Tuesday June 27, 2006 - 04:53:37 GMT
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Daily Technicals: remain Short Dollars
by Marc Spaelti
EURUSD: The pair has managed a good 100-pips bounce from the Friday low to trade at 1.2615 overnight. Currently at 1.2600, the short-term-bearish trend line at 1.2605 looks intact, initial support at 1.2590 leaves no doubt it will break one way or the other in European morning. To the upside there is room to 1.2670 with only minor resistance 1.2645, behind is key resistance 1.2700, a daily close above this is bullish. The downside looks tougher, with buy levels every 20 pips down to the 1.2470 key support.
GBPUSD: Cable recovered to as high as 1.8260 overnight and stands at 1.8235. This should only be the first part of the correction, there is space for another cent up to 1.8350, 3-week bearish trend-line and key resistance. A daily close above this should see a push towards 1.8610, next medium-term resistance. Initial support 1.8225 is expected to hold, any intra-day dip must be limited to 1.8185, or we risk an extension down to 1.7930 over coming days.
USDJPY: The Dollars losses were again very limited only, overnight 115.85 was seen from where the pair traded back to 116.15. Initial resistance 115.30, while underneath we must stay short, minimum expectations are for 115.50, the 3-week trend-line, a breech of this level with a low daily close is bearish for 114.65 or 113.90. A look at a daily chart reveals that the old gap left from the weekend of April 21st at 116.65 has now been closed. It may be time to switch to a bearish medium-term outlook, targeting 110.
USDCHF: Low of 1.2400 so far, it spent a lot of time around 1.2420 and is expected to close the day underneath of this. Current minor bearish move should carry on to at least 1.2355 medium-term trend-line, a break can see a test of 1.2300 and the 1.2260 key support from where it can fall to 1.2000 in the medium term. On top strong initial resistance at 1.2465, key resistance 1.2500. A breech of that level may see an extension to 1.2605
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