Friday July 15, 2005 - 09:38:59 GMT
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Up & Down Action on majors
Good morning everyone from FXstreet.com. Stock exchange indexes remain firm and look poised for attempting higher levels in coming sessions. Crude Oil has given a SELL signal (entry price, yesterday @ $60/bbl) on a daily basis and the 56 or 54 levels could be seen.
Forex Technicals at a glance
Dollar sell-off halted just in front of some key resistances. The Dollar recovered quite a substantial part of the losses that took place early in the week. Euroís 1.2250 resistance level proved to be very strong and pushed the pair back down to 1.2060. It is now trading below first fibo retracement of that downleg (around 1.2135). GBP presents a pretty similar situation, with pair on a bull rally up to 1.78 and then back down to 1.7520. Seemingly, it is now unable to break above the first (38.2%) fibo level, around 1.7635. As it was written in tihs column, eur/gbp upticks were a good option for establishing long gbp positions. Pair dumped to test the 0.6840 support, which for now has held, driving the pair backa round 0.6875-80. Eventually, that support could give up and 0.6800 support bids should come into play.
Trading Tips: EUR/CHF presents a good risk/reward ratio for establishing long chf positions. If the uptrend channelís barriers prove to be valid magnets to the price action, initial target would be around 1.5520.
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