Thursday’s trading, has served as a key support/resistance level in the recent past. If price action continues its bearish stance after having turned down from this resistance, the next key support level to watch to the downside continues to be the 1.3500 price level. In the event of a breakdown below that level, the key longer-term target on a downtrend continuation continues to reside around the important 1.3000 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=3WS_Wi2wSyA:uJQu-dUGZac:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=3WS_Wi2wSyA:uJQu-dUGZac:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=3WS_Wi2wSyA:uJQu-dUGZac:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-12:3252082:BlogPost:180272 2011-10-12T15:16:03.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/edpuW7gyxs9aHIH7gaUvz9gSgsMMX5C*TF*SkKbvNred2hvmk3uIcv14F3q*A-gmj3okATCDEAk-X*DLN320zpgWqPZbVPwx/20111012golddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/edpuW7gyxs9aHIH7gaUvz9gSgsMMX5C*TF*SkKbvNred2hvmk3uIcv14F3q*A-gmj3okATCDEAk-X*DLN320zpgWqPZbVPwx/20111012golddaily.gif?width=300" width="300"></img></a><br /> <p>Gold (daily chart) as of Wednesday (10/12/2011) has continued its struggle to recover from the precipitous drop that brought price down from its latest all-time high of 1920 in early September down to a low of 1532 in late September. That three-week plunge of almost $400 culminated in a large hammer candle…</p>

<a target="_self" href="http://api.ning.com:80/files/edpuW7gyxs9aHIH7gaUvz9gSgsMMX5C*TF*SkKbvNred2hvmk3uIcv14F3q*A-gmj3okATCDEAk-X*DLN320zpgWqPZbVPwx/20111012golddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/edpuW7gyxs9aHIH7gaUvz9gSgsMMX5C*TF*SkKbvNred2hvmk3uIcv14F3q*A-gmj3okATCDEAk-X*DLN320zpgWqPZbVPwx/20111012golddaily.gif?width=300" width="300"/></a><br /> <p>Gold (daily chart) as of Wednesday (10/12/2011) has continued its struggle to recover from the precipitous drop that brought price down from its latest all-time high of 1920 in early September down to a low of 1532 in late September. That three-week plunge of almost $400 culminated in a large hammer candle right down at the 200-period simple moving average support, indicating a temporary price failure to further its plummet. Since that candle formation, price has essentially consolidated sideways with a slight upside bias. This pullback/consolidation has formed a rising wedge-type pattern that may also be seen as a large pennant formation. This consolidation pattern would fulfill its role as a continuation pattern if there is a break to the downside below the bottom border of the pattern. In this event, the key initial downside target resides around the 1550 price region. The key event that could presage a recovery of gold and a potential resumption of the long-term entrenched uptrend would be a breakout above the 1730 resistance region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=rxBjbP0BCY8:xMHd8nHHJEU:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=rxBjbP0BCY8:xMHd8nHHJEU:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=rxBjbP0BCY8:xMHd8nHHJEU:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-11:3252082:BlogPost:179937 2011-10-11T16:19:16.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/hc3Fd9OeglpZqLORAHKi-sGj-FwJcdXhszBEnk1ldPGolts1Q0GQEILpCWu-YmOkO9Uk-gxGjzsDnTZl-nU0ww54QmmZI*Eb/20111011audusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/hc3Fd9OeglpZqLORAHKi-sGj-FwJcdXhszBEnk1ldPGolts1Q0GQEILpCWu-YmOkO9Uk-gxGjzsDnTZl-nU0ww54QmmZI*Eb/20111011audusddaily.gif?width=300" width="300"></img></a><br /> <p>AUD/USD (daily chart) as of Tuesday (10/11/2011) has tentatively respected key resistance around parity (1.0000), turning down in trading on Tuesday after rising just a few pips above the parity level. This occurs after five straight days of net bullish price action that saw price rise steeply from its…</p>

<a target="_self" href="http://api.ning.com:80/files/hc3Fd9OeglpZqLORAHKi-sGj-FwJcdXhszBEnk1ldPGolts1Q0GQEILpCWu-YmOkO9Uk-gxGjzsDnTZl-nU0ww54QmmZI*Eb/20111011audusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/hc3Fd9OeglpZqLORAHKi-sGj-FwJcdXhszBEnk1ldPGolts1Q0GQEILpCWu-YmOkO9Uk-gxGjzsDnTZl-nU0ww54QmmZI*Eb/20111011audusddaily.gif?width=300" width="300"/></a><br /> <p>AUD/USD (daily chart) as of Tuesday (10/11/2011) has tentatively respected key resistance around parity (1.0000), turning down in trading on Tuesday after rising just a few pips above the parity level. This occurs after five straight days of net bullish price action that saw price rise steeply from its 0.9400 support level. Despite these past five days of bullishness, the pair still resides within a strong downtrend, although any subsequent breakout above parity could potentially place this bearish trend in jeopardy, and would then target key upside resistance around the 1.0200 price region once again. If price continues to respect parity within the context of the current bearish trend, price should initially re-target downside support around the 0.9700 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=NnIQagXOFOY:FSl2UghFUKM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=NnIQagXOFOY:FSl2UghFUKM:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=NnIQagXOFOY:FSl2UghFUKM:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-05:3252082:BlogPost:176035 2011-10-05T16:37:48.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/sHBQC9b6Bau86l6e-9qRsAEFiVnXNVAl4tRyANWDhz1IXQJ71AK-9DoPHQwD373Pm1rLoamXd2rH8bxWBs0Utkcck64ZIPUn/20111005usdchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/sHBQC9b6Bau86l6e-9qRsAEFiVnXNVAl4tRyANWDhz1IXQJ71AK-9DoPHQwD373Pm1rLoamXd2rH8bxWBs0Utkcck64ZIPUn/20111005usdchfdaily.gif?width=300" width="300"></img></a><br /> <p>USD/CHF (daily chart) as of Wednesday (10/05/2011) has continued to display a strong bullish bias in line with the new bullish trend that has been in place since the prior long-term downtrend was broken to the upside in early September. After that trend breakout, the new uptrend has been displaying the…</p>

