03/13/09 Forex Market Comments

Euro edged up in a 280pips up channel on hourly chart. Friday euro built a 70pips range (1.2944-1.2870) at top. Watch out for the breakout.



Pound broke out from the 300pips bottom range (1.36-1.39). After the 2nd up swing, the whole US session formed a symmetrical triangle. Prepare for the upside breakout.



Yen formed a double top at yesterday high at 98.51. The higher low indicates the long interest.