Thursday April 20, 2006 - 05:21:51 GMT
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ACM - www.ac-markets.com
Daily Technicals: Time for a correction
EURUSD: 1.2400 was scratched, the euro has now reached the top of its rising medium-term range and with strong resistance at 1.2475 not so far away the upside potential looks limited. Having broken the short-term rising trend overnight we are at risk of a pullback, first support 1.2290, but it may fall all the way to the 50% retracement at 1.2235.
GBPUSD: Cable has double topped the 1.7935 years high, this weeks move seems to have achieved its target and while it is not impossible to continue within an overall Dollar-selling mood and breech the level to come trade at 1.80, we doubt that a follow-on move to the next large resistance at 1.82 can be made without a retracement to at least 1.7770, or even 1.7660 over the next two days.
USDJPY: The Dollar of the 4 majors not to have made a new low on Wednesday, a short-squeeze saw it reach 118.00 just to collapse back to 117.10 before NY closed. Currently at 117.60 it seems unwilling to try and challenge the long-term support at 116.30 and we are likely to remain in a wide 116 / 120 range for the time being. Today initial support 117.50, strong at 117.35, while above it can pull back to 118.00, key resistance is far at 118.65, a dive through 117.35 has max 100 points to 116.35.
USDCHF: The Swiss Franc joked, barely trading underneath the still strong 1.2670 support, the bearish trend was broken before the NY market sold the latest round of Dollars. We are set for a correction towards 1.2820 with resistance at 1.2715 and 1.2760 on the way up, only an hourly break of the 1.2650 low could see us reach the old 1.2565 key support.
@08:30GMT UK Bank of England Minutes
@12:30GMT US CPI March
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