October 8th Long-Term Charts

FX Strategy Video > Currency Pairs Analysis

EUR/USD had a relatively strong showing for the week, but it should be noted that we are entering the massive resistance zone from the 1.30 handle to the 1.35 handle. Also, the Friday session ended with a shooting star - never a good sign for the bulls.

The USD/CAD pair continues to confound most traders as the 0.98 handle isn't quite ready to give up as support. The weekly candle looks like one that is trying to find a buyer, and as a result we think the weakening oil markets are going to help the USD in this pair.

The EUR/JPY is a clearer picture at the moment. We think this pair has broken out, and the 100 level is now a bottom of sorts. On pullbacks, this pair will continue to attract buyers.

The EUR/GBP pair continues to grind higher, but the 0.8150 level looks like it could be resistive still. The Euro continues to gain as against the other currencies, but the Pound is also strong. Because of this, we think this pair could go sideways for a while.

Published on 6th of October 2012
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