Tuesday June 20, 2006 - 05:38:08 GMT
Share This Story
ACM - www.ac-markets.com
Daily Technicals: Careful with long Dollar positions
by Marc Spaelti
EURUSD: 10-day bearish trend at 1.2600 this morning, initial support at 1.2555. While in bearish trend, we can fall to 1.2530 and slowly edge closer to the 1.2470 key support, long-term trend-line at 1.2450 is another very strong support, expect it to hold this week. More risk lies in a break of the current short-term move to retreat to 1.2685, key resistance at 1.2700.
GBPUSD: Traded down to 1.8370 yesterday, it is now stuck between key support at 1.8350 and bearish trend-line at 1.8480 this morning. As this range tightens, a break becomes more likely, we see more risk in ascension towards 1.8530, a daily close has additional risk for 1.8750. To the downside, a breech of the 1.8350 level leaves space for 1.8300 intra-day, a low daily close can see this pair fall to 1.8180-ish.
USDJPY: 115.70 could not be bypassed again, but the downside has not been much more rewarding so far. Still expect the Dollar to correct recent gains, minimum fall to 114.65 is expected, 113.85 is well possible. On top it needs to bypass 115.60 to advance to 116.10, next strong resistance.
USDCHF: The pair traded up to the 1.2430 resistance, short-term bullish trend has risen to 1.2335, additional support at 1.2300 strong, key at 1.2260. Resistance at 1.2430 strong, 1,2470 key, next at 1.2520, in the very short-term there is more potential to the downside as a daily close underneath of 1.2250 signal a return to 1.2000
@12.30GMT US Housing Starts May
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."