Forex Forecast - 7 Sep 08

What a week !! Most of the pairs fell against the USD. EUR closed the week @ 1.4248, JPY closed @106.96, GBP closed @ 1.7626.

Outlook for the coming week ...

EUR - EUR formed a doji to close the week on the daily charts. If it can break the top @ 1.4347, we could see the EUR move back up to 1.4700 regions. Going below 1.4196, we could see the EUR fall to 1.3920 regions.

JPY - This pair is still in a bearish trend, technically. However, we could see the JPY retrace to about 108 first before moving down to about 105.

GBP - If GBP breaks above 1.7743, we could see the GBP retrace to 1.84 before moving down again. Going below 1.7535, we could see GBP testing 1.6870.

Disclaimer: These are purely my own views of the market. You are solely responsible for your own trade losses/profits if you decide to follow these forecasts.