Wednesday June 21, 2006 - 07:11:30 GMT
Share This Story
ACM - www.ac-markets.com
Daily Technicals: Trends yield to ranges
by Marc Spaelti
EURUSD: The bearish trend-line was broken before NY close, EURUSD rallied to 1.2630. With this the risk of breeching medium-term support levels seems in control, expect to range-trade between 1.2550 and 1.2750 for the next 5 trading days. Today initial support 1.2605, more at 1.2580 and 1.2550, key underneath at 1.2470. Initial resistance 1.2630, stronger at 1.2685/1.2700, key resistance 1.2750.
GBPUSD: 10-day bearish trend-line stands at 1.8450 this morning, it was breeched in Asia and so far the pair could not return underneath of it. For the day prospects are to rise another 50pips, initial resistance 1.8480, strong at 1.8530. Initial support 1.8445, stronger 1.8425, key-support unchanged at 1.8350. Outlook into next week is to slowly ascend towards 1.8725.
USDJPY: The Dollar finally dropped 1 YEN, the 114.65 support came under attack in Asia but was only breeched temporarily. Strong initial support at 114.65, a break leads to 113.85, key support, medium-term trend-line at 113.60 today. While 114.65 holds, pair should try to recover to above 115.10 initial resistance, a daily close above that is bullish to end the week near 116.
USDCHF: Itâ€™s the only Dollar where the recent 10-day trend was left intact, bullish trend-line is at 1.2360 this morning. Watch this support, a break through should see it fall to 1.2310 rapidly, 1.2280 likely, key support unchanged at 1.2260. While 1.2365 holds, a return to 1.2430 could be expected, key resistance at 1.2460 today.
@09.30GMT BOE Minutes last MPC meeting
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."