Tuesday May 9, 2006 - 04:55:55 GMT
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Daily Technicals: Euro still bullish, trend-line nearby
by Marc Spaelti
EURUSD: Its traded near 1.28 from where it retraced a full 100 points. Trend-line is unharmed, running through 1.2675 this morning, buy underneath of 1.2700 for a new try up, initial resistance 1.2730, stronger at 1.2765, 1.2820 next and target remains at 1.2885. A breech of the trend-line, especially with a lower daily close should see it fall to at least 1.2590 with only minor support at 1.2645, follow-on to 1.2535 key support likely.
GBPUSD: Cable has reached a high of 1.8690 yesterday, before reversing to 1.8565. Key support today at 1.8510, buy dips near to that and remain bullish for 1.88, minor resistance 1.8585 and 1.8630, after which there is space to move quickly into the 1.87â€™ handle. To the downside, a daily close underneath the 1.8510 key triggers a initial fall to 1.8430, but there is lots of potential with the next strong support only near 1.82.
USDJPY: The low was extended down to 111.00, but the day closed above of the 110.55 level. Favorite short-term scenario remains for a range-bound 111.50 / 113.30, strong initial resistance at 111.85, while underneath, the risk remains for a bearish advance, a low daily close opens the path for 109.20. A lift through 112 will see the pair gain momentum and reach 112.50 quickly.
USDCHF: The steeper 1-week bearish trend was broken before NY close, sideways or correction today. Initial resistance 1.2315, a breech should see 100 points surge to 1.2420ish, medium-tern-line is higher at 1.2520. Initial support 1.2260 is key, we have yet to close a day underneath, minor support 1.2230 and 1.2190.
@10.00GMT Germany Industrial Production March
@14.00GMT US Wholesale Trade March
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