<a target="_self" href="http://api.ning.com:80/files/sHBQC9b6Bau86l6e-9qRsAEFiVnXNVAl4tRyANWDhz1IXQJ71AK-9DoPHQwD373Pm1rLoamXd2rH8bxWBs0Utkcck64ZIPUn/20111005usdchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/sHBQC9b6Bau86l6e-9qRsAEFiVnXNVAl4tRyANWDhz1IXQJ71AK-9DoPHQwD373Pm1rLoamXd2rH8bxWBs0Utkcck64ZIPUn/20111005usdchfdaily.gif?width=300" width="300"/></a><br /> <p>USD/CHF (daily chart) as of Wednesday (10/05/2011) has continued to display a strong bullish bias in line with the new bullish trend that has been in place since the prior long-term downtrend was broken to the upside in early September. After that trend breakout, the new uptrend has been displaying the characteristics of a well-formed and technically-behaving bullish trend, reaching for progressively higher resistance levels while retracing back down to key support levels. These retracements and trend continuations have taken the form of at least two flag continuation patterns that have proven useful in describing the current bullish trend. Most recently, after having broken out above key 0.8900 prior resistance, price action pulled back down to bounce at that level, this time as support, and is now targeting its current immediate upside target around the 0.9300 resistance region. On a breakout above 0.9300, the next major upside resistance target resides around the 0.9500 price region, which not only represents an important prior support/resistance level and psychological price level, but is also around the 161.8% Fibonacci extension of the last major bearish run.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=yVlikP2hAcU:nXSDRU6PIZ4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=yVlikP2hAcU:nXSDRU6PIZ4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=yVlikP2hAcU:nXSDRU6PIZ4:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-04:3252082:BlogPost:175370 2011-10-04T14:55:22.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/4Y7MfEopFv4MA5REjmfl3AYaTX87mQ4aULMewY3LpkxGEF2pd-BRiiaODvynFTKC6i2LHGA5yVppybfHecdgBB1ETijKEPMI/20111004audusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/4Y7MfEopFv4MA5REjmfl3AYaTX87mQ4aULMewY3LpkxGEF2pd-BRiiaODvynFTKC6i2LHGA5yVppybfHecdgBB1ETijKEPMI/20111004audusddaily.gif?width=300" width="300"></img></a><br /> <p>AUD/USD (daily chart) as of Tuesday (10/04/2011) has dropped down to a key support target in the 0.9400 price region after five consecutive bearish days that brought the pair plummeting down from its correction highs near parity (1.0000). This occurs within the context of an exceptionally steep downtrend…</p>

<a target="_self" href="http://api.ning.com:80/files/4Y7MfEopFv4MA5REjmfl3AYaTX87mQ4aULMewY3LpkxGEF2pd-BRiiaODvynFTKC6i2LHGA5yVppybfHecdgBB1ETijKEPMI/20111004audusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/4Y7MfEopFv4MA5REjmfl3AYaTX87mQ4aULMewY3LpkxGEF2pd-BRiiaODvynFTKC6i2LHGA5yVppybfHecdgBB1ETijKEPMI/20111004audusddaily.gif?width=300" width="300"/></a><br /> <p>AUD/USD (daily chart) as of Tuesday (10/04/2011) has dropped down to a key support target in the 0.9400 price region after five consecutive bearish days that brought the pair plummeting down from its correction highs near parity (1.0000). This occurs within the context of an exceptionally steep downtrend that initiated from the 1.0760 high in the beginning of September. The fall from that high around a month ago broke down below a large rising wedge pattern, and then successive key support levels, including 1.0400, 1.0200, and parity. After last week’s noted bullish correction that stopped just short of parity, price has gone on further to break down below further key support levels including 0.9700 and 0.9550. Now that price has reached its 0.9400 downside target (the 161.8% Fibonacci extension of the rising wedge correction), another bullish correction may be in order, but the overall directional bias continues to be to the downside in line with the strong prevailing bearish trend. The next key support target to the downside resides around the 0.9200 price region, followed by the psychologically important 0.9000 level.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=ZBfEOkKRSlA:_4DVYU0xz3s:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=ZBfEOkKRSlA:_4DVYU0xz3s:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=ZBfEOkKRSlA:_4DVYU0xz3s:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-10-03:3252082:BlogPost:174812 2011-10-03T16:19:07.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/Qj8MBXeWBChvrvWrvRRQrfDGJPsK5F5F6ElBuyM5meEOXrAPLbHNjdqriO*KlYmggm9l7sU1GC*iFdJxfetc*zBpIk*CGQms/20111003gbpusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/Qj8MBXeWBChvrvWrvRRQrfDGJPsK5F5F6ElBuyM5meEOXrAPLbHNjdqriO*KlYmggm9l7sU1GC*iFdJxfetc*zBpIk*CGQms/20111003gbpusddaily.gif?width=300" width="300"></img></a><br /> <p>GBP/USD (daily chart) as of Monday (10/03/2011) has resumed its strongly bearish bias within the context of a steep downtrend that has been in place for more than two months since the late August 1.6616 high. This downtrend established a low right around key support in the 1.5330 price region slightly…</p>

<a target="_self" href="http://api.ning.com:80/files/Qj8MBXeWBChvrvWrvRRQrfDGJPsK5F5F6ElBuyM5meEOXrAPLbHNjdqriO*KlYmggm9l7sU1GC*iFdJxfetc*zBpIk*CGQms/20111003gbpusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/Qj8MBXeWBChvrvWrvRRQrfDGJPsK5F5F6ElBuyM5meEOXrAPLbHNjdqriO*KlYmggm9l7sU1GC*iFdJxfetc*zBpIk*CGQms/20111003gbpusddaily.gif?width=300" width="300"/></a><br /> <p>GBP/USD (daily chart) as of Monday (10/03/2011) has resumed its strongly bearish bias within the context of a steep downtrend that has been in place for more than two months since the late August 1.6616 high. This downtrend established a low right around key support in the 1.5330 price region slightly more than a week ago, before making a significant bullish correction that approached 1.5750 resistance. This key 1.5750 resistance having held, price action turned back down in the direction of the prevailing trend late last week, and has continued the overall bearish bias on Monday, tentatively breaking below the key 1.5500 level once again. Currently, price appears poised to target the noted 1.5330 downside support once again, with a subsequent breakdown below that level continuing the steep downtrend and potentially targeting 1.5200 (which is the 61.8% Fibonacci retracement of the last major uptrend from the May 2010 1.4230 low to the April 2011 1.6745 high), and then the psychologically important 1.5000 level.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=hPThTIoH9I0:ZyMqcMuxjJE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=hPThTIoH9I0:ZyMqcMuxjJE:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=hPThTIoH9I0:ZyMqcMuxjJE:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-30:3252082:BlogPost:173963 2011-09-30T15:14:57.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/1az8eNNX7pLuAjPMgIcB0G3neqg5cdauzwW56A7VGlv8AlRafUxPCo5m0d3wstfK8dNsQIQHIp9NqOZoFX1BJpgxw-THsKO0/20110930eurusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/1az8eNNX7pLuAjPMgIcB0G3neqg5cdauzwW56A7VGlv8AlRafUxPCo5m0d3wstfK8dNsQIQHIp9NqOZoFX1BJpgxw-THsKO0/20110930eurusddaily.gif?width=300" width="300"></img></a><br /> <p>EUR/USD (daily chart) as of Friday (9/30/2011) has begun a resumption of its bearish stance after making a bullish correction within the context of a strong and steep breakout downtrend. This new downtrend has its origins at the early September breakdown below a key wedge pattern and then below the 1.4000…</p>

