Monday May 15, 2006 - 07:34:38 GMT
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Daily Technicals: Euro on the brink to break 1.30
by Marc Spaelti
EURUSD: A high of 1.2955 traded on Friday, the week closed above 1.2895 and a new high of 1.2970 traded this morning. Strong initial support at 1.2895, while above, prospects are good to keep rising, 1.2930 initial resistance, 1.2990 first strong, 1.3130 this weeks target level. Watch the 1.2895 level, a break leads to 1.2860 minimum, 1.2825 is probable, it is the 5-week bullish support, key support much lower at 1.2590 this week.
GBPUSD: Cable made a new high of 1.8999, lots of offers at 1.9000 prevented further ascent so far. Currently on a pullback to 1.8905 there is strong initial support at 1.8885, while above expect the 1.90 level to come under attack again, initial resistance at 1.8955, next try up should lead to 1.9060. To the downside, breeching 1.8885 leads to 1.8820 strong support, key support at 1.8710, bullish trend-line will cross that level today.
USDJPY: A low of 109.35 was seen on Friday and again this morning, the 109.20 key support has yet to be tested. With bearish resistance higher at 110.60, there is room to retrace from here, initial resistance 109.80, a breech should lead to 110.30 minimum. If 109.20 is bypassed with a daily closure, 106.50 becomes next medium-term target, but an intra-day dip to 108.85 and subsequent retracement above 109.20 is seen as bullish.
USDCHF: 1.1965 traded on Friday, the week close above 1.20 but not above the 1.2060 key level. A new low of 1.1925 traded this morning and the pair remains bearish, strong resistance at 1.2040/60 level is key, next target to the downside is 1.1815, support at 1.1925 and 1.1850 on the way down. A reversal to close the day above 1.2060 is bullish, a correction to 1.2260 should set-in, the medium-term bearish trend-line trades above that level near 1.2400 this morning.
@12.30GMT US Empire Manufacturing Survey May
@17.00GMT US Housing Market Index May
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