Friday June 9, 2006 - 05:40:19 GMT
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ACM - www.ac-markets.com
Dollar with a bullish break
by Marc Spaelti
EURUSD: Short-term bearish trend held fine, once 1.2740 broken it quickly dropped to 1.2630. A weekly close underneath of 1.27 is bearish, like selling on any rise towards 1.2685 with a tight stop as a break through 1.27 should see a fast rise to 1.2740 or more. To the downside, 1.2630 initial support, 1.2590 strong, next target is 1.2450.
GBPUSD: 1.8370 low from where it recovered to 1.8450, the 1-week bearish trend-line is at 1.8460 this morning is key, while underneath it can continue to fall, 1.8410 minor, 1.8350 key support, if very volatile, 1.8260 is feasible. A lift through 1.8460 has space for 1.8510 strong resistance, a higher weekly close is bullish for next week with lots of space to trade back to 1.88.
USDJPY: It went with the bullish trend, toping at 114.70 before almost fully retracing overnight. 113.85 is now strong initial support, 113.40 is key support for the weekly close, today any fall should be limited to 112.45 at most. While the 113.40/85 support levels hold firm, remain positive for the dollar and expect to extend this move to 115.10/30.
USDCHF: Dollar rose to trade at a high of 1.2375. Strong support 1.2300, key support 1.2260, while above the pair should range 1.22/1.25 for next week, this is not very large and could be covered today if markets are fast moving. A break through 1.2240/60 stops replaces the bullish bias with the old 1.20/1.2250 range.
@06:00GMT German Trade Balance April
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@10:00GMT Euroland OECD Leading Indicator April
@12:30GMT US Trade Balance April
@13:50GMT US preliminary U. Michigan Sentiment June
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