Friday August 25, 2006 - 06:41:30 GMT
Share This Story
ACM - www.ac-markets.com
Daily Technicals: Dollar hits back
by Marc Spaelti
EURUSD: Again the Euro rise above 1.28 was short-lived only, on the day the Currency remained at 1.2770, underneath of the medium-term support at 1.2810 today. Short-term bearish trend with resistance also at 1.2810 is pivot resistance today, while underneath the pair can descend towards its 1.2670 key, with strong support at 1.2745 and 1.2700. A rise through 1.2810 can drive the pair to 1.29, a high weekly close leaves the pair bullish.
GBPUSD: Another day sideways in Cable, a try to the upside stopped short of 1.90, overnight the pair returned to the weeks low of 1.8850. Strong resistance at 1.8910 this morning, risk to expand the low to 1.8800 or 1.8770, max downside is 1.8660, a medium-term buy level. On top a rise through 1.8910 should cause a spike, but only a break of 1.90 will cause us to turn bullish.
USDJPY: The medium-term resistance has been broken as the pair traded held most of the day above 116.40, overnight the Dollar was bid up to 117.05 so far. Key resistance 117.30 for tonightâ€™s close, a higher close calls for additional rise towards 119 next week. Minor support 116.90, short-term rising trend at 116.60, a break leads to key support at 116.15.
USDCHF: The medium-term resistance at 1.2380 was broken last night, this morning the pair has risen to 1.2405. Short-term rising trend at 1.2350, upside potential for 1.2470, key resistance is 100 pips higher at 1.2575. A fall back underneath of 1.2350 should be followed by a dip to 1.2260 key support.
@08:30GMT UK GDP Q2
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."