Wednesday August 23, 2006 - 07:55:40 GMT
Share This Story
ACM - www.ac-markets.com
Daily Technicals: Remaining bullish Euro
by Marc Spaelti
EURUSD: The pair has corrected Monday‚Äôs spike in its fall to 1.2785. This is the 5-week bullish support and must hold if we like to maintain our view of an immediate attack of the 1.30 level late this week. Initial resistance at 1.2825 bypassed we can rally to 1.2885, first strong resistance. Next leg up through 1.29 could come very fast and see the pair rally to its 2006-year top at 1.2980. Risk below upon a break of 1.2785 is 1.2670 max, with support at 1.2745 and 1.2700.
GBPUSD: 1.8865 low was seen on Tuesday, currently the pair is turning and has crossed its initial 1.8885 resistance in a swift spike. Key resistance at 1.8940 today, expect a good test and possible break to lift the pair to 1.90 and expect to gain further momentum to carry Cable up to 1.9130 before the week ends, hence stay long or buy more. To the downside 1.8865 is pivot support, a breech carries a risk to deepen the last two days correction to 1.8750 max, the next buy level for medium-term players.
USDJPY: It remained very bid throughout Tuesday, reaching a 116.85 high, just before the day ended, short-term traders took profit and knocked the pair underneath of its medium-term resistance at 116.65. Its been crashing this morning to reach 116.10 at present, first strong support 115.90, once bypassed it should fall to 114.65 key support and target for this week. On top minor bearish resistance at 116.45, key at 117.40.
USDCHF: The Dollar fared strongly on Tueday, but failed to come close to its important 1.2385 resistance, for now the pair remains locked in a range of 1.2260/1.2360. Expectations are still for a bearish break towards 1.20, initial support 1.2310, key 1.2260 strong 1.2200, strong resistance 1.2380, more at 1.2440.
@14:00GMT US Existing Home Sales July
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."