Tuesday July 25, 2006 - 07:18:54 GMT
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ACM - www.ac-markets.com
Daily Technicals: EURUSD likely to remain rangebound
by Marc Spaelti
EURUSD: Overnight the pair went for a test of the 1.2600 support from where it bounced to the present 1.2665 high. 1-Week bullish trend-line is at 1.2620, initial minor support at 1.2645. While above, weâ€™re looking for a try of the 1.2700 pivot, a daily close above that is bullish for a rise to 1.2765, current bullish move has a target of 1.2825 this week. Should underlying trend-line at 1.2620 be broken with a low daily close we risk falling back to 1.2550.
GBPUSD: Yesterday Cable has done a full 38% correction of its steep rise late last week when it fell to a low of 1.8450 overnight. It is back at 1.8535 presently and outlook is bullish for a retry of the 1.8600 level, pivot for much higher levels to come. Initial support at 1.8510, stronger at 1.8465, key at 1.8410, a rise through 1.86 opens the path for 1.8850 next strong resistance, target 1.90.
USDJPY: Tight ranges so far this week, the pair is holding near 116.60. Strong resistance at 116.85 is key-resistance for the week, being so close to that level, we like to go short, expecting a drop to 115.70, strong support at 116.15 on the way lower, key support today is a touch lower at 115.00. A daily close above 116.85 calls for a retry of last weeks 117.85 top.
USDCHF: The large swing up to 1.2580 early last week and subsequent fall that stopped ahead of key support 1.23, leaves this pair with a broken 4-month bearish trend-line. Unless the pair quickly plunges to close this week underneath of 1.2300, outlook will be Dollar-bullish. For today minor support 1.2420, strong 1.2365, key 1.2310. Initial resistance 1.2460, stronger at 1.2490, a higher daily close is bullish for 1.26 next.
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