Wednesday May 10, 2006 - 07:07:28 GMT
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ACM - www.ac-markets.com
Daily Technical: Downside risks of the Dollar persist
by Marc Spaelti
EURUSD: Bullish trend held yesterday morning and the pair rallied back to the 1.2785 high. Bullish trend-line at 1.2715 this morning, stay long while above, outlook is for a break of the 1.2790 top and move on to 1.2830ish or as high as 1.2885. Risk to the downside upon a break of the trend is for 1.2665 initially, 1.2590 could be reached fairly quickly, key support underneath at 1.2540.
GBPUSD: A low of 1.8520 was seen before the mood turned and cable double-topped 1.8690. Outlook remains positive, strong initial support 1.8600 and more at 1.8550, a rise through the recent top should trigger a move to 1.8775 initial target, max upside is for 1.8930. To the downside, closing the day underneath of 1.8550 stops the current bull-run and risks a return towards 1.84.
USDJPY: The 111.90 level held well, the Dollar came under pressure once more and closed the day very low. This morning the selling continued, a low of 110.75 has traded so far, target of the current move is 109.20. Bearish resistance and key level at 111.55, initial resistance at 111.05, minor at 111.25. First minor support 110.50, 109.90 stronger and key at 109.20.
USDCHF: Here too, first resistance held well in the morning and the Dollar was sold down to Mondays low of 1.2180. Currently trading slightly lower, we have an initial support at 1.2160, bypassing this can see the pair fall another 1-cent to 1.2050 strong support. Initial resistance 1.2210, stronger at 1.2235 and key 1.2260.
@09.30GMT UK BOE Quarterly Report
@18.15GMT US FOMC Rate announcement
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