Wednesday June 7, 2006 - 07:04:46 GMT
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Daily Technical: Cable underperforms
by Marc Spaelti
EURUSD: 1.2885 support was broken early on and the Euro continued falling overnight to reach 1.2790 this morning. This is strong, medium-term bullish support, intra-day we may stretch to 1.2735 max, any lower close is bearish Euro. While 1.2790 holds, we can retrace to 1.2830, short-term bearish trend at 1.2845 is first strong resistance, a break of that may see the pair spike to 1.2885.
GBPUSD: 1.8580 is initial support this morning, 1.8640 is pivot resistance today, look to sell on rallies above 1.8620 with a tight stop, short-term bearish trend-line also runs through 1.8640, should this trend hold till Friday, Cable could trade as low as 1.84 by Friday, support at 1.8570 minor and 1.8530 strong. A rise and daily close above 1.8640 stops this weeks bearish move and a return towards 1.8885 could be expected, minor 1.8700, strong resistance at 1.8775 on the way up.
USDJPY: 113.40 was finally tested yesterday, the key-resistance held well and the pair returned to 112.90 overnight. This morning we trade again at 113.40, intra-day we may see a spike at 113.85, but expect to close the day underneath of 113.40 for continued range 112.40 â€“ 113.40. Should the pair close higher, we look for a rise to 114.85/115.10 max by Friday.
USDCHF: The pair rose to 1.2180 in Europe, after a quiet night it is on the rise again this morning, currently trading 1.2195. We have space to continue up to key resistance 1.2240/60, bypassing this is bullish for 1.24 by the end of the week. Strong initial support at 1.2185, a fall through that triggers a dip to minor support 1.2140 after which there is space to fall back to the 1.2020/40 base.
@09:00GMT Euroland Retail Sales April
@10:00GMT Germany Factory Orders April
@19:00GMT US Consumer Credit April
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