Price action on EUR/JPY, a daily chart of which is shown, is displaying dramatic yen strengthening today on stock market declines that is also abundantly clear on other major yen pairs/crosses like USD/JPY and GBP/JPY. In the case of EUR/JPY, price has descended all the way down to approach a dynamically-ascending support line extending from the April low. For more technical analysis on this currency pair, please click here for Thursday’s (11/19/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

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Price action to start the week on AUD/USD, a daily chart of which is shown, has just tentatively broken through to establish a new 15-month high for the pair, but only by a handful of pips thus far. This currency pair continues to operate within the context of a long-term uptrend extending from March. For more technical analysis on this currency pair, please click here for Monday’s (11/16/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Price action on EUR/USD, a daily chart of which is shown, has corrected back down to an uptrend support line after falling short of re-testing the 14-month high just above 1.50. Until a significant downside breach of this support trendline occurs, this currency pair is still very much in uptrending mode. The key upside level to watch is still in the region of the 1.5060 long-term high, as any significant breakout above this level would confirm a continuation of the uptrend that has been in place since March. For more technical analysis on this currency pair, please click here for Friday’s (11/13/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

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Price action on USD/CHF, a daily chart of which is shown, has dropped to within just a few pips shy of the 15-month low (1.0030) that was hit just a couple of weeks ago. This occurs within the context of a clear and continuing accelerated downtrend that has been in place for almost a year now. For more technical analysis on this currency pair, please click here for Wednesday’s (11/11/2009) Forex Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Price action on USD/JPY, a daily chart of which is shown, is currently on the verge of a bearish breakdown below a newly-formed symmetrical triangle consolidation pattern. This occurs in an overall environment of USD/JPY bearishness within the context of a general downtrend that has been in place since April. Within this downtrend, price has broken down below several bullish corrections and pattern consolidations, as shown on the chart. For more technical analysis on this currency pair, please click here for Tuesday’s (11/10/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

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Substantial dollar-weakening to begin the week has just approached the 14-month high for AUD/USD, a daily chart of which is shown. This occurs after price action broke out cleanly above a short-term downtrend resistance line extending from that high. AUD/USD, much like EUR/USD, continues to operate within the context of a long-term uptrend extending from March. Also much like EUR/USD, if the 14-month high on AUD/USD (around 0.9325) is broken strongly to the upside, an uptrend continuation will have been confirmed. For more technical analysis on this currency pair, please click here for Monday’s (11/09/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Late last week, price action on spot gold (a daily chart of which is shown) formed a bullish engulfing pattern right at strong support in the 1025 region, which represented previous resistance. After that bullish engulfing pattern established the new support level, which also coincided with a key 50% Fibonacci retracement level, price shot up this week to overtake the previous all-time high above 1070. Currently having just established a new all-time high above 1095, price on gold is now shooting for greater heights, potentially around the 161.8% Fibonacci extension of the most recent bullish run. For more technical analysis on gold, please click here for Wednesday’s (11/04/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Price action on EUR/USD, a daily chart of which is shown, has finally made a tentative breakdown below the key uptrend support line extending from the March lows. While this downside breach is significant and raises important questions as to the future direction of this pair, the prevailing uptrend is still technically considered to be intact. Today’s breach represents a weakening of conviction on the part of the EUR/USD bulls (dollar bears), and suggests indecision in the market and a potential continued consolidation. For more technical analysis on this currency pair, please click here for Tuesday’s (11/03/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Price action beginning the new week on AUD/USD, a daily chart of which is shown, has retraced all the way down to a key uptrend support line extending from the March lows, before making a pronounced bounce up off the trendline, tentatively respecting the current prevailing uptrend. This bullish price action represents the fifth instance of this currency pair respecting the trendline. For more technical analysis on this currency pair, please click here for Monday’s (11/02/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX

Once again, price action on EUR/USD, a daily chart of which is shown, has turned up and respected a key uptrend support line extending from the March lows. This occurs after dollar-strengthening price action for the past week has prompted EUR/USD to correct back down to this uptrend line on the heels of hitting a 14-month high around 1.5060 in the beginning of the week. Today’s tentative trendline bounce hints at a potential uptrend continuation. For more technical analysis on this currency pair, please click here for Thursday’s (10/29/2009) Chart of the Day.

- James Chen, CTA, CMT

* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

* Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX