Friday May 19, 2006 - 04:57:44 GMT
Share This Story
ACM - www.ac-markets.com
Daily Technicals: BUY Dollars !
by Marc Spaelti
EURUSD: The Euro rose to a high of 1.2870, leaving key resistance at 1.2895 intact and making a third consecutive lower top. Correction should continue, target is a drop to 1.2655 today to end the week at the lows. Initial support 1.2810, minor 1.2770, strong 1.2730 and 1.2700 and finally unchanged key support at 1.2655. Very strong key resistance 1.2895, doubt we will rise further, next chart levels are minor 1.2945 and strong 1.2970, a weekly close above this is needed to change stay bullish into next week.
GBPUSD: Volatility remains high, Cable rose more than expected to reach a top of 1.8965. We have a bearish bias today, expect to break through the 1.8885/1.8900 support early on to fall back to 1.8820, further descent to 1.8750 or â€“ if the day becomes very volatile, 1.8650 max downside. On top very strong resistance at 1.8965 and key 1.9000, a weekly close above that is bullish, next larger resistance at 1.9150.
USDJPY: Sidelined in small range of 110.45/111.15 it has now broken the bearish trend, but needs to clear key resistance at 111.55 before the Dollar can correct further, target is 113.00/40 area, minor resistance at 112.00 and 112.60 on the way higher. Suggest buying Dollars underneath of 111.00 this morning, strong initial support at 110.45 must last the day to maintain a bullish bias, failure to do so risks a return to the 109.20 key support.
USDCHF: The bearish trend-line held well, once 1.2100 was broken the pair rapidly fell to 1.2040. This key support is a touch higher at 1.2050 this morning, resistance has come down to 1.2130, a break of this range could occur on either side, act on a break, there is potential for to move up to 1.2260/1.23 area or - on the other side - space fall to 1.1950.
@06:00GMT German PPI April
@08:30GMT UK Public Sector Net Borrowing April
@10:00GMT ECB Liebscher speak in Brussels
From 16.20GMT Treasuryâ€™s Snow and FED Geithner speak
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."