Price action on USD/CAD (a daily chart of which is shown) as of Monday (5/02/2011) has established yet a new long-term 3+ year low at 0.9445 before rebounding back up to re-test prior support in the 0.9500 price region. This occurs within the context of strong bearish environment within a longstanding overall downtrend. For more technical analysis on this currency pair, please click here for Monday’s (5/02/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on EUR/USD (a daily chart of which is shown) as of Friday (4/29/2011) has continued its strong bullishness, establishing a new 16-month high, without having made much of a pullback or retracement since breaking out above the 1.4500 prior resistance level last week. This continued upside surge extends and even accelerates the steep uptrend that has been in place since the beginning of the year. For more technical analysis on this currency pair, please click here for Friday’s (4/29/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

USD/CHF (a daily chart of which is shown) as of Thursday (4/28/2011) has hit its downside support target just under 0.8700 and established yet a new all-time low yesterday at 0.8669. The 0.8700 target, in previously uncharted territory, was derived by projecting the 161.8% Fibonacci extension of the last major bullish correction within the overall long-term downtrend. For more technical analysis on this currency pair, please click here for Thursday’s (4/28/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

GBP/USD (a daily chart of which is shown) as of Wednesday (4/27/2011) has risen to approach key resistance around the 1.6600 price region before pulling back, after coming very close to hitting that level late last week. This occurs within the context of both a long-term bullish trend extending back for almost a year, as well as shorter-term bullish momentum. For more technical analysis on this currency pair, please click here for Wednesday’s (2011/04/27) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on Silver (a daily chart of which is shown) as of Tuesday (4/26/2011) has pulled back and begun a bearish correction after establishing a new all-time high just short of $50, around $49.79. The establishment of this new all-time high can be considered simply a re-test of the previous all-time high around $49.50 which was established back in 1980. Overall, silver’s recent rise has been even more dramatic than that of gold. For more technical analysis on silver, please click here for Tuesday’s (4/26/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on Gold (a daily chart of which is shown) as of Monday (4/25/2011) has continued its bullish stance after having broken out above its 1500 resistance target late last week, establishing yet a new all-time high above 1517 in the process. This follows on the heels of a week of almost daily record-breaking highs. For more technical analysis on gold, please click here for Monday’s (4/25/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on USD/CAD (a daily chart of which is shown) as of Friday (4/22/2011) has established yet a new 3+ year low at 0.9453 before bouncing back up above key 0.9500 support. This occurs within the context of a strong and well-formed parallel downtrend channel extending back to the October 2010 high. For more technical analysis on this currency pair, please click here for Friday’s (4/22/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on AUD/USD (a 4-hour chart of which is shown) as of Thursday (4/21/2011) has risen dramatically to reach and surpass its 1.0700 price target, establishing a new record high just above 1.0770. This occurs on a sharp bullish move that originated near the beginning of this week. A pullback/correction could soon be in order. For more technical analysis on this currency pair, please click here for Thursday’s (4/21/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on EUR/USD (a daily chart of which is shown) as of Monday (4/18/2011) has broken down below key support levels, including both the key 1.4280 price level and a strong bullish support trendline that has been in place since the beginning of the year. This critical breakdown occurs after price action toyed with key 1.4500 resistance for all of last week. For more technical analysis on this currency pair, please click here for Monday’s (4/18/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.

Price action on EUR/USD (a daily chart of which is shown) as of Friday (4/15/2011) has dropped after a week of consolidating just under key 1.4500 resistance but ultimately being unable to breakout significantly or close above that important resistance ceiling. The current drop could be a part of an overdue pullback/correction within the strong bullish trend that has been in place since the beginning of the year. For more technical analysis on this currency pair, please click here for Friday’s (4/15/2011) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
* For information on my new book, Essentials of Technical Analysis for Financial Markets (Wiley), please click here.