Tuesday June 6, 2006 - 07:20:39 GMT
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Daily Technicals: Euro holding high levels ahead of ECB rate hike
by Marc Spaelti
EURUSD: The resistance on top held, EURUSD was sold off in late New York and the pair fell to 1.2885. This is strong initial support, we may hold it and trade a narrow 1.2885 â€“ 1.2935 range for most of the day. On top 1.2960 remains key level for the day, intra-day we can reach 1.2990. Bypassing 1.2885 to the bottom is bearish for 1.2750.
GBPUSD: 1.8880 held from where Cable fell to 1.8690 overnight. Strong initial resistance at 1.8775, a rise through that should bring it right back to the 1.8885 top, but it still needs a daily close above to go challenge the 1.90 level. While underneath of 1.8775 we have a bearish bias and look to extend this latest descent to 1.8590.
USDJPY: After a quiet European session, 111.85 was broken, the pair is back in range. Strong initial support at 112.10, minor 111.85, key 111.55. Initial resistance at 112.50, more at 112.95, key unchanged 113.40.
USDCHF: The Swiss Franc continues to outperform, 1.2100 resistance could not be bypassed and the pair is back at 1.2045 this morning. Strong initial support 1.2040, more at 1.2000, a lower daily close is bearish. For now we have space to range 1.2040/1.2100, a rise through the later is bullish for 1.2170, key resistance unchanged above 1.2240.
@19:00GMT Euroland Services PMI May
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