Monday June 12, 2006 - 07:32:09 GMT
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Daily Technicals: Euro should have a bearish week
by Marc Spaelti
EURUSD: The 1.2685 resistance held and the Euro closed the week low. On a weekly bar chart we can see, that EURUSD has made a key-reversal. This is bearish Euro, we forecast the Euro to drop this week, likely target is 1.2520 key support or as low as 1.2410, the 4-month bullish trend-line. This morning short-term bearish trend-line at 1.2650 is major resistance, another strong one at 1.2700, key resistance 1.2740 must top the week. Downside today can see 1.2610 minor, 1.2580 stronger support.
GBPUSD: We are not as bearish on Cable, front-running the move lower it has reached the 38% retracement of the April-May rise at 1.8350, this shall be the key support early this week. Currently at 1.8445, we have the initial resistance at 1.8485, first strong resistance only at 1.8530, key resistance 1.8610. Initial support 1.8405, key 1.8350, a break there leads to 1.8140.
USDJPY: 113.85 held for a high weekly close, while above the pair can continue pushing for higher levels but expect resistance above 115 to be very tough. A break of 113.85 leads to 113.40, still key support, a break there can take the pair down to 112.60.
USDCHF: Small ranges on Friday, but the pair held the 1.2310 level for a high close. Outlook is bullish for a rise towards 1.25 this week, key support 1.2260 must hold. Initial resistance 1.2335 minor, 1.2380 strong, 1.2425 next.
@08:30GMT UK PPI Input / Output May
@18:00GMT US Federal Budget May
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