Forecast for 02-28-12

EURUSD Forecast – February 28th

EURUSD should have a rally to the 1.3596 area before experiencing a larger pullback to a level close to 1.3330, where it will either break the Andrews lower fork and continue lower or possibly continue to rally to a high price near 1.3878 (see chart with Euro analysis below).

EURUSD chart

EURJPY Forecast – February 28th

Euro-Yen (EURJPY) rallied as expected towards the Andrews Median line currently around the 109 level. Now, we have what looks like a wave 4 correction developing, or alternatively the top of a Wave-C correction, with not much more upside until we see a pullback to a price level between 107 and 105, as denoted by the red or green forecast lines (see EURJPY analysis chart below).

EURJPY Analysis

USDJPY Analysis – February 28th

USDJPY (Dollar-Yen) rallied as expected. Now, it may rally a bit more to the modified Andrews line at 80.97 to 81.36 before potentially experiencing a bit deeper correction to 104.40 (see USDJPY Forex Analysis below).

TRADE RECOMMENDATION: Sell USJPY 107.25 STOP to open, cover 1/5 to 1/3 of the position at 106.60, and cover remaining position at 104.50 where long trades would again likely begin to look attractive. 

USDJPY Forecast Chart

USDCHF Analysis – February 28th

Dollar-Swiss USDCHF (short) move stop down to .9012 to lock in profit after exiting 1/3 to 1/2 of the position on last Friday's close.

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