Monday May 8, 2006 - 07:15:56 GMT
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Daily Technicals: Dollar has still more room to slide
by Marc Spaelti
EURUSD: A new high of 1.2765 on Friday and the pair remains bid in bullish trend, trend-line at 1.2655 this morning, initial support 1.2700, strong support underneath at 1.2590. To the upside, initial resistance 1.2750, 1.2800 next target and key resistance 1.2885 this week, the next strong level were the current 4-week bullish move may come to an end.
GBPUSD: It has moved on to close the week high at 1.7600, this morning 1.8630 was reached. Outlook this week is bullish, target is for 1.8850ish, minor resistance at 1.8690, stronger at 1.8775 on the way up, initial support 1.8585, key support 1.8510 and additional strong level of 1.8485.
USDJPY: Friday saw the pair retry the 112.30 support, it closed the week above that just to be sold off hard when markets opened this morning. It has traded very close to the 111.55 target, this is the 50% retracement level of the 20-YEN move up during 2005. Expect this bottom to last at least a few days, markets could correct back up towards 113.85, key resistance, strong resistance at 112.20, minor at 112.80 and 113.30 on the way up. A breech at 111.55 and daily close underneath is bearish, next target will be 109.20, which is the 62% retracement level, minor support 111.10, and 110.50, stronger at 110.00.
USDCHF: Again the 1.2250 level was breeched intra-day, 1.2215 low was seen but the week closed above key support at 1.2260. This morning the pair is again under pressure, 10-day bearish trend-line at 1.2290 with additional strong resistance at 1.2300 should make for a strong top, while it holds the downside can extend to the 1.20â€™ handle, next large support 1.2020, minor support 1.2215, 1.2165 and 1.2120.
@08.30GMT UK PPI Input / Output April
@10.00GMT Germany Factory Orders March
@11.00GMT Euroland Economic Forecast
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