Tuesday July 26, 2005 - 08:45:16 GMT
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Rangebound price action
Good morning everyone from FXstreet.com. A quick word on crude oil. Resilient to move in either direction for the past 2-3 sessions, we still favour a bit of a downside move prior to what could be the confirmation of the uptrend channel. Daily signals suggest that $54-53 could be seen.
Forex Technicals at a glance
Dollar softer across the board. No man’s land trading for yesterday’s session. Lack of any relevant news and the fact that summer Mondays are usually quiet, drove to a quite boring session. The Euro is holding above the 1.20 figure, and is quite firm at defending it so far. However, retracements have not been as strong as we saw in past sessions, thus indicating some lack of strength that could result in a clear break if the level is tested again. The dollar is quite firm across the board, specially against the pound, but it is definitely unable to make any decisive move, therefore we can’t rule out a bit of dollar weakness in coming sessions. This week is quite full of important economic news, from where we highlight the Durable Goods report, the FED Beige Book and the Real GDP figures (out on Friday). Market looks to be awaiting for these figures to be released prior to assessing the next strong move.
Trading Tips:This still is a valid view –while failing to clear the 1.5650 level -: 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 1.5525, next one at 1.5440.
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