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Currency Technical Report

Tue, Sep 2 2008, 09:00 GMT
by George Antonakos

FXGreece


EUR/USD

Resistance : 1,4600-10 