Thursday August 24, 2006 - 07:26:55 GMT
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Daily Technicals: Remaining bearish Dollars
by Marc Spaelti
EURUSD: Only a very brief spike up to 1.2850 was seen in early NY markets yesterday, after which the Dollar slowly gained ground to reach 1.2760 in Asia this morning. In order to maintain a bullish view for the rest of the week, the Euro must recover to above 1.28 shortly, failure calls for further descent towards 1.2700. Initial strong support 1.2760, minor 1.2730, very strong 1.2700 and 1.2670 key. On top there is lots of space once the 1.2800 level is cleared, minor 1.2850, strong 1.2910 and target 1.2970.
GBPUSD: Cable has again spiked to 1.9000 from where it immediately returned to 1.8940 to remain underneath of the key resistance for the days closing. Overnight, a low of 1.8895 was seen, bulls will point to the fact that each dip had a higher bottom, hence further tries to the upside are on hand. Strong initial support at 1.8895, a break there risks a dip to 1.8770 with minor support at 1.8840 on the way lower. On top, bearish resistance now at 1.8925, more at 1.8960 and 1.9000.
USDJPY: Trading has slowed to a 15-pip range around 116.40 overnight. This is the resistance area that should survive the week in order to maintain a bearish outlook, rising support at 116.10 will be tough to break, once bypassed expect to hit 115.30, the target remains at 114.65. On top, strong resistance 116.60, key at 117.30, a higher weekly close is bullish.
USDCHF: It touched the medium-term bearish resistance at 1.2380 overnight, for now it remains in neutral range, day traders should sell here at 1.2360 for a dip to 1.2300 or as low as 1.2260 key support. The possibility of breaking the support to move on towards 1.20 must not be ruled out. Stop upon trading through 1.2385, there would be room to 1.2440 on a break-out, key resistance 1.2585.
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