Thursday July 6, 2006 - 07:02:06 GMT
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Daily Technicals: Dollar rise opens opportunities for sellers
by Marc Spaelti
EURUSD: Short-term support at 1.2765 was broken early on and EURUSD fell to 1.2710. Good support at 1.2700, key support unchanged 1.2670 must hold in order to maintain a medium-term bullish bias with a target of reaching 1.30 within the next 10 days. For today, it can start moving back up, initial resistance 1.2760, 1.2790 next, strong resistance only at 1.2885.
GBPUSD: Cable traded down to a 1.8330 low yesterday, it closed the day just above the 1.8350 support. This is initial support this morning, a break will lead to a test of next strong level at 1.8280, key support at 1.8225. Initial resistance 1.8400, a recovery back above that is bullish for a re-try of strong resistance at 1.8500 and a possible attempt to challenge key resistance at 1.8620 for a high weekly close.
USDJPY: Dollar rose in a reaction to North Korean missile tests, a high of 115.80 was reached. Strong initial resistance at 116.00, next is the 116.70 high seen in June, key resistance 117.15. Medium-term view remains for a move lower, should the 115.35 support break today, we expect an immediate drop back to the 114.65 key support. A weekly close underneath of that leaves the pair bearish, next strong support at 113.85, target of the medium-term move is 110.
USDCHF: Dollar moved through the 1.23 top to spike to 1.2360, this morning we are back at 1.2305. Short-term risk is for a new rise to 1.2370 and a try of the 1.2435 key resistance, a fall back through 1.23 can see 1.2260, a daily close underneath of 1.2225 is needed for a bearish break towards 1.20.
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