Cable has risen pretty dramatically during New York session this morning. It’s just managed to reach resistance at the very top of the short-term parallel uptrend channel that I have been talking about. In fact, as of this writing, it’s poked through the top line a bit. At this point, technical traders are looking for a turning point, where the quick run-up finally exhausts itself and begins a correction or consolidation. This should be coming soon. Have a great weekend, everyone, and see you on Sunday night, New York time!
- James
James Chen is the Chief Technical Analyst at FX Solutions,
a leading Forex broker. He is also a registered Commodity Trading
Advisor (CTA) and a Chartered Market Technician (CMT) Level 3
candidate. At FX Solutions, Mr. Chen writes daily currency analysis,
conducts forex trading seminars, and has authored numerous articles on
currency trading and technical analysis for major financial
publications. His upcoming book, Essentials of Foreign Exchange Trading
(John Wiley & Sons), will be released in early 2009.
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