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Technical Analysis Daily: GBP/USD
GBP/USD 1.9567
GBP/USD Open 1.9604 High 1.9645 Low 1.9341 Close 1.9552
First resistance for the Cable today is yesterday's top 1.9645. Next is the top from last Thursday 1.9775, and 1.9880. In downward direction strong support is the broken bottom and yesterday's resistance 1.9500, followed by yesterday's bottom 1.9340, , where the 100 week crawling middle line passes, and 9120, which is 37.8% correction of the climb 1.7055 - 2.1155.
Technical resistance levels: 1.9645 1.9775 1.9880
Technical support levels: 1.9500 1.9340 1.9120
Trading range: 1.9555 - 1.9640
Trend: Upward
Buy at 1.9567 SL 1.9537 TP 1.9627
Today we made already +60 pips profit on GBP/USD from the following signal:
7:19 GMT Buy GBP/USD at 1.9551 SL 1.9525 TP 1.9611 TP reached at 8:04 GMT
Technical Analysis for Major Currencies 23.01.2008
EURO
The European currency yesterday reversed back and rallied to the upside after declining in the first trading session to hit the critical support level at 1.9330s giving the currency enough strength to create the upside signals. Today we expect the euro to progress in the upside direction.
The trading range for today might be between the key resistance level at 1.4700 and the key support level at 1.4450.
The general trend is up as far as 1.4060 remains intact targets now at 1.5000 and 1.5360
Support: 1.4632, 1.4609, 1.4578, 1.4545, 1.4527
Resistance: 1.4654, 1.4670, 1.4692, 1.4710, 1.4730
Recommendation: We expect buying Euro above 1.4545 with a target at 1.4630 stop loss below 1.4490
Technical Analysis for Major Currencies 23.01.2008
GBP
The British pound jumped to the upside with high level of volume to pass the important level at 1.9460s and hit the key resistance level at 1.9570s. Although the pound hit the major support in the first session at 1.9330s, today the pound seeks some tendency towards the upside direction until 1.9800s.
The trading range for today might be between the key resistance level at 1.9800 and the key support level at 1.9440.
The general trend is down as far as 2.0200 remains intact targets now at 1.9230 and 1.8700.
Support: 1.9530, 1.9511, 1.9490, 1.9472, 1.9446
Resistance: 1.9562, 1.9583, 1.9607, 1.9630, 1.9655
Recommendation: We expect buying sterling above 1.9540 with a target at 1.9700 stop loss below 1.9480
Technical Analysis for Major Currencies 23.01.2008
JPY
After gathering bullish momentum, the dollar against the Japanese yen was able to rally with heavy volume taking the pair to the major resistance level a 106.90 with the next target being 107.30s. However, since it failed to progress towards the major resistance level at 107.30s, the pair is expected to reverse back to the downside.
The trading range for today will be between the key resistance at 108.00 and the key support at 105.00.
The general trend is down as far as 115.00 remains intact, targets at 101.60 and 95.90.
Support: 106.40, 106.20, 105.90, 105.65, 105.30
Resistance: 106.80, 107.07, 107.30, 107.57, 107.78
Recommendation: We expect selling USD/JPY below 107.00 with a target at 105.90, stop loss above 107.60.
Technical Analysis for Major Currencies 23.01.2008
CHF
The dollar against the SWISS Frank yesterday drove through the downside channel in a major bearish pattern as it failed to get over the critical resistance level at 1.1120s to reach the key support level at 1.0960. This move could be a signal for a downside trend for today.
The trading range for today will be between the key resistances at 1.1050 the key support at 1.0730.
The general trend is down as far as 1.1660 remains intact, targets at 1.0700 and 1.0550.
Support: 1.0987, 1.0965, 1.0940, 1.0917, 1.0895
Resistance: 1.1030, 1.1067, 1.1088, 1.1119, 1.1137
Recommendation: We expect selling USD/CHF below 1.1005 with a target at 1.0900, stop loss above 1.1060
Technical Analysis for Major Currencies 23.01.2008
CAD
The dollar against the SWISS Frank yesterday drove through the downside channel in a major bearish pattern as it failed to get over the critical resistance level at 1.1120s to reach the key support level at 1.0960. This move could be a signal for a downside trend for today.
The trading range for today will be between the key resistances at 1.1050 the key support at 1.0730.
The general trend is down as far as 1.1660 remains intact, targets at 1.0700 and 1.0550.
