Wednesday July 5, 2006 - 07:44:48 GMT
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ACM - www.ac-markets.com
Daily Technicals: Volatility picks up
by Marc Spaelti
EURUSD: Spent most of the past 24h at 1.2800, only a quick spike to 1.2845 was seen in Asia. Strong initial support at 1.2765, a break risks a 1-cent drop to 1.2665 key support, minor support at 1.2730 and 1.2700 on the way lower. On top, initial resistance 1.2835, stronger at 1.2885, key at 1.2985.
GBPUSD: A range-bound day has kept the Pound at the 1.84-handle. Strong initial support 1.8405, a break can see a dip to 1.8350, key support a lot lower at 1.8295. Minor resistance 1.8445, strong 1.8500, a rise through that should see Cable reach 1.8625, key resistance today.
USDJPY: It simply stood at 114.65 for long periods yesterday, then spiked to 115.20 in early Asia. Currently at 114.95, initial resistance 115.05, and space to move on to 115.40 if a breech occurs on top. 114.65 remains key level, a daily close underneath brings back the bearish bias for a larger fall, first strong support 113.85.
USDCHF: Itâ€™s stuck to 1.2250 until volatility picked up and the range widened to 1.2205/1.2285 in the past two hours. Strong resistance 1.2305 should continue to top the market, strong support 1.2220, a break calls for rapid descent towards 1.20. A break of 1.2305 stops the bearish bias, an ascension back to 1.2420 should follow.
@11:00 Euroland Retail Sales May
@14:00 US Factory Orders May
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