Friday July 28, 2006 - 04:27:19 GMT
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Daily Technicals: Sell Dollars after the overnight rally
by Marc Spaelti
EURUSD: A high of 1.2775 was reached before the pair turned to close the day at 1.2695. Overnight the low was stretched to 1.2675. As long as 1.2650 holds we keep a bullish bias, expecting a new try up for a weekly close in the mid 1.27â€™s, but donâ€™t rule out for the pair to climb to as high as 1.2835. A break of 1.2650 can see a short-term dive to 1.26, breeching that risks a fall to key support 1.2530
GBPUSD: Cable reached a 7-week high of 1.8675 before falling to a low of 1.8545 overnight. Strong support 1.8530 and again at 1.8480 are buy levels with the view that Cable is on its way to 1.90 and should end this week above 1.86, initial resistance 1.8630, more at 1.8670 and 1.8770.
USDJPY: The Dollar fell and the medium-term rising support at 115.30 was briefly touched before the pair bounced to 116.00. Short-term bearish trend at 116.20 coupled with strong resistance at 116.10 should top markets today, initial support 115.60, medium-term trend-line at 115.35, a breech there can see us fall to 114.65 strong support, but target of the move is 113.50 or lower. If the top at 116.20 is broken a 1-Yen rise should follow next, key resistance 117.10.
USDCHF: Key support at 1.2325 was tested and held, leaving this pair the most bullish Dollar of the lot, there would be space to ascend to 1.2520 key levels once more, initial resistance 1.2400, stronger at 1.2450. Being bearish Dollars on all other pairs the downside risk here is a breech at 1.2330 which must be followed by a dip to at least 1.2260, 1.2220 seems likely. A weekly close underneath of 1.23 is bearish for 1.20 next.
@09:30GMT Swiss KOF Leading Indicator July
@12:30GMT US GDP Q2 1st release
@13:50GMT U. Michigan Sentiment Index July
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