Friday July 7, 2006 - 06:55:32 GMT
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Daily Technicals: Remaining Dollar bears
by Marc Spaelti
EURUSD: Euro recovered to 1.2785 high, we maintain a bullish bias for the day. Initial support 1.2745, strong 1.2700 and key 1.2670 must hold to keep that view. Breaking this would signal further Euro weakness down to 1.2520 next week. Today weâ€™re looking for a move through 1.2790 initial resistance to at least 1.2825, once this is broken the pair can advance to as high as 1.2885, strong resistance, a high weekly close points to continued rise towards 1.30.
GBPUSD: The 1.8335 level was tried again on Thursday, it held and Cable rallied to the 1.84 resistance which held as also. Continued strong support at 1.8330/50 is pivot, a break sends the pair diving down to 1.8230 key support, in volatile markets the downside-risk extends to 1.8130, but the week must close above the key level to hold a medium-term bullish outlook towards 1.90. On top, initial resistance 1.8400 strong and additional strong resistance at 1.8460, key resistance only at 1.8600, a high weekly close leaves us very bullish.
USDJPY: Upon falling through 115.35, the pair dove to 114.90 and recovered above 115 shortly after. Tight initial range of 115.05/115.30, we like to see the bottom give way for a challenge of the 114.65 strong support and likely drop to 113.80 key support. On top 115.60 minor. 116.00 strong, key resistance still above 117.00 must hold.
USDCHF: The Dollar slowly eased, a low of 1.2265 was seen yesterday, currently at 1.2290 we see initial resistance at 1.2315, strong at 1.2360, key 1.2440. Strong support 1.2260 coupled with rising trend 1.2230 form a tough base, once broken e expect the Dollarâ€™s slide to gain momentum, a hard fall to the 1.20-ish level should follow., minor support 1.2200 and 1.2120.
@10:00GMT Euroland Leading Indicator May
@10:00GMT DE Industrial Production May
@12:30GMT US Non-farm Payrolls, Unemployment Rate June
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