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Tuesday April 25, 2006 - 05:10:09 GMT
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Daily Technicals: Keep shorting Dollars

by Marc Spaelti

EURUSD: A slightly higher high has been reached with 1.2415, it’s still bullish with short-term rising trend-line at 1.2365 this morning, while above we can go straight up targeting 1.2480. A breech at 1.2365 should see side-ways movement within 1.2320 / 1.2380, a low daily close risks a fall to 1.2280 or even 1.2200.

GBPUSD: The weekend gap was closed and a new rally to 1.79 followed. We Remain bullish with strong initial support at 1.7840 and again at 1.7800, expect to bypass 1.79 and spike to 1.8000, a daily close above that is bullish for more, but short-term traders should take profit as we near the 1.80 level. Risk to the downside is a dip to 1.7770, a low daily close sends it in search of the underlying trend-line at 1.7660.

USDJPY: Without any bounce the USDJPY fell straight to 114.30, making for a clear break on the long-term charts. Target of the current short-term movement is 113.42, the low traded in January, good support at 114.25 and 113.85 on the way lower. First strong resistance at 114.80, a break has space for a correction to 115.60.

USDCHF: It made an unconvincing spike up to 1.2750 before turning and trying the 1.2650 support, looking at a medium-term chart the Dollar has two cents of space on either side as it can retest the strong 1.2820 resistance for a possible spike to 1.2900 – or it can try the January low of 1.2557 with additional risk to 1.2450 if the Dollar sell-off picks up momentum, our bias is to the downside but we will only sell upon a break of 1.2645.

@08:00GMT German IFO Business Climate Index April
@08.00GMT Euroland Current Account February
@09.00GMT Euroland Trade Balance February
@14.00GMT US Existing Home Sales March

 

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