Daily Video Technical Update 3.8.2010

Daily \ Fan Yang \ 3:36 PM EST \ March 8th, 2010

I will start this week looking at some dollar crosses. The EUR/USD and GBP/USD started bearish within the context of a rising consolidation channel. The declines in both pairs are being tested and may stay narrow until the beginning of the Asian session near 7:00PM EST. The USD/JPY starts this week undecided. But that’s okay, the narrow ranging action paves way for a breakout. Finally the USD/CAD pair is nearing a significant low near 1.0250 then 1.02. Price action has slowed and hints at possible reversal rally.

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