<a target="_self" href="http://api.ning.com:80/files/1az8eNNX7pLuAjPMgIcB0G3neqg5cdauzwW56A7VGlv8AlRafUxPCo5m0d3wstfK8dNsQIQHIp9NqOZoFX1BJpgxw-THsKO0/20110930eurusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/1az8eNNX7pLuAjPMgIcB0G3neqg5cdauzwW56A7VGlv8AlRafUxPCo5m0d3wstfK8dNsQIQHIp9NqOZoFX1BJpgxw-THsKO0/20110930eurusddaily.gif?width=300" width="300"/></a><br /> <p>EUR/USD (daily chart) as of Friday (9/30/2011) has begun a resumption of its bearish stance after making a bullish correction within the context of a strong and steep breakout downtrend. This new downtrend has its origins at the early September breakdown below a key wedge pattern and then below the 1.4000 price region, which represented a confluence of three important support factors: the 200-day simple moving average, a key uptrend support line extending back to the June 2010 low extreme, and the 1.4000 psychological support/resistance level. After the breakdown of that support confluence, price has displayed a strong bearish trend interspersed with regular bullish retracements. Most recently, after hitting the new downtrend’s low around 1.3360 in the beginning of this week (which is also around the 161.8% Fibonacci extension of the last major bullish correction), and stopping shy of its 1.3300 downside target, price retraced once again before now resuming its bearish directional bias. In the event that the pair is able to hit its current downside target at 1.3300, the next key downside target within the currently prevailing downtrend resides around the important 1.3000 psychological support level.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=5BQiUxYy7hs:WpHEN8nlzWk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=5BQiUxYy7hs:WpHEN8nlzWk:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=5BQiUxYy7hs:WpHEN8nlzWk:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-29:3252082:BlogPost:173897 2011-09-29T15:59:05.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/TNKJlpzi7Cy6*qYoh--QsYzfYSAR0EYsfbSKyH5SHX3bnu5NcCOD9TH4GfqrtIpfQAvelTa9E6zVTYsZu3h3GT8vFFio4Nms/20110929audusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/TNKJlpzi7Cy6*qYoh--QsYzfYSAR0EYsfbSKyH5SHX3bnu5NcCOD9TH4GfqrtIpfQAvelTa9E6zVTYsZu3h3GT8vFFio4Nms/20110929audusddaily.gif?width=300" width="300"></img></a><br /> <p>AUD/USD (daily chart) as of Thursday (9/29/2011) has consolidated above key support in the 0.9700 price region. This occurs after price action dropped precipitously from its high just under 1.0800 in the beginning of the month. The month of September has shown a strong and steep bearish trend that has…</p>

<a target="_self" href="http://api.ning.com:80/files/TNKJlpzi7Cy6*qYoh--QsYzfYSAR0EYsfbSKyH5SHX3bnu5NcCOD9TH4GfqrtIpfQAvelTa9E6zVTYsZu3h3GT8vFFio4Nms/20110929audusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/TNKJlpzi7Cy6*qYoh--QsYzfYSAR0EYsfbSKyH5SHX3bnu5NcCOD9TH4GfqrtIpfQAvelTa9E6zVTYsZu3h3GT8vFFio4Nms/20110929audusddaily.gif?width=300" width="300"/></a><br /> <p>AUD/USD (daily chart) as of Thursday (9/29/2011) has consolidated above key support in the 0.9700 price region. This occurs after price action dropped precipitously from its high just under 1.0800 in the beginning of the month. The month of September has shown a strong and steep bearish trend that has thus far culminated in an attempt to breakdown below 0.9700, but the pair has been unable to make a significant breach as of yet. But downside momentum for AUD/USD does not appear yet to be over. Price should make another attempt at breaking down below 0.9700, in which case the clear downside target resides around the key 0.9400 price region, which is not only a very important prior support/resistance level, but also the 161.8% Fibonacci extension of the last major bullish correction, represented by the steep rising wedge. If price is able to reach its 0.9400 area target, AUD/USD will have established at least a one-year historical low.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=Ga1ouEuRA-4:wA_ZRS1fau4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=Ga1ouEuRA-4:wA_ZRS1fau4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=Ga1ouEuRA-4:wA_ZRS1fau4:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-27:3252082:BlogPost:172663 2011-09-27T14:37:28.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/FDGXYKM2vqsAqLyewoRRmzHhA392zNgJK80rlVQORXB0NG9taKoo406GbStGPy8E9ua0PLXLAXrHv22Jr43QAha9afq7tjY7/20110927usdchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/FDGXYKM2vqsAqLyewoRRmzHhA392zNgJK80rlVQORXB0NG9taKoo406GbStGPy8E9ua0PLXLAXrHv22Jr43QAha9afq7tjY7/20110927usdchfdaily.gif?width=300" width="300"></img></a><br /> <p>USD/CHF (daily chart) as of Tuesday (9/27/2011) has pulled back yet again in what is turning out to resemble a well-formed bullish trend characterized by strong breakouts to the upside interspersed with bearish pullbacks, or retracements. If price action continues this pattern of higher highs and higher…</p>

<a target="_self" href="http://api.ning.com:80/files/FDGXYKM2vqsAqLyewoRRmzHhA392zNgJK80rlVQORXB0NG9taKoo406GbStGPy8E9ua0PLXLAXrHv22Jr43QAha9afq7tjY7/20110927usdchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/FDGXYKM2vqsAqLyewoRRmzHhA392zNgJK80rlVQORXB0NG9taKoo406GbStGPy8E9ua0PLXLAXrHv22Jr43QAha9afq7tjY7/20110927usdchfdaily.gif?width=300" width="300"/></a><br /> <p>USD/CHF (daily chart) as of Tuesday (9/27/2011) has pulled back yet again in what is turning out to resemble a well-formed bullish trend characterized by strong breakouts to the upside interspersed with bearish pullbacks, or retracements. If price action continues this pattern of higher highs and higher lows, the uptrend that was started early in September on the strong breakout above the previous long-term 15-month downtrend, should gain further strength. After that breakout, price has gone on to breakout above progressively higher resistance levels, including the 0.8275, 0.8550, and 0.8900 price regions. The next major resistance level to the upside resides around the 0.9300 price region, which the pair targeted but was unable to reach late last week before correcting back to the 0.8900 region today. If the 0.8900 area is able to hold, price should once again target the 0.9300 level and a continuation of the new uptrend for USD/CHF. A breakdown of this level could presage a sideways consolidation for the pair going forward.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=8v2JdHMvyEA:6UzhEL_3_Fg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=8v2JdHMvyEA:6UzhEL_3_Fg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=8v2JdHMvyEA:6UzhEL_3_Fg:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-23:3252082:BlogPost:171807 2011-09-23T15:13:02.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<p><a href="http://api.ning.com:80/files/gDOils4gMFaCLKzslcJtxF4s1z3dt-H0FFLeNGHotJHVwJmsvin-HVFlCi-JOqPDNvbLFF7aPLT91HFYbVaBVS6bnJt7NMCE/20110923audusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/gDOils4gMFaCLKzslcJtxF4s1z3dt-H0FFLeNGHotJHVwJmsvin-HVFlCi-JOqPDNvbLFF7aPLT91HFYbVaBVS6bnJt7NMCE/20110923audusddaily.gif?width=300" width="300"></img></a> AUD/USD (daily chart) as of Friday (9/23/2011) has backed off key support around the 0.9700 price region after having broken swiftly and strongly below prior key support around parity (1.0000). Friday’s price action rose up above 0.9800 from its half-year lows just below 0.9700. This pullback occurs after…</p>

<p><a target="_self" href="http://api.ning.com:80/files/gDOils4gMFaCLKzslcJtxF4s1z3dt-H0FFLeNGHotJHVwJmsvin-HVFlCi-JOqPDNvbLFF7aPLT91HFYbVaBVS6bnJt7NMCE/20110923audusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/gDOils4gMFaCLKzslcJtxF4s1z3dt-H0FFLeNGHotJHVwJmsvin-HVFlCi-JOqPDNvbLFF7aPLT91HFYbVaBVS6bnJt7NMCE/20110923audusddaily.gif?width=300" width="300"/></a>AUD/USD (daily chart) as of Friday (9/23/2011) has backed off key support around the 0.9700 price region after having broken swiftly and strongly below prior key support around parity (1.0000). Friday’s price action rose up above 0.9800 from its half-year lows just below 0.9700. This pullback occurs after a precipitous 1100 pip drop that started in the beginning of September. After such a plummet, a bullish correction pullback is to be expected, with strong resistance now residing around the parity region. Overall, however, the directional bias continues to be strongly to the downside in line with the steep bearish trend that currently prevails. A re-breakdown below 0.9700 should target further immediate downside around the 0.9550 price region, and then the key 0.9400 support/resistance level, which is also the 161.8% Fibonacci extension of the last major bullish correction.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=vKFm9qcysFw:htVmMuoIGd0:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=vKFm9qcysFw:htVmMuoIGd0:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=vKFm9qcysFw:htVmMuoIGd0:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-22:3252082:BlogPost:171543 2011-09-22T15:24:39.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<p><a href="http://api.ning.com:80/files/1nKzAg2*EXw1dT*skmTtjeElU*8DxUyioYaLwBWdbm8r9h8pGid76Qgpi3vhDTJdZIi-4BtPad5oW-KfejmLgO6uCNoJTkK*/20110922gbpusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/1nKzAg2*EXw1dT*skmTtjeElU*8DxUyioYaLwBWdbm8r9h8pGid76Qgpi3vhDTJdZIi-4BtPad5oW-KfejmLgO6uCNoJTkK*/20110922gbpusddaily.gif?width=300" width="300"></img></a></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>GBP/USD (daily chart) as of Thursday (9/22/2011) has continued its dramatic plummet since Wednesday, extending the sharp bearish trend that has been in place since the mid-August 1.6616 high. The…</p>

<p><a target="_self" href="http://api.ning.com:80/files/1nKzAg2*EXw1dT*skmTtjeElU*8DxUyioYaLwBWdbm8r9h8pGid76Qgpi3vhDTJdZIi-4BtPad5oW-KfejmLgO6uCNoJTkK*/20110922gbpusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/1nKzAg2*EXw1dT*skmTtjeElU*8DxUyioYaLwBWdbm8r9h8pGid76Qgpi3vhDTJdZIi-4BtPad5oW-KfejmLgO6uCNoJTkK*/20110922gbpusddaily.gif?width=300" width="300"/></a></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>GBP/USD (daily chart) as of Thursday (9/22/2011) has continued its dramatic plummet since Wednesday, extending the sharp bearish trend that has been in place since the mid-August 1.6616 high. The current drop has brought price down to hit and dip under key support in the important 1.5350 price region. The steepness of this bearishness should soon prompt some corrective price action in the form of a pullback, but the overall directional bias continues to be to the downside in line with the strong existing downtrend. Upside resistance on this potential pullback resides around the key 1.5500 price region. Further bearish price action within the context of the current downtrend should target the 1.5200 price region (which is also the 61.8% Fibonacci retracement of the major May 2010 to May 2011 uptrend), followed by the psychologically-important 1.5000 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=BdQMd85c9ho:L04RvVFSjj0:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=BdQMd85c9ho:L04RvVFSjj0:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=BdQMd85c9ho:L04RvVFSjj0:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-20:3252082:BlogPost:170440 2011-09-20T14:30:59.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<p><a href="http://api.ning.com:80/files/U50Z6pDz8PGJF0kFs1OnjamodAmKdccxW3e*u7ZDvBZ8ehCbnFFyrT5FezD0C-qMzIMlpw4pktZrETVj6J*F9Cl51dGoNTbq/20110920usdchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/U50Z6pDz8PGJF0kFs1OnjamodAmKdccxW3e*u7ZDvBZ8ehCbnFFyrT5FezD0C-qMzIMlpw4pktZrETVj6J*F9Cl51dGoNTbq/20110920usdchfdaily.gif?width=300" width="300"></img></a></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>USD/CHF (daily chart) as of Tuesday (9/20/2011) has once again risen to re-test key resistance around the 0.8900 price region, a level that was just tested and essentially respected early last week. After last…</p>

