Wednesday May 24, 2006 - 07:18:29 GMT
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Daily Technicals: Consolidation continues
by Marc Spaelti
EURUSD: The 1.2885 top easily held, but it was only at the end of the New York session that the pair started to slide, reaching a low of 1.2765 overnight. Presently at 1.2810, we have a minor bearish resistance at 1.2820, while underneath look to finish this latest move with an additional 12-cent fall into the high 1.26â€™ handle, minor support 1.2760, 1.2700 strong and 1.2655 key. On top after 1.2820 there is more resistance at 1.2845 and key 1.2885, a break of the latest risks a spike up to 1.30.
GBPUSD: Here too the top at 1.8885 held firm, Cable traded down to 1.8735 so far and there is room to go lower. Strong bearish resistance 1.8800 and again 1.8850, key 1.8885. Initial support 1.8760, 1.8700 next and again at 1.8635, but it could keep going all the way to 1.8580. A daily close above 1.8885 risks a rise to 1.8950.
USDJPY: The market rose to close the day above 111.55, in Asia a strong rally followed taking the pair to a 112.65 high. This is the first major resistance, next at 113.00 and key 113.40. Minor support 112.00, key 111.55, expect to spend most of the day around 112.20.
USDCHF: It failed to move on, 1.2020 holding, overnight it backed up to 1.2140. Looking neutral here it can re-test the top at 1.2200/20 or fall back to 1.2000/20. Very short-term rising support at 1.2085 is initial support, initial resistance 1.2135.
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