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2010-09-24_ASIA DAILY FOREX OUTLOOK - Majors.pdf (11.0 KB)
ASIA DAILY FOREX OUTLOOK - Majors
24 Sep 2010, 01:33
SINGAPORE (Dow Jones)
EUR/USD - to trade with risks skewed lower. Pair undermined by reduced investor risk tolerance; worse-than-expected drop in euro-zone composite PMI to 53.8 in September from 56.2 in August (vs 55.7 forecast); sharp...Ignored
European Forex Technicals: GBP Gathering Some Strength
24 Sep 2010, 08:10
By Francis Bray
A DOW JONES NEWSWIRES COLUMN
London (TRADING Central)
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2010-09-24_European Forex Technicals.pdf (8.8 KB)
Intraday EUR/USD: Bulls will look to extend the recovery off Thursday's low at 1.3286 by forcing a break above resistance at 1.3356. The 1.3286 level would become a near-term bear failure on a break above 1.3356, creating room for further gains to the 1.3415 lower high, and leaving Wednesday's peak at 1.3441 vulnerable. Only a break below 1.3286 would put bears in control of the near-term, exposing 1.3160 and 1.3100.
Weekly chart EUR/USD trend: Bullish.
Intraday USD/JPY: Resistance at 85.50 is being challenged following the corrective recovery off Thursday's 84.26 low. Forcing a break above 85.50 would open the recent 85.94 highs, threatening to form a bull wave extension towards 87.00. A push below 84.51 is required to bring the dominant bear trend back into the picture, exposing 84.26.
Weekly chart USD/JPY trend: Bearish.
Intraday GBP/USD: Bulls still remain in control of the near-term, and the main threat is for renewed bull pressure on Thursday's high at 1.5741. A break above 1.5741 would extend the rally off Tuesday's reaction low at 1.5505, prompting further gains towards the 1.5835 area. Only a break below 1.5615 would question the positive outlook and expose 1.5505.
Weekly chart GBP/USD trend: Bullish.
Intraday USD/CHF: Stages a tentative recovery off 0.9805 Thursday, but is struggling to break through resistance at 0.9883. Even so, a break above 0.9901 is required to lift the tone and open the 0.9965 area. Failure to hold 0.9833 would bring the focus back onto the 0.9805 low, threatening fresh 30-month lows towards 0.9745 and 0.9625.
Weekly chart USD/CHF trend: Bearish.
;-)
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