Thursday July 27, 2006 - 07:20:57 GMT
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ACM - www.ac-markets.com
Daily Technicals: Cable leading the Euro higher
by Marc Spaelti
EURUSD: The Euro was bid all day, trading up to 1.27 in late Europe, this key resistance was finally broken in late New York, leaving the pair bid to rise towards medium-term target of 1.30. For today minor support 1.2715, key support 1.2700, strong support at 1.2650 must hold. Looking to ascend to 1.2780 initially, the top could be stretched to 1.2820 strong resistance today.
GBPUSD: Cable has nicely rebounded from its 1.8400 key support to rise back above 1.85, a high of 1.8585 has traded so far, next big obstacle is the key resistance at 1.8600, once cleared we can move on to 1.8850 with resistance at 1.8660 and 1.8730 on the way up. Initial support at 1.8530 must hold or we risk a return to 1.8450.
USDJPY: No progress to the top could be made and the pair fell through its 116.85 support to dip to 116.00. Remain short, there is space to continue trading down to key support at 115.30 in the short-term. Initial resistance 116.40, strong 116.70 and key at 117.15.
USDCHF: The Dollar turned ahead of the 1.2550 key to fall back to 1.2375. Expect a test of the key support at 1.2325 today, next strong support 1.2260, a lower daily close is bearish. Initial resistance 1.2400, stronger 1.2440, key level unchanged at 1.2550.
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