Ask the Chartist with James Chen – Webinar Rebroadcast

Please click on the following link to view the rebroadcast of today’s Ask the Chartist with James Chen. This webinar featured answers to questions from the audience regarding forex trading, technical analysis, and trading strategies. Please click here to access: https://www1.gotomeeting.com/register/985790744 .

Talking Technicals with James Chen – Webinar Rebroadcast

Please click on the following link to view the rebroadcast of today’s Talking Technicals with James Chen. This webinar featured T.P.B. and the Deep Pullback strategy . Please click here to access: https://www1.gotomeeting.com/register/549814968 .

EUR/USD Continues Bearish Trend to Target Key 1.3000 Support

EUR/USD (daily chart) as of Monday (11/28/2011) has continued its fall down below the key 1.3300 price region, continuing a month-long bearish trend after hitting a high around 1.4250 resistance in late October. This month-long plummet is comparable in slope to the immediately preceding month-long rise that occurred throughout the month of October. Currently, the key downside support target to watch resides around the 1.3150 price region, which was last reached in early October. In the event of a breakdown below this key support area, which would confirm a downtrend continuation, the immediate downside target resides around the psychologically-important 1.3000 support/resistance level.

(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.)

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD

James Chen Speaking Today 10:15 am at the Las Vegas Traders Expo

I will be speaking today (November 17) at 10:15 AM about Forex trend trading at the Las Vegas Traders Expo, free workshop. Details: http://bit.ly/qyJZZ2

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD

EUR/USD Bearish Correction of Bullish Correction

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.

(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.)

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD

EUR/CHF Continues Bearish Downturn Within Long-Term Downtrend

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.

(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.)

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD

USD/CHF Follows Through on Head-and-Shoulders Pattern Breakdown

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.

(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.)

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD

Charting the Majors with James Chen – Webinar Rebroadcast

Please click on the following link to access the rebroadcast of today’s Charting the Majors with James Chen. This webinar featured the current technical outlook on the major currency pairs in an interactive and educational session. Please click here to access: https://www1.gotomeeting.com/register/180063240 .

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