<p><a target="_self" href="http://api.ning.com:80/files/U50Z6pDz8PGJF0kFs1OnjamodAmKdccxW3e*u7ZDvBZ8ehCbnFFyrT5FezD0C-qMzIMlpw4pktZrETVj6J*F9Cl51dGoNTbq/20110920usdchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/U50Z6pDz8PGJF0kFs1OnjamodAmKdccxW3e*u7ZDvBZ8ehCbnFFyrT5FezD0C-qMzIMlpw4pktZrETVj6J*F9Cl51dGoNTbq/20110920usdchfdaily.gif?width=300" width="300"/></a></p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>USD/CHF (daily chart) as of Tuesday (9/20/2011) has once again risen to re-test key resistance around the 0.8900 price region, a level that was just tested and essentially respected early last week. After last week’s resistance test, price pulled back slightly in its trend-breaking bullishness, to the 0.8645 price region, before turning back up. Now that price has re-tested key resistance, a strong break to the upside, which would continue the bullish breakout momentum and add further confirmation to an overall change in trend for the pair, could go on to target further upside around the 0.9300 resistance region. A turn back to the downside from resistance, which would further strengthen this resistance region, could target strong downside support once again around the 0.8550 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/><strong>Director of Technical Research and Education</strong><br/><strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=54bQlPT31DY:9AM2qWSBudg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=54bQlPT31DY:9AM2qWSBudg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=54bQlPT31DY:9AM2qWSBudg:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-19:3252082:BlogPost:169679 2011-09-19T16:30:38.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/4Wlj7E7jtLLsx3QidnLx3wFvDgF8v7t2vqbSF8OPMqJ-x3jrbTCxR9*h0vWB61ZqLhlhPyhfeto60qaaU97S3yCUl9-nOJAf/20110919gbpusddaily.gif" target="_self"><img class="align-full" src="http://api.ning.com:80/files/4Wlj7E7jtLLsx3QidnLx3wFvDgF8v7t2vqbSF8OPMqJ-x3jrbTCxR9*h0vWB61ZqLhlhPyhfeto60qaaU97S3yCUl9-nOJAf/20110919gbpusddaily.gif?width=300" width="300"></img></a><br /> <p>GBP/USD (daily chart) as of Monday (9/19/2011) has continued its dramatic overall bearishness of the last several weeks by making a significant breakdown below key 1.5750 area support. This breakdown caps off a full month of steeply bearish price action coming off the mid-August 1.6616 high. Now that a…</p>

<a target="_self" href="http://api.ning.com:80/files/4Wlj7E7jtLLsx3QidnLx3wFvDgF8v7t2vqbSF8OPMqJ-x3jrbTCxR9*h0vWB61ZqLhlhPyhfeto60qaaU97S3yCUl9-nOJAf/20110919gbpusddaily.gif"><img class="align-full" src="http://api.ning.com:80/files/4Wlj7E7jtLLsx3QidnLx3wFvDgF8v7t2vqbSF8OPMqJ-x3jrbTCxR9*h0vWB61ZqLhlhPyhfeto60qaaU97S3yCUl9-nOJAf/20110919gbpusddaily.gif?width=300" width="300"/></a><br /> <p>GBP/USD (daily chart) as of Monday (9/19/2011) has continued its dramatic overall bearishness of the last several weeks by making a significant breakdown below key 1.5750 area support. This breakdown caps off a full month of steeply bearish price action coming off the mid-August 1.6616 high. Now that a breakdown below the 1.5750 support region has been made, the next major support target to the downside resides around the 1.5500 price region, which represents the 50% retracement of the long-term previous uptrend running from the May 2010 1.4230 low to the April 2011 1.6745 high. The trend on GBP/USD is now bearish, and further downside should be seen. Within the context of this new bearish trend, upside resistance resides around the key 1.6000 psychological price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=XA11nxWgfrc:s0jNwo0kATk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=XA11nxWgfrc:s0jNwo0kATk:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=XA11nxWgfrc:s0jNwo0kATk:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-15:3252082:BlogPost:169286 2011-09-15T16:15:21.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/TXTw5mXq6fl3xuWnMRk1POgrpVWw638RLvSX5565bdoyadHjR5emud8nZnqu19f0bOAx8k4NnS66D5UjPcG8R7cFWodoDWhb/20110915golddaily.gif" target="_self"><img class="align-full" src="http://api.ning.com:80/files/TXTw5mXq6fl3xuWnMRk1POgrpVWw638RLvSX5565bdoyadHjR5emud8nZnqu19f0bOAx8k4NnS66D5UjPcG8R7cFWodoDWhb/20110915golddaily.gif?width=300" width="300"></img></a><br /> <p>Gold (daily chart) as of Thursday (9/15/2011) has extended its pullback after hitting the latest all-time high of $1920 last week. The current bearish retracement is overdue, as the steep run-up from the early July low of $1477 was not indefinitely sustainable. Currently, price action has hit support…</p>

<a target="_self" href="http://api.ning.com:80/files/TXTw5mXq6fl3xuWnMRk1POgrpVWw638RLvSX5565bdoyadHjR5emud8nZnqu19f0bOAx8k4NnS66D5UjPcG8R7cFWodoDWhb/20110915golddaily.gif"><img class="align-full" src="http://api.ning.com:80/files/TXTw5mXq6fl3xuWnMRk1POgrpVWw638RLvSX5565bdoyadHjR5emud8nZnqu19f0bOAx8k4NnS66D5UjPcG8R7cFWodoDWhb/20110915golddaily.gif?width=300" width="300"/></a><br /> <p>Gold (daily chart) as of Thursday (9/15/2011) has extended its pullback after hitting the latest all-time high of $1920 last week. The current bearish retracement is overdue, as the steep run-up from the early July low of $1477 was not indefinitely sustainable. Currently, price action has hit support offered by the trendline extending from that early July low, but the bearish correction does not yet appear to be over. A breakdown below the trendline could extend further down to $1730 support and possibly below. Despite this pullback, however, the overall long-term trend and directional bias continues to be to the upside. Once the bearish correction completes, any subsequent breakout above the $1920 high could make an initial upside target and new all-time high around the $2040 price region, which, in uncharted territory, is the 161.8% Fibonacci extension of the latest bearish correction.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=m9qiCnb4Onk:45E6_suBiWI:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=m9qiCnb4Onk:45E6_suBiWI:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=m9qiCnb4Onk:45E6_suBiWI:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-13:3252082:BlogPost:167501 2011-09-13T15:13:13.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/M4uPP*e4651HpPHpH0OyyTqo5p6tBvWWGO2UfWmaCcHv9qVxt5r6vpYbFTmxTuy8lWkCy0S3j-mGMd0sG9F8BjaZuG*BMPRu/20110913eurusddaily.gif" target="_self"><img class="align-full" src="http://api.ning.com:80/files/M4uPP*e4651HpPHpH0OyyTqo5p6tBvWWGO2UfWmaCcHv9qVxt5r6vpYbFTmxTuy8lWkCy0S3j-mGMd0sG9F8BjaZuG*BMPRu/20110913eurusddaily.gif?width=300" width="300"></img></a><br /> <p>EUR/USD (daily chart) as of Tuesday (9/13/2011) has reached and respected key support in the important 1.3500 price region, a round number psychological level that has served well as previous support and resistance in the past. This support bounce occurred just a few pips below the 1.3500 level, and hints…</p>

