Tuesday August 22, 2006 - 03:30:24 GMT
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Daily Technicals: Pick Euro bottoms for new long positions
by Marc Spaelti
EURUSD: The euro continued strongly on Monday and managed a new monthly high of 1.2940 before it retraced to 1.2855 low overnight. 1-week bullish trend at 1.2850 is initial support, a breech can see the pair correcting down to 1.2770 key support. Look to go long on any dip, we remain bulls for a weekly close above 1.30, resistance at 1.2960 strong, 1.3000 and 1.3050.
GBPUSD: Cable rose nearly two cents, briefly scratching the 1.90 mark, on a daily basis the 1.8965 resistance held well and the pair was under pressure overnight, dipping to 1.8895. This is strong initial support, a breech risks 1.8865, max downside-risk is for 1.8760 key support, suggest entering fresh long positions in case of a dip. To the upside, 1.8960 remains key resistance, 1.9000 minor, only a daily close above 1.9020 is immediately bullish for much higher levels.
USDJPY: The only Dollar to profit on the day with a break of its 1-week bearish trend at 115.90 and rise to 116.20 so far, this is initial resistance this morning. Next strong resistance at 116.60, a break there leads to 117.30 key resistance. Initial support at 115.90/95 may be tough to beat, once through a rapid descent to 115.35 can be expected, target remains the 114.65 key or 113.85 strong support.
USDCHF: At 1.2185 the pair has reached its lowest level in more than two months, but the day ended with the pair returning to 1.2260 key level. The bottom has again held and we risk a new upswing in the short-term, 1.2285 initial resistance, 1.2330 strong and medium-term bearish resistance at 1.2385. A higher daily close is Dollar bullish. While the medium-term trend remains in place we will continue to look for the Dollar to dip to equal this years 1.1960 low, key support 1.2260, minor 1.2225, 1.2185 and 1.2070.
@09:00GMT Euroland Current Account June
@09:00GMT German ZEW Survey August
@12:15GMT CH Trade Balance July
@14:00GMT US Richmond FED Manufacturing Survey August
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