Support: 1.0987, 1.0965, 1.0940, 1.0917, 1.0895
Resistance: 1.1030, 1.1067, 1.1088, 1.1119, 1.1137
Recommendation: We expect selling USD/CHF below 1.1005 with a target at 1.0900, stop loss above 1.1060
Daily Technical Analysis
EURUSD
EurUsd recovered in yesterday's session all the points it lost on Monday and than some; after starting the day moving lower the pair bounced from the 1.4360 area and support by fundamental reasons, mainly the FED 0.75% interest rate cut, it pushed higher forming an outside bar on the daily charts and printing a weekly high just below 1.4700. Yesterday's price action was an pretty interesting, what seemed to be a retracement to a resistance line turned into a large scale move of more 300 points; today's development could be just as important as the markets are still under the influence of the FED decision and not everyone is completely sold on the lack strength or more likely the weakness of US dollar at the current interest rates. One should trade very carefully these days as we already saw the situation can change very quickly.
Resistance Levels
1.5000-- round number
1.4966- Nov 23rd high
1.4735 -Nov 9th High
Support Levels
1.4500- round number
1.4300 - Sept 30th High
1.4000 - Round number
1.3850 - July 24th High
EURUSD Daily Chart
Daily Technical Analysis 23/01/2008
GBPUSD
GbpUsd continued on Tuesday morning the move started on Monday but all of a sudden it reversed on a dime and pushed higher, at first seemed to be a retest of the 1.9500 resistance but when the FED interest rate cut announcement got out the pair moved another 150 points to print a daily hight at 1.9650. We were on right with our assessment that a break under 1.9550 will open up the road toward the 1.9180 target but one couldn't have foreseen the rather surprising move from the US central bank; looking at the chart below we see that yesterday's high was pretty close to the 38.2 Fibonacci retracement line of the 1.9790/1.9337 down move and with the oscillators already in overbought territory the bearish bias is still present, and US dollar bulls might not be shaken by the latest developments. A move above yesterday's high at 1.9650 will certainly give bulls a chance to open new trades but the same is true for bears if the pair continues to slip. Caution is of the essence as more surprises could lie ahead.
Resistance Levels
2.1148 - Nov 9th High
2.1065 - Nov 7th High
2.0650 - July 24th High
2.0365 - September 12th High
Support Levels
2.0000 - Round number
1.9800 - Round Number
1.9670 - August 17th Low
1.9180
GBPUSD Daily Chart
EuroUSD DAILY OUTLOOK 23 01 2008
EUR/USD rebounded strongly from 1.4365 to as high as 1.4683. However, EUR/USD is still struggling to take out 4 hours 55 EMA (now at 1.4641) and is still limited by mentioned 1.4715 cluster resistance holds (61.8% retracement of 1.4921 to 1.4365 at 1.4709). Short term outlook is neutral for the moment. And as long as 1.4715 cluster resistance remains intact, further decline is still in favor. Below 1.4524 minor support will flip intraday bias back to the downside for 1.4365 low. However, above 1.4715 will indicate that fall from 1.4921 has completed and further rise should then be seen to retest this resistance first.
In the bigger picture, with 1.3581 resistance turned support remains intact, medium term up trend from 1.1639 is still in force. Regardless of internal structure, it is treated as resumption of long term up trend from 0.8223 (00 low) to 1.3668 (04 high) and has just failed 61.8% projection of 0.8223 to 1.3668 from 1.1639 at 1.5004 target which overlaps with 1.5 psychological resistance. Having said that, the current price actions from 1.4966 is treated as consolidation to this long term rally. That is current fall from 1.4921 should be contained by 1.4309 and bring up trend resumption. Though, sustained trading above 1.5 key resistance is needed to confirm the medium term up trend has resumed and bring rally to next projection target of 100% projection at 1.7048. Otherwise, more choppy consolidation could be seen inside established range of 1.4309 and 1.4966.
USD/CHF Daily Outlook 23.01.2008
USD/CHF's fall from 1.1120 extended to 1.0913 before turned sideway. As discussed before, recovery from 1.0836 should have completed at 1.1120. At this point intraday bias remains on the downside as long as 1.1005 minor support holds and further decline should be seen to retest 1.0836 low. Break will confirm recent fall from 1.1596 has resumed. On the upside, above 1.1005 will indicate that correction from 1.0836 is possibly still in progress. Nevertheless, upside is still expected to be limited by 1.1189 resistance and bring fall resumption.
In the bigger picture, whole down trend from 1.3283 (05 high) is still in force. The preferred interpretation is that fall from 1.3282 was initially contained at 1.1919 and turned into sideway triangle consolidation that completed at 1.2467, where the medium term down trend from 1.3283 resumed . Having said that, next medium term downside target will be 161.8% projection of 1.3283 to 1.1919 from 1.2467 at 1.0260. Also, such medium term decline is tentatively treated as resumption of the long term down trend from 1.8305 (00 high) which could extend further to parity.
On the upside, though, above 1.1189 resistance will firstly argue that fall from 1.1596 has completed. Secondly, it will suggest that consolidation from 1.0890 is still in progress and further rise could be seen to retest 1.1596 high before completion. But still, break of 1.1596 is needed to indicate such down trend from 1.3283 has completed. Otherwise, long term outlook will remain bearish