<a target="_self" href="http://api.ning.com:80/files/M4uPP*e4651HpPHpH0OyyTqo5p6tBvWWGO2UfWmaCcHv9qVxt5r6vpYbFTmxTuy8lWkCy0S3j-mGMd0sG9F8BjaZuG*BMPRu/20110913eurusddaily.gif"><img class="align-full" src="http://api.ning.com:80/files/M4uPP*e4651HpPHpH0OyyTqo5p6tBvWWGO2UfWmaCcHv9qVxt5r6vpYbFTmxTuy8lWkCy0S3j-mGMd0sG9F8BjaZuG*BMPRu/20110913eurusddaily.gif?width=300" width="300"/></a><br /> <p>EUR/USD (daily chart) as of Tuesday (9/13/2011) has reached and respected key support in the important 1.3500 price region, a round number psychological level that has served well as previous support and resistance in the past. This support bounce occurred just a few pips below the 1.3500 level, and hints at a potential pullback in the dramatic bearishness that has characterized this pair for the month of September thus far. Prior to the current bounce, this month’s bearishness made a swift and strong breakdown last week below a confluence of support that included both the key 1.4000 psychological support level, the 200-period simple moving average, and an important uptrend support line extending from the June 2010 low that represented a 15-month uptrend for the pair. On a bullish continuation of the current bounce, the key upside resistance target continues to reside around the important 1.4000 level. To the downside, on a subsequent breakdown below the 1.3500 level, which would confirm a downside trend continuation, an immediate downside support target resides around the 1.3300 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=qX5Wu0gYm6E:_6dtsPuKVxY:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=qX5Wu0gYm6E:_6dtsPuKVxY:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=qX5Wu0gYm6E:_6dtsPuKVxY:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-09-12:3252082:BlogPost:166791 2011-09-12T16:05:37.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/5PPZcmkFxqHYfl-kqZn7P3mJSTTtGZxS44E1EKvNxURPXffjlhVpagxk785hWtlbhyq*ScUY-UYVgPN3fT-RWl54q8E4u2Qg/20110912usdchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/5PPZcmkFxqHYfl-kqZn7P3mJSTTtGZxS44E1EKvNxURPXffjlhVpagxk785hWtlbhyq*ScUY-UYVgPN3fT-RWl54q8E4u2Qg/20110912usdchfdaily.gif?width=300" width="300"></img></a><br /> <p>USD/CHF (daily chart) as of Monday (9/12/2011) has continued its trend-breaking rise to hit key resistance around the 0.8900 price region before stalling in its dramatic bullishness of the past week. This occurs after a strong and swift bullish surge early last week broke out above an important downtrend…</p>

<a target="_self" href="http://api.ning.com:80/files/5PPZcmkFxqHYfl-kqZn7P3mJSTTtGZxS44E1EKvNxURPXffjlhVpagxk785hWtlbhyq*ScUY-UYVgPN3fT-RWl54q8E4u2Qg/20110912usdchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/5PPZcmkFxqHYfl-kqZn7P3mJSTTtGZxS44E1EKvNxURPXffjlhVpagxk785hWtlbhyq*ScUY-UYVgPN3fT-RWl54q8E4u2Qg/20110912usdchfdaily.gif?width=300" width="300"/></a><br /> <p>USD/CHF (daily chart) as of Monday (9/12/2011) has continued its trend-breaking rise to hit key resistance around the 0.8900 price region before stalling in its dramatic bullishness of the past week. This occurs after a strong and swift bullish surge early last week broke out above an important downtrend resistance line that had been in place since the June 2010 high. This breakout was a highly significant move that has brought price well above its recent record lows. Now that price action has reached this key 0.8900 resistance, price is yet again at a critical juncture. A break to the upside, which would continue the bullish breakout momentum and add further confirmation to an overall change in trend for the pair, could target further upside around the 0.9300 resistance region. A turn back to the downside, which would represent a pullback in the bullish surge, could target strong downside support around the 0.8550 price region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=M2rrdgWyccE:GY7uLXGF2pg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=M2rrdgWyccE:GY7uLXGF2pg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=M2rrdgWyccE:GY7uLXGF2pg:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-08-08:3252082:BlogPost:124994 2011-08-08T14:59:39.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/ZHkHNGVSWwOLn9ZJ3zzcU1iKHVnQQAkvSKE65Fv6hzBNqQ*GsoLB4aW*0WiKCM7ukhiI7aiyXE3tdADl3eTHdwwZsb0KlrwX/20110808usdjpy4hour.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/ZHkHNGVSWwOLn9ZJ3zzcU1iKHVnQQAkvSKE65Fv6hzBNqQ*GsoLB4aW*0WiKCM7ukhiI7aiyXE3tdADl3eTHdwwZsb0KlrwX/20110808usdjpy4hour.gif?width=300" width="300"></img></a><br /> <p>USD/JPY (4-hour chart) as of Monday (8/08/2011) has continued its steady, yen-strengthening fall after spiking late last week to a high of 80.22 on the heels of intervention by the Bank of Japan. This yen re-strengthening after the central bank’s attempt to weaken the yen essentially indicates that the…</p>

<a target="_self" href="http://api.ning.com:80/files/ZHkHNGVSWwOLn9ZJ3zzcU1iKHVnQQAkvSKE65Fv6hzBNqQ*GsoLB4aW*0WiKCM7ukhiI7aiyXE3tdADl3eTHdwwZsb0KlrwX/20110808usdjpy4hour.gif"><img class="align-left" src="http://api.ning.com:80/files/ZHkHNGVSWwOLn9ZJ3zzcU1iKHVnQQAkvSKE65Fv6hzBNqQ*GsoLB4aW*0WiKCM7ukhiI7aiyXE3tdADl3eTHdwwZsb0KlrwX/20110808usdjpy4hour.gif?width=300" width="300"/></a><br /> <p>USD/JPY (4-hour chart) as of Monday (8/08/2011) has continued its steady, yen-strengthening fall after spiking late last week to a high of 80.22 on the heels of intervention by the Bank of Japan. This yen re-strengthening after the central bank’s attempt to weaken the yen essentially indicates that the intervention has had very little lasting impact on the upward trajectory of the Japanese currency. The fact that USD/JPY has dropped below key 78.50 support once again is an important bearish indication. As USD/JPY continues to move to the downside, the risk of further yen intervention continues to loom. The key downside target currently continues to reside around the significant 76.50 support region. Further intervention notwithstanding, USD/JPY could continue its overall downtrend slide. In the event of a subsequent strong breakdown below 76.50, a longer-term target to the downside resides around the 74.00 price region, which is around the 161.8% Fibonacci extension of last week’s bullish correction.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=noXc3bDk_CI:eMnuf9CNXEQ:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=noXc3bDk_CI:eMnuf9CNXEQ:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=noXc3bDk_CI:eMnuf9CNXEQ:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-08-05:3252082:BlogPost:122196 2011-08-05T15:42:13.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/UoNKxEJUMxnZP79*mzYvOCPIAj8XGHAKU6uS05V7ISrj1CLMG7t2CJ4J1zSHluZLPiBQtI8YOYt73PRICwe3N*J5-8r3inQ7/20110805audusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/UoNKxEJUMxnZP79*mzYvOCPIAj8XGHAKU6uS05V7ISrj1CLMG7t2CJ4J1zSHluZLPiBQtI8YOYt73PRICwe3N*J5-8r3inQ7/20110805audusddaily.gif?width=300" width="300"></img></a><br /> <p>AUD/USD (daily chart) as of Friday (8/05/2011) has dropped precipitously this week and has reached down to dip tentatively below key support around the important 1.0400 support/resistance price region. This occurs after price action hit a new all-time high at 1.1078 in the prior week, and then broke down…</p>

