Tuesday July 4, 2006 - 07:23:48 GMT
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ACM - www.ac-markets.com
Daily Technicals: Dollar is soft
by Marc Spaelti
EURUSD: In a quiet market 1.2765 support was not to be broken, the initial support has climbed to 1.2795, in a quiet market the pair can continue its surge to reach 1.2850. Breech of the initial support risks a correction, 1.2730 is very strong support, key support at 1.2680, buy dips, the Euro should hold these levels this week. To the top next resistance levels 1.2885, 1.2930 and key at 1.2985.
GBPUSD: Low of 1.8385 was seen from where it has bounced back to 1.8450. There is still a bit more of a cent of potential rise before reaching key resistance at 1.8630, on the way up minor resistance 1.8500 and stronger at 1.8530 could slow the market. Strong initial support 1.8405, a break should see the pair dip to 1.8350 key support, additional strong support 1.8295.
USDJPY: The pair tried the 115.00 level with little success, at the days closing it was again at 114.65, this will continue to play a vital role. Currently underneath we expect the Dollar to soften to 113.80, but progress to the downside is not expected to be fast, rather expect the pair to zig-zag 114/114.50. A daily close underneath of 113.80 targets the next step lower to 112.
USDCHF: Its remained in a 50-pip range around 1.2260, the daily close was again low, we continue to look for Dollar weakness towards 1.2135, possibly 1.2060. Key resistance 1.2260, 1.2305 must hold.
US Holiday today
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