Wednesday July 12, 2006 - 07:22:21 GMT
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ACM - www.ac-markets.com
Daily Technicals: Euro support holding firm in slow trading
by Marc Spaelti
EURUSD: Bias remains bullish after the 1.2700 support held fine, this weeks bearish resistance broken, Euro has so far recovered to 1.2780. Initial resistance at 1.2785 and next strong resistance at 1.2825 are the big hurdles on the way to reach our 1.2950 target. Rising support at 1.2760 this morning, a break keeps the pair in previous days range of 1.2700/50, next strong support at 1.2670, a daily close underneath of 1.27 is bearish for 1.2550.
GBPUSD: It retried the 1.8370 level before bouncing a full cent to end the day high, but still underneath of strong 1.8500 resistance. Watch this level, while underneath, Cable can continue ranging 1.8385 â€“ 1.8485 and risk of a dip to 1.8270 cannot be ruled out. Remaining bullish for the week, we like to see the pair climb to key resistance at 1.8565, a daily close above that is bullish for the next 3 cents.
USDJPY: Has gone nowhere. The bottom at 114.05 stubbornly held all day, the pair even had a brief attempt at the 114.65 resistance which was quickly sold. This is still the key level and while 114.65 tops the market we continue to advocate a fall towards 111.50, support at 114.05, 113.70 and 112.80 on the way lower. On top additional strong resistance at 114.90, itâ€™s the medium-term bearish trend, if that gets broken there would be room for 115.70.
USDCHF: Continues to range 1.2250/1.2350. Minor bearish resistance at 1.2285 this morning, while underneath we have a chance to press through the bottom and advance to 1.2150, keeping a bearish bias for 1.20-ish. Recovering again to 1.23 leaves a possibility of a retry of the 1.2420 key and range-trading can continue a few more days.
@08:30GMT UK ILO Unemployment Rate June
@09:00GMT Euroland GDP final Q1
@12:30GMT US Trade Balance May
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