Monday May 29, 2006 - 05:04:56 GMT
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ACM - www.ac-markets.com
Daily Technicals: Dollar can correct further
by Marc Spaelti
EURUSD: The pair continues to evolve in a slow descending channel that has held since may 12th, resistance 1.2820, support 1.2680 this morning. Thanks to a weekly close underneath of 1.2750, strong initial resistance, we continue extend the correction from the 1.2960 top to 1.2620 or as low as 1.2515 this week. Strong initial support 1.2700, more at 1.2660, key support 1.2620. A rise through 1.2750 can see 1.2795, sell any spike above 1.28, only a daily close above 1.2820 stops the bearish bias.
GBPUSD: Cable with a strong fall to 1.8530 on Friday. Since it has retraced to 1.8605 but expect cable to have another strong sell-off to reach at least 1.8510 strong support today, but it could fall all the way to key support at 1.8355. 1.8605 is strong initial resistance, a break can see 1.8650 or 1.8710 key level, but a daily close underneath of 1.8605 confirms the bearish outlook for lower levels later this week.
USDJPY: The range got a little tighter, 111.85 to 112.85, key support unchanged 111.55, bias unchanged for a slow rise to 113.40, max 113.85.
USDCHF: 1.2300 high, the week closed right at the 1.2260 key level. Strong initial support 1.2240, 1-week rising trend-line at 1.2205, keeping a bullish bias while these hold, upside minor resistance 1.2285, space to trade to 1.2350 today, this weeks target is 1.2440 or as high as 1.2595 is the rise accelerates.
@08:00GMT Euoland Current Account March
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