Tuesday FX Charts That Matter 7/10/12

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Good morning. Euro remains under pressure as any recovery attempt is facing selling pressure, so it should be difficult to reach the 1st important resistance level located around $1.240.

EURUSD

The bottom established in 2010 is most likely this decline’s target. There are only a few hundred pips between current trading level and the multi-year low at $1.1870

Market sentiment: intraday – bearish, short-term – bearish

EURUSD 4hrs 7-10-2012

EURUSD 4hrs 7-10-2012

Hourly chart looks even worse. As fast as it keeps getting sold below the 1.24-1.25 zone, I don’t see any reason why bulls would try to catch a falling knife

EURUSD hourly 7-10-2012

EURUSD hourly 7-10-2012

USDCHF

USDCHF enjoys euro’s sell-off as it trades in the opposite direction (inverse correlation). Support around .9750 seems stable for now

Market sentiment: intraday – bullish, short-term – bullish

USDCHF 4hrs 7-10-2012

USDCHF 4hrs 7-10-2012

NZDUSD

A few days ago, when .8060 was under pressure, I was rather expecting a breakout above the said level. But the poor NFP numbers killed the risk-on rallies across the board, so NZDUSD became a victim. What’s pretty clear at this moment is that the decline is not over yet.

Market sentiment: intraday – bearish, short-term – bearish

NZDUSD 4hrs 7-10-2012

NZDUSD 4hrs 7-10-2012

AUDNZD

Resistance at 1.28 has been breached and it’s probably a good idea to expect the recovery to continue

Market sentiment: intraday – bullish, short-term – bullish

AUDNZD 4hrs 7-10-2012

AUDNZD 4hrs 7-10-2012

GBPCHF

A new resistance zone formed by recent top side has been conquered and it should provide support if GBP pulls back against the CHF.

Market sentiment: intraday – bullish, short-term – bullish

GBPCHF daily 7-10-2012

GBPCHF daily 7-10-2012

USDCAD

US dollar recovers some of its losses against the Canadian dollar, after a strong decline. Resistance zone around 1.024 is now in focus

Market sentiment: intraday – bullish, short-term – slightly bullish

USDCAD 4hrs 7-10-2012

USDCAD 4hrs 7-10-2012

have a great day!

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