Monday July 31, 2006 - 07:15:07 GMT
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Daily Technicals: Bearish for Dollars
by Marc Spaelti
EURUSD: The pair rallied on Friday to close the week at 1.2750. Short-term bullish trend with trend-line at 1.2700, while it holds expect the pair to continue climbing, 1.2860 is this weekâ€™s target, initial resistance 1.2780, minor 1.2820, next medium-term resistance at 1.2950. To the downside a breech at 1.27 risks a test of the 1.2660 key support, a lower daily close keeps the Euro in a 1.2550/1.2750 range for another week.
GBPUSD: Cable double-topped 1.8670 last week, it closed the week bid in a short-term bullish trend with trend-line at 1.8610 this morning. Remain long while this holds, next try at 1.8670 must lead the next step higher, we look to rise to 1.8850 this week, minor resistance 1.8700, stronger at 1.8775. On the bottom, a break of 1.8620 will lead to 1.8585 or even 1.8530, key support, the medium-term rising support at 1.8500 today will reach 1.8650 by Friday.
USDJPY: A swift move lower saw the pair close at 114.65, this morning the sell-off continued, reaching a low of 114.25. While strong initial resistance at 114.65 holds we can continue straight down to 113.50 target of the present move with only little support at 114.15. A rise over 114.65 can see the pair correct to 115.30 key resistance, look to establish fresh shorts from there for a move to 113.50 later on this week.
USDCHF: A low of 1.2310 traded again on Friday, since the pair has remained near those lows, unable to rally past 1.2340 initial resistance. Bearish resistance at 1.2385, while it holds we look to extend the lows to 1.2260 or 1.2225, a lower daily close is further bearish for 1.2050. A rise back into the 1.24-handle is bullish for a re-test of the 1.2550 key resistance.
@09:30GMT UK Net Consumer Credit June
@10:00GMT Euroland Consumer Confidence July
@14:00GMT US Chicago PMI July
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