Friday July 22, 2005 - 11:40:17 GMT
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Dollar soft across the board, yen surges
Good morning everyone from FXstreet.com. Terror and chaos shaked London life again on Thursday, when new blasts were just about to happen (fortunately they did not explode in full force).
Forex Technicals at a glance
Dollar softer across the board. The euro tested again the 1.2250 but at that point it reversed gains to losses, trading down to just above 1.21. Closing price was around mid 1.21ís same level we currently see on the screen. Pound reacted quite heavily Ėas expected- to the London blastsí attempts, moveing down from the 1.76ís highs of the session. Currently trading around 1.75, it is resilient to move down, but certainly lacks a lot of momentum when it just hits any of the mild resistance areas that it faces on the way up. In my opinion, both euro and pound have not seen year lows yet, but the technical picture (specially on euro) is quite supportive, therefore if the 1.20 handle holds, I cannot rule out a move to the 1.2470 strong barrier. Also remarkable the JPY recovery in the past sessions, confirming the 113 handle to be very tough for the long dollars at least for now.
Trading Tips (youíll 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 is very close to clear 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 channelís barriers prove to be valid magnets to the price action, initial target would be around 1.5520.
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