Monday January 10, 2005 - 20:33:59 GMT
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The dollar slipped against the euro and Japanese yen in a relatively quiet trading session. EUR/USD rose from 1.3065 to 1.3124 while USD/JPY dipped from 104.55 to 104.15. Meanwhile, USD/CHF slipped from 1.1865 to 1.1788 but USD/CAD fell a little harder (1.2300 to 1.2185). In other action, both EUR/JPY (137.00 to 136.25) and EUR/CHF (1.5485 to 1.5462) dropped a touch. So as we begin the trading week, traders will keep a close ear to the newswires to see if there are any USD positive comments from the assorted G-10 officials, most notably US Treasury Secretary Snow. Keep in mind; it was the sudden authenticity in which the market took from comments made by Mr. Snow last Friday about the “strong dollar” policy that sent the greenback skyrocketing. We would expect any mention of the “strong dollar” policy would send EUR/USD back down to critical support at 1.3030 and 1.2925.
TECHNCIALLY SPEAKING There are key medium term supports at 1.3030 and 1.2925. Somewhere in between 1.2975 should serve as a pivot. The topside shows congestion at 1.3125-40 and 1.3328. Both of these resistance zones are broken old support levels. In between these two spots, 1.3250 should act as a bull trigger.
GAIN AN EDGE We will sell EUR/USD at 1.3019 with a 1.2930 limit and 1.3050 stop loss.
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