Wednesday June 28, 2006 - 07:13:28 GMT
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Daily Technicals: Holding in tightening ranges
by Marc Spaelti
EURUSD: The top held, short-term bearish resistance at 1.2585 this morning. Ongoing buying interests mean there is tough support ahead of the 1.2500 key level, together with 1.2470 this should build a good base and we remain favorable for a rise to above 1.27, minor resistance 1.2630, stronger at 1.2680 on the way up.
GBPUSD: Holding in a tight range it did neither continue correcting, not break the short-term support which stands at 1.8210 this morning. Remain long Cable or add here at 1.8220, expectations are for a minimum rise to 1.8285, objective remains the 1.8350 key-level. A break of 1.8205 leads to 1.8180 and a retry of the stronger 1.8135 support, key at 1.8065.
USDJPY: The pair had a 2nd try at the 116.65 resistance, it failed but maintained high levels above 116.00 through-out the night. 3-week bullish trend is catching up and stands at 115.80 this morning, our favorite view remains to end this bullish run and correct, hence we need to break this 115.80 level with a low daily close, if markets remain calm, it probably needs another day to do so. Target is the 6-week medium-term trend-line at 114.35 114.65 key support is near-by. On top strong initial resistance 116.65, key level at 117.30.
USDCHF: Here too the Dollar is holding surprisingly well in a range of 1.2410/70, this may tighten to 1.2425/55 today. Strong resistance 1.2465, key unchanged at 1.2500, a spike through that may carry the pair to 1.2580, a high daily close is bullish. Breaking short-term support above 1.2420 should trigger a dip to 1.2370, first strong support. A break there leads to 1.23 and key 1.2260
@09.30GMT Swiss KOF Business Climate Index June
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