Tuesday July 19, 2005 - 11:26:14 GMT
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Dollar pressures european currencies again
Good morning everyone from FXstreet.com. Stock exchanges took a breath in lights of 4-year highs.
Forex Technicals at a glance
Dollar rallies and europeans fighting to hold above key levels. Well, his has been the story for quite a while now and yesterday’s session (as well as overnight’s) just repeated the story. The trading range keeps playing its role and will rule the market while it remains intact. The only exception, as it has been for some time now, is the pound. It is playing its own game, with volatility far above the other majors, spiking up and down, turning gains into losses very rapidly.... well, one could say this means the bearish move could be about to end (increased volume, volatility and price action spikes can inidicate last moves in one direction). Dollar gains need to cross the 1.3050/75 barrier in the Usd/Chf pair to evidence strong momentum able to go for further areas. It looks opised for a break of that level, and if that finally occurs, we will probably see an attempt to the 1.3200-3250 level, which would imply the euro trading at 1.1700 or whereabouts, a level which has already been suggested by many analysts as the next magnet level for the euro to trade.
Trading Tips (you’ll find more detailed info on them in the Trading Corner chat room):This still is a valid view -though pair is resilient to move and it has almost touched the 1.5650 level, a break of which will certainly negate the view-: EUR/CHF presents a good risk/reward ratio for establishing long chf positions. If the uptrend channel’s barriers prove to be valid magnets to the price action, initial target would be around 1.5520.
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