Wednesday June 14, 2006 - 07:35:39 GMT
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ACM - www.ac-markets.com
Dollar is rising slowly
by Marc Spaelti
EURUSD: It held the bearish trend and stretched its low by 30pips to 1.2530, overnight the short-term trend was broken at 1.2550. Initial resistance at 1.2610 is pivot for a recovery towards 1.27, risk of such a corrective move seems to diminish as we maintain our forecast that the week will end underneath of 1.2630. As long as the initial resistance holds, the pair should continue sideways, slowly pressing to the downside towards its 1.2470 key support, initial support 1.2560, minor 1.2535.
GBPUSD: 1.8350 came under pressure yesterday, we spent a good part of the afternoon lower before the pair retraced to 1.8415 this morning. Initial resistance 1.8440, buy its break for a rise to 1.85, 1.8530 key resistance. Currently at 1.84 it can range 40 pips on either side, a daily close below 1.8350 is bearish, next move could has a target of 1.8140.
USDJPY: A high of 115.45 traded, overnight the pair retraced to 114.90, this is short-term bullish support, while it holds, the pair can continue rising, resistance at 115.30 strong, next target is 116.20. A breech at 114.95 will trigger a dip to 114.40 minor support, key support 113.85, underlying trend-line is at 112.85 this morning.
USDCHF: It traded at 1.2410 before reversing to 1.2350. Strong support 1.2310 and key support 1.2260 unchanged, while these hold expect the pair to trade up to 1.25-ish, with 1.2460/70 key resistance, strong resistance 1.2425 on the way up.
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