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Monday April 24, 2006 - 07:38:37 GMT
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Daily Technicals: G7 sends USDJPY lower

by Marc Spaelti

EURUSD: The 38% correction on Thursday was all we got as the Euro broke short-term bearish resistance to close the week above 1.2330, this morning the pair started bid and advanced to 1.2390. First strong resistance at 1.2400 and large risk to push through and rise to 1.2480 next. New bullish trend-line at 1.2355 this morning, larger support 1.2320 and again at 1.2270.

GBPUSD: On Friday the retracement was quickly stopped, the pair closed the week neutral underneath of 1.7830 before opening a touch higher this morning, leaving a 10-pip gap on the charts. A high of 1.7895 traded so far, large resistance still at 1.7935, expect the next try to see that level breeched and yield a new high of the year, 1.7985 next large resistance. In the very short-term we prefer closing the gap at 1.7830 and look for a dip to 1.7820ish, key support 1.7770 should hold.

USDJPY: The YEN is the winner of the weekend, moving strongly after G7 called for more flexible Currencies. It fell to a low of 115.25 as Europe walked in this morning and is currently holding strong support at 115.35, initial resistance 115.60, again at 116.20 and key at 116.60. A daily close underneath of 115.50 is bearish, expectations will be for a move towards 113.50, the 2006 low with minor support at 114.85 and 114.30 next.

USDCHF: The Dollar is again looking weak this Monday, it fell to a 1.2690 low so far. Minor bearish trend with resistance at 1.2725 this morning has space to fall back to last weeks 1.2650 low, 1.2675 strong support on the way there, next large support 1.2580. A break at 1.2725 should lift the pair above 1.2760 and maybe retry the 1.2820 resistance later on.

@08:30GMT UK Retail Sales March

 

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