Wednesday July 26, 2006 - 05:22:14 GMT
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Daily Technicals: Key support in Cable and Euro must hold today
by Marc Spaelti
EURUSD: Once 1.2600 broke, the pair fell to 1.2565, stopping just ahead of key level 1.2550. Presently at 1.2585 it should rise to 1.2605, breaking this level again brings the pair back into its neutral 1.26/1.2700 range. Risk is to dip, closing the day underneath of 1.2550 will trigger a new sell-off to 1.2450 or lower by Friday.
GBPUSD: Cable has now corrected 50% of its strong rise late last week, at 1.8400 it has touched its medium-term bullish trend-line. While this level holds we keep a bullish bias, expecting to retrace back over 1.85 for a new attempt of the 1.8600 key resistance and possible move to much higher levels in August. On the downside a breech here is bearish, next minor support 1.8350, a low daily close calls for further descent towards 1.80.
USDJPY: The pair managed to push through 116.85 and close the day high. This is bullish, expectations are for a retry of the 117.85 level with high possibility of stretching the top into the 118-handle. Sell upon a break of 116.80, with only little support on the way lower there is potential to dip to the medium-term bullish trend-line at 115.30.
USDCHF: The Dollar was bid up but the move was stopped shortly before the pair reached the cross-over point to the EURUSD at 1.2550, key level in both currencies today. Presently at 1.2520 the bias is bullish, bypassing 1.2550 should see the move gain in speed, bypassing the 1.2600 resistance for a spike to as high as 1.2750 this week. Short-term bullish support at 1.2465 this morning, a fall through that level stops the immediate bullish bias and a fall to key support at 1.2315 should follow next.
@08:00GMT DE IFO Business Climate Index July
@10:00GMT UK Industrial Trends Survey July
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