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Wednesday June 28, 2006 - 08:49:38 GMT
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ACM - www.ac-markets.com
Last day of range-trading before the FOMC announcement
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Currency markets remained in very tight ranges, hopes that the Dollar would loose some of its value ahead of a completely discounted rate hike have not yielded any results so far, for now the USD has remained very firm and the possibility of a bullish Dollar break cannot be ruled out completely. EURUSD evolved inside 1.2550/1.2600 overnight, medium-term support near 1.25 is still the entry level for investors that predict a rise towards 1.30 in late summer/autumn and with the FOMC rate-announcement just around the corner one risk parameter could soon be out of the way, paving the road for the next medium-term move. Japans PM Koizumi spoke in support of leaving Fukui in control of the BOJ. Financial Markets are not too thrilled about this outcome, fearing for the BOJâ€™s already limited independency.
Todays Key Issues:
Swiss KOF Business Climate for June is due at 9.30GMT. The Index stood at 15.4 last month, no forecast available. The UK CBI Distributive Trade Report Balance for June is due at 10am, it is expected to increase to 10 from 9 in May.
The Risk Today:
4-H EURUSD: Markets are sticking to a minor bearish trend, initial resistance at 1.2580 this morning. While underneath,, we risk to soften further but see only limited space to the downside with strong support at 1.2550, key 1.2500, medium-term bullish support at 1.2470. A rise needs to see a daily close above 1.26 from where the 1.2675 level can be attacked next.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2680 S ||1.8415 M ||117.35 K ||1.2530 S |
|1.2630 M ||1.8350 K ||117.10 M ||1.2500 K |
|1.2585 T ||1.8285 M ||116.65 S ||1.2465 S |
|1.2560 ||1.8170 ||116.35 ||1.2450 |
|1.2550 S ||1.8165 M ||115.85 S ||1.2425 M |
|1.2500 K ||1.8135 S ||115.30 M ||1.2370 S |
|1.2480 T ||1.8065 K ||114.65 K ||1.2260 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
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