Wednesday August 16, 2006 - 07:13:56 GMT
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ACM - www.ac-markets.com
Daily Technicals: expect a slow day
by Marc Spaelti
EURUSD: It moved up to 1.2805 before settling for a small range around 1.2785 overnight. 1.2825 is pivot resistance for further gains up to 1.2910 and eventually 1.30. Initial support 1.2775, stronger at 1.2745, a fall through there keeps the pair under pressure for a while longer, risk is a dip to 1.2665 key support.
GBPUSD: The pair had a strong upswing in yesterdays afternoon, but so far the 1.90 pivot-resistance has not been tested. Minor resistance at 1.8950, while underneath we risk a pull-back to 1.8885 strong support, next support 1.8850 and 1.8800 must hold. Next rise to 1.8985 should see Cable continue through 1.90
USDJPY: A low of 115.85 traded yesterday, immediate outlook is bearish to stretch the low to 115.50 or 115.20 today, key support underneath at 114.65. Strong initial resistance at 116.30, a break there risks a return to the 116.75 top.
USDCHF: It continues to stick to a very small range, 1.2365 / 1.2435 is neutral range, no bias to either upside or downside from here as there is an additional 1-cent of space to the respective key levels at 1.2260 and 1.2550, waiting for impulses in EURUSD or Cable.
@08:30GMT UK BOE Minutes last MPC meeting
@12:30GMT US CPI July, Housing Starts July
@13:15GMT US Industrial Production, Capacity Utilization July
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