Wednesday April 26, 2006 - 07:03:58 GMT
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Daily Technicals: Remaining $-bearish
by Marc Spaelti
EURUSD: 5-day bullish trend remains nicely in place and the pair made a new high of 1.2445, we have only a little further to go to reach the 1.2485 target, next will be the 1.2588 high seen in September â€™05. Bullish trend-line at 1.2415, close longs upon a break as a correction could take us back to 1.2370 or even 1.2330, the 62% pullback of the last 5 days rise.
GBPUSD: Only The pair was locked in tight range with the strong 1.7935 resistance only briefly scratched. 10-day trend-line at 1.7850 is key for a straight run-up, expect Cable to gain quickly once the 1.7930 level has been cleared, a bullish break has space for a run up to 1.83 with 1.8150 initial target to be seen by the end of the week. To the downside a break of 1.7850 has next strong support at 1.7815 and 1.7770, key support lower at 1.7680.
USDJPY: 114.30 remained the bottom and so far the pair has retraced nearly 100 pips to 115.20. Minor bullish support 114.95 this morning, while it holds this correction targets a rise to 115.60, first strong resistance, key higher at 116.45. Medium-term the pair remains bearish, it can fall rapidly back to 114.30, a low daily close leaves space for 113.50ish.
USDCHF: While the euro pushed for a new high, USDCHF stalls, the range has narrowed over the last 24h, strong support at 1.2670 remains intact, resistance has fallen to 1.2715. Remaining bearish for a dip into the low 1.25â€™s, but it should happen over the next 36h. On top a move through 1.2725 can see the pair rise to 1.2820 without really changing the bearish picture, only a daily close above that ends the pressure on the Dollar and could see a counter-move towards 1.30.
@08:30GMT UK GDP Q1
@09.00GMT Euroland Industrial Production February
@12.30GMT US Durable Goods Orders March
@14.00GMT US New Home Sales March
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