Friday April 28, 2006 - 07:21:04 GMT
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ACM - www.ac-markets.com
Daily Technicals: Dollar stepping down
EURUSD: The 1.2400/20 area was too congested and in the end the bullish trend held again, the move to yet another high was accompanied by all the majors and for today we continue to remain bullish. Trend-support at 1.2480, initial support 1.2520, strong support 1.2440, key-support for tonight lies at 1.2400. The upside can be extended to 1.2585 today, this 8-month high is a major medium-term resistance ahead of the 1.30 area, a higher weekly close would point us to 1.2770 next.
GBPUSD: The top was finally broken and in a rapid 2-cent rise, since then, 1.8000 has successfully held. Stay bullish for further rise to 1.8080 or even above 1.81 today, next stronger resistance at 1.8210. Strong support 1.7990 and key at 1.7935 must hold today.
USDJPY: 113.85 low traded in yesterdays fall from where the pair retraced to 114.40. Strong initial resistance at 114.50, while underneath there is risk for the Dollar to fall to 113.40, a low weekly close can see the pair fall another 2-Yen. Should the bottom hold and the pair retrace beyond 114.50, weâ€™d expect a minimum of 114.80, 115.20 is likely.
USDCHF: The bottom caved in, the pair fell to 1.2585 so far, strong medium-term support at the 1.2560 area could hold the pair, but a break and lower weekly close should see further acceleration of the Dollars fall, next target 1.2260. Today initial resistance 1.2615, key at 1.2660, a higher weekly close leads back above 1.28. Initial support 1.2580 and strong 1.2560, 1.2485 next.
@09.00GMT Euroland Consumer Confidence April
@12.30GMT US GDP Q1
@13.45GMT US U. Michigan Sentiment April
@14.00GMT us Chicago PMI April
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