<a target="_self" href="http://api.ning.com:80/files/UoNKxEJUMxnZP79*mzYvOCPIAj8XGHAKU6uS05V7ISrj1CLMG7t2CJ4J1zSHluZLPiBQtI8YOYt73PRICwe3N*J5-8r3inQ7/20110805audusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/UoNKxEJUMxnZP79*mzYvOCPIAj8XGHAKU6uS05V7ISrj1CLMG7t2CJ4J1zSHluZLPiBQtI8YOYt73PRICwe3N*J5-8r3inQ7/20110805audusddaily.gif?width=300" width="300"/></a><br /> <p>AUD/USD (daily chart) as of Friday (8/05/2011) has dropped precipitously this week and has reached down to dip tentatively below key support around the important 1.0400 support/resistance price region. This occurs after price action hit a new all-time high at 1.1078 in the prior week, and then broke down just yesterday below a confluence of the 100-period simple moving average and a long-term uptrend support line extending back to the June 2010 low. Currently at a critical support juncture, price action could very well extend its bearish streak into next week. If price is able to break and stay below the key 1.0400 price level, the next clear downside support target resides around the important 1.0200 prior resistance region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=n2om2AgD02o:sPfvofJP6vM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=n2om2AgD02o:sPfvofJP6vM:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=n2om2AgD02o:sPfvofJP6vM:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-08-04:3252082:BlogPost:120558 2011-08-04T16:20:21.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/4Uuoi9lWGGGfJpauTd8MRXP0xeDu1LjIuacWxbfS3o5PP6B*s4NHxksyKVNmqfNgAEn0p-wAPjqXf6q-kZRq*q1oCQ2*I9gB/20110804usdjpy4hour.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/4Uuoi9lWGGGfJpauTd8MRXP0xeDu1LjIuacWxbfS3o5PP6B*s4NHxksyKVNmqfNgAEn0p-wAPjqXf6q-kZRq*q1oCQ2*I9gB/20110804usdjpy4hour.gif?width=300" width="300"></img></a><br /> <p>USD/JPY (4-hour chart) as of Thursday (8/04/2011) jumped more than three big figures to poke above the key 80.00 psychological level on the heels of BOJ intervention, before pulling back and settling around the 79.00 price region. This rather swift spike brought price up to approach a key downtrend…</p>

<a target="_self" href="http://api.ning.com:80/files/4Uuoi9lWGGGfJpauTd8MRXP0xeDu1LjIuacWxbfS3o5PP6B*s4NHxksyKVNmqfNgAEn0p-wAPjqXf6q-kZRq*q1oCQ2*I9gB/20110804usdjpy4hour.gif"><img class="align-left" src="http://api.ning.com:80/files/4Uuoi9lWGGGfJpauTd8MRXP0xeDu1LjIuacWxbfS3o5PP6B*s4NHxksyKVNmqfNgAEn0p-wAPjqXf6q-kZRq*q1oCQ2*I9gB/20110804usdjpy4hour.gif?width=300" width="300"/></a><br /> <p>USD/JPY (4-hour chart) as of Thursday (8/04/2011) jumped more than three big figures to poke above the key 80.00 psychological level on the heels of BOJ intervention, before pulling back and settling around the 79.00 price region. This rather swift spike brought price up to approach a key downtrend resistance line extending back to the late April high. Now sandwiched between resistance around 79.50 and support around 78.50, price is currently at a critical directional juncture. A break below 78.50, which would hint at a failed intervention, should target downside support around 76.50 once again. A re-breakout to the upside above 79.50 could potentially target the 81.50 resistance region.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=XFQco3ly22c:Omgt6Kwzj8I:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=XFQco3ly22c:Omgt6Kwzj8I:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=XFQco3ly22c:Omgt6Kwzj8I:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-08-02:3252082:BlogPost:118593 2011-08-02T14:12:23.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/6WjlIQV10nSVVOneDUzjme8Yeog9HoL9sQtToFIxD5xVPFonM2Ao8hmD1Rif4ZT7OAGk20qk0b4*ZJdBtKPHWawl2GlTdLs8/20110802golddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/6WjlIQV10nSVVOneDUzjme8Yeog9HoL9sQtToFIxD5xVPFonM2Ao8hmD1Rif4ZT7OAGk20qk0b4*ZJdBtKPHWawl2GlTdLs8/20110802golddaily.gif?width=300" width="300"></img></a><br /> <p>Gold (daily chart) as of Tuesday (8/02/2011) has once again established yet a new all-time high, which has been occurring regularly for the past three weeks, this time around the 1640 price region. This occurs within the context of a very clear and strong bullish trend on multiple timeframes — long-term,…</p>

<a target="_self" href="http://api.ning.com:80/files/6WjlIQV10nSVVOneDUzjme8Yeog9HoL9sQtToFIxD5xVPFonM2Ao8hmD1Rif4ZT7OAGk20qk0b4*ZJdBtKPHWawl2GlTdLs8/20110802golddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/6WjlIQV10nSVVOneDUzjme8Yeog9HoL9sQtToFIxD5xVPFonM2Ao8hmD1Rif4ZT7OAGk20qk0b4*ZJdBtKPHWawl2GlTdLs8/20110802golddaily.gif?width=300" width="300"/></a><br /> <p>Gold (daily chart) as of Tuesday (8/02/2011) has once again established yet a new all-time high, which has been occurring regularly for the past three weeks, this time around the 1640 price region. This occurs within the context of a very clear and strong bullish trend on multiple timeframes — long-term, medium-term, as well as short-term. The 1635 price region, which price has just slightly surpassed, represents the 161.8% Fibonacci extension target of the last major bearish correction (from the early-May previous all-time high at around 1575 to the early-July correction low around 1478). Now that price action has reached its upside target and established yet a new all-time high, another correction could be impending before a potential resumption of the strong overall bullish trend. Downside support within the context of the current uptrend resides around the previous 1575 all-time high price region. In the event of a resumption of the current trend, a breakout above the new 1640 high could go on to begin targeting further uncharted upside around the 1730 price region, which represents the 261.8% Fibonacci extension of the noted last major bearish correction.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=7py98-giXEM:LmqbgNo5upM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=7py98-giXEM:LmqbgNo5upM:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=7py98-giXEM:LmqbgNo5upM:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-08-01:3252082:BlogPost:116826 2011-08-01T17:38:44.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/nZPL6OAJPRzkvrpgLEqKzgn3mFJv7Q6cGx8arYR5RZMQ2YGLR6kX26qCupqjAA0foBpFXjUgVGR7yi-Mbc6kHosilhyv*esz/20110801eurchfdaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/nZPL6OAJPRzkvrpgLEqKzgn3mFJv7Q6cGx8arYR5RZMQ2YGLR6kX26qCupqjAA0foBpFXjUgVGR7yi-Mbc6kHosilhyv*esz/20110801eurchfdaily.gif?width=300" width="300"></img></a><br /> <p>EUR/CHF (daily chart) as of Monday (8/01/2011) has dropped dramatically to hit its downside target area just above 1.1000, establishing yet a new all-time low around 1.1023 in the process. This occurs within the context of a clear long-term, medium-term, and short-term bearish trend for the pair. This…</p>

<a target="_self" href="http://api.ning.com:80/files/nZPL6OAJPRzkvrpgLEqKzgn3mFJv7Q6cGx8arYR5RZMQ2YGLR6kX26qCupqjAA0foBpFXjUgVGR7yi-Mbc6kHosilhyv*esz/20110801eurchfdaily.gif"><img class="align-left" src="http://api.ning.com:80/files/nZPL6OAJPRzkvrpgLEqKzgn3mFJv7Q6cGx8arYR5RZMQ2YGLR6kX26qCupqjAA0foBpFXjUgVGR7yi-Mbc6kHosilhyv*esz/20110801eurchfdaily.gif?width=300" width="300"/></a><br /> <p>EUR/CHF (daily chart) as of Monday (8/01/2011) has dropped dramatically to hit its downside target area just above 1.1000, establishing yet a new all-time low around 1.1023 in the process. This occurs within the context of a clear long-term, medium-term, and short-term bearish trend for the pair. This downside target price region represents both a key 161.8% Fibonacci extension as well as a separate 261.8% Fibonacci extension target within uncharted price territory. A bullish retracement/correction within the context of the recent dramatic bearishness should soon be due. In the event of a downtrend continuation, which would be confirmed on a strong breakdown below the 1.1000 psychological level, price action could potentially begin targeting further uncharted downside around the 1.0600 price region, which represents the 261.8% Fibonacci extension of the last major bullish retracement.</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=tVEF-zanXRU:S-NAB-o3fIw:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=tVEF-zanXRU:S-NAB-o3fIw:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=tVEF-zanXRU:S-NAB-o3fIw:F7zBnMyn0Lo" border="0"></img></a> </div> tag:www.forexstreet.net,2011-08-01:3252082:BlogPost:117090 2011-08-01T16:06:38.000Z James Chen, CTA, CMT http://www.forexstreet.net/profile/JamesChenCTACMT

<a href="http://api.ning.com:80/files/*flAYgYfjjErzKGPMwREcXSXDWl1gfqQc*c7TFMPwb4jTqto4qjAsqJouOR3vWpBD6ZemutJNPFMU8rjr5Clnd2HT7QWdROx/20110801audusddaily.gif" target="_self"><img class="align-left" src="http://api.ning.com:80/files/*flAYgYfjjErzKGPMwREcXSXDWl1gfqQc*c7TFMPwb4jTqto4qjAsqJouOR3vWpBD6ZemutJNPFMU8rjr5Clnd2HT7QWdROx/20110801audusddaily.gif?width=300" width="300"></img></a><br /> <p>AUD/USD (daily chart) as of Monday (8/01/2011) has consolidated around the key 1.1000 psychological price region after making a tentative upside breakout last week to hit a new all-time high around 1.1078, surpassing the previous all-time high set in May at around 1.1010. After having established the new…</p>

<a target="_self" href="http://api.ning.com:80/files/*flAYgYfjjErzKGPMwREcXSXDWl1gfqQc*c7TFMPwb4jTqto4qjAsqJouOR3vWpBD6ZemutJNPFMU8rjr5Clnd2HT7QWdROx/20110801audusddaily.gif"><img class="align-left" src="http://api.ning.com:80/files/*flAYgYfjjErzKGPMwREcXSXDWl1gfqQc*c7TFMPwb4jTqto4qjAsqJouOR3vWpBD6ZemutJNPFMU8rjr5Clnd2HT7QWdROx/20110801audusddaily.gif?width=300" width="300"/></a><br /> <p>AUD/USD (daily chart) as of Monday (8/01/2011) has consolidated around the key 1.1000 psychological price region after making a tentative upside breakout last week to hit a new all-time high around 1.1078, surpassing the previous all-time high set in May at around 1.1010. After having established the new all-time high, price action has wavered and retraced back under the key 1.1000 level. This bearish pullback, within the context of the overwhelmingly bullish overall trend, could bring price back down to approach or re-test key support around the 1.0800 price region. In the event of a resumption of the overall bullish trend that breaks out above the new 1.1078 all-time high, price action in uncharted territory could begin targeting the 1.1400 price region, which represents the 161.8% Fibonacci extension of the last major bearish correction (from the early May 1.1010 high down to the late June 1.0390 low).</p> <p> </p> <p><em>(Click on chart to enlarge. Forex chart key: price on 1st pane, Stochastics 14,3,3 on 2nd pane; horizontal support/resistance levels in black; uptrend lines in green; downtrend lines in red; 50-period simple moving average (SMA) in orange; 100-period SMA in brown; 200-period SMA in dark blue; Fibonacci levels in magenta.)</em></p> <p><em> <br/></em></p> <p><strong>James Chen, CTA, CMT</strong><br/> <strong>Director of Technical Research and Education</strong><br/> <strong>FXDD</strong></p><div class="feedflare"> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=O_NW3n6ESg0:o7tJBqkpJvE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.fxstreet.com/~ff/typepad/fxstreet/fxpath?a=O_NW3n6ESg0:o7tJBqkpJvE:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/typepad/fxstreet/fxpath?i=O_NW3n6ESg0:o7tJBqkpJvE:F7zBnMyn0Lo" border="0"></img></a> </div>