Monday August 21, 2006 - 07:33:43 GMT
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Daily Technicals: Dollar can fall hard this week
by Marc Spaelti
EURUSD: Tight range on Friday, early on Monday morning the pair went bid trading through 1.2845 to spike to 1.2884. View is bullish, expecting to take a try at the 1.30 medium-term resistance this week. Minor resistance at 1.2885, a move through that is expected to yield a fresh monthly high above 1.2915, 1.2930 first strong resistance, 1.2970 next. Initial support at 1.2860, a dip through should bring the pair back to 1.2810, strong support 1.2770
GBPUSD: With its dip to 1.8780, Cable has successfully retraced its 1-month rise from 1.8180 on Friday, this morning in Asia the pair has traded back up to 1.8880. Strong initial resistance at 1.8910, key resistance 1.8960, while underneath the pair ought to consolidate within 1.8750/1.8950. But eventually we expect medium-term rise to continue, 1.9150 will be first target, 1.9300 next.
USDJPY: 116.05 resistance held on Friday, presently we are testing the 115.50 medium-term support, a daily close underneath of this is bearish. Next minor support 115.15, key support 114.65. Should the support hold here and rise above 115.80 our bearish bias will change to a short-term bullish bias for 116.60.
USDCHF: While 1.2260 held last week, we are again threatening to take out this key level this morning, the pair has so far fallen to 1.2230 low. While underneath the view is bearish for a clear break to the downside, a rapid fall to 1.1965 is expected, minor support 1.2220, 1.2170, 1.2060 on the way lower. If it turns and 1.2260 holds again it can climb back to 1.2360, medium-term bearish resistance.
@09:00GMT Euroland Trade Balance June
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