Thread: UWCFX - www.uwcfx.com

Dear forex forums .net Members, My name is M.Wael Alkel and I would like to introduce my firm UWCFX to you, if you have any questions please do not hesitate to ask.

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Daily Analysis of the forex market from UWCFX:

EUR/USD intraday:

Both tp mentioned last week at (from 13725) at 13635 and 13510 were hit.. Nice double bottom was formed and we consider that monday could be a ''consolidation day''..
Eurusd could bounce till ema 50 located at 13615/20 area before targeting 13420 and 13360 -fib extension
Current rate: 1.3546
Important support point : 13490
Signal : No trading signal generated
Most Likely Scenario : short position in 13620 area (with stop above 13690) and short below 13580
for tp located at fib extension 13.2 and 162%
Comment : to secure trade prevail short below 13480 for 13420 and 13360

GBP/USD Intraday:
Intraday bias: Neutral
Current rate: 1.6072
Important points : 16110 and 16130
Signal : No trading signal generated
Most Likely Scenario : LONG position above 16160 and short below 15950
Alternative scenario : The downside breakout of 15950 will reopen retest of 15740 area
Comment : note formation of a falling wedge that we were talking about last week... Therefore near term outlook remains bullish as long as 1.5950. Above 1.6136 will flip intraday bias to the upside for 1.6276/87 resistance zone and break will target 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next

USD/CHF interday:

Intraday bias: Neutral
Current rate: 0.9729
Important point : .9809
Signal : No trading signal generated
Comment :
USDCHF raised last week as per our forecast and double top at .9790 was almost hit.
At this stage we are neutral belong .9810 . A clear break of . 9810 area would expose usd/chf to a move towards fib extension 138% at .99574 and 161% at 1.00658
On the downside, below 0.9575 support will turn bias neutral and bring retreat. But downside should be contained above 0.9530 support and bring another rally.

USD/JPY Interday:

Intraday bias: Upside bias prevails for 83.90 and 84.50 after consolidation above 83.50
Current Rate: 0.8318
Important point : double top at 83.75
Signal : No trading signal generated
Comment :
Last week both tp at 82.82 and 83.2 were hit.
Some kind of double top was formed by Friday and on daily indicator is in favour of more downside consolidation.
Consolidation should be contained above 82.45 support (green line) and bring another rise. As noted before, sustained break of 83.90 resistance will confirm our bullish view that rise form 80.93 is resuming and should target 84.50 resistance first. However, below 82.45 will dampen this view and turn outlook mixed.

FxFred Free Forex Signals:

SELL A GBP/USD 1.6003
take profit 1.5983
stoploss 1.6033