Thursday June 1, 2006 - 07:28:28 GMT
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ACM - www.ac-markets.com
Ranges held - consolidation continues
by Marc Spaelti
EURUSD: The 1.2900 resistance could not be bypassed, the pair continues to range-trade, falling to 1.2760 overnight. Strong initial support 1.2730, key 1.2700, a breech there can see 1.2660, next strong support lower at 1.2525. Short-term bearish resistance 1.2790, while this holds, a fall seems the likeliest scenario. This trend-line will cross 1.2700 at the end of the day, breaking it will keep the Euro neutral in a 1.27-1.29 range, next resistance at 1.2845 and strong at 1.2885.
GBPUSD: 1.8775 gave way early on, the upside had to be abolished and Cable continued to fall throughout the night to reach a low of 1.8635. We seem to go nowhere, 1.8515 â€“ 1.8885 is the wide range. Very steep short-term falling trend-line at 1.8650 this morning, while underneath expect Cable to try the downside, initial support 1.8635, stronger at 1.8585, key 1.8510. A rise through 1.8660 should once more reverse the direction, next resistance 1.8725, strong 1.8775.
USDJPY: The 111.55 support again held, from there the Dollar bounced to climb back to 112.70. Range-trading continues, initial resistance 112.80 strong, more at 113.10, key 113.40 and 113.85 strong. To the downside we see initial support 112.45 as pivot for the day, a breech send it back to 111.55 with minor support 112.10 and 111.75 on the way.
USDCHF: 1.2065 was tested twice, both times the pair immediately pulled back above 1.21, the slow-rising consolidation continues as we moved back to above 1.2225 overnight. Key resistance at 1.2240/60 area, we may see an intra-day rise to 1.2300, a higher daily close can see the Dollar push for 1.2350 next. Initial support 1.2205, strong support 1.2125, key at 1.2060.
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