Monday June 19, 2006 - 07:13:32 GMT
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Daily Technicals: Dollar with a strong start
by Marc Spaelti
EURUSD: The Euro fell to 1.2570 in the first hours of trading, leaving the possibility of a test of the long-term rising support at 1.2470 early this week. Medium-term bearish trend at 1.2630 this morning, while underneath, look to sell tops above 1.26, initial support 1.2565, strong at 1.2530 and key at 1.2470. A break and daily close above 1.2630 leads the pair to 1.27, key resistance unchanged at 1.2750.
GBPUSD: Very clam Friday, it was only early this morning that the pair headed south, a low of 1.8420 was reached so far. Bearish resistance and key level at 1.8520/30, minor resistance 1.8475 and space to drop to 1.8350, for the week a max downside of 1.8180 would be possible. A daily closure above 1.8530 stops the negative outlook, next strong resistance 1.8610 but a return to 1.8750 would seem likely.
USDJPY: The week started with a higher Dollar, the pair traded up to 115.75, highest level in nearly 2 months. Strong resistance at 115.70 is likely to slow the bullish move, there is lots of space to correct as medium-term bullish trend has yet to cross the 113.85 key support. Very short-term bullish trend-line at 115.45, a break leads to 115.10, strong support 114.60 from where a retracement could gain speed to reach 113.85. While above 115.50, the pair can stretch its top to 116.10, next strong resistance 116.75.
USDCHF: The dollar is not just holding, this morning it spiked to 1.2385. Support levels at 1.2300 strong, 1.2260 key unchanged, while above we should try the long-term resistance at 1.2470, initial resistance at 1.2385, strong at 1.2430. Risk to the downside is a daily close underneath of 1.2260, which brings back a lower range of 1.20/1.22.
@09.00GMT Euroland Trade Balance April
@17:00GMT US NAHB Housing Market Index
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