Monday May 22, 2006 - 07:23:07 GMT
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Daily Technicals: Closing short-term Dollar longs
by Marc Spaelti
EURUSD: It briefly reached a new low at 1.2695, the rest of Friday was marked by intra-day volatility, that took the pair back up to 1.2775 for the close. A fresh round of selling this morning saw it trade to 1.2715, initial support at 1.2700 is strong, key support at 1.2665. Steep short-term bearish trend at 1.2745, a break of this will turn the pair towards 1.2850 with strong resistance 1.2790 on the way up.
GBPUSD: Cable moved lower to 1.8700 on Friday before getting dumped to 1.8640 this morning, bypassing the 1.8650 support in an empty market. Unless Cable holds right here around the 1.8650 level, there is danger to move on to the downside with next support 1.8580 and next strong support only at 1.8500, medium-term trend-line at 1.8470 is key support this week. Minor resistance 1.8675 this morning, steep falling short-term bearish trend at 1.8735 and key resistance at 1.8775. In case the 1.8650 level survives the next hourly close, suggest going long for an intra-day move up.
USDJPY: Friday saw the Dollar rise through 111.55 to 112.00, this morning a strong rise carried the pair to 112.93. First resistance 113.00, key at 113.45, intra-day may see it spike to 113.85, look to take profit on short-term longs. Initial support 112.65, stronger at 112.25, short-term rising support at 111.70, key support at 111.55 today.
USDCHF: This Dollar lagged the others, only a high of 1.2240 traded on Friday which was not bypassed this morning. Key resistance 1.2260 remains intact, look to go short ahead of this for a fall back to 1.2170 minimum, 1.2130 likely, key support lower at 1.2080 this morning. A rise through to 1.2260 top is bullish for additional rise to 1.2425 this week.
@09:00GMT Euroland Trade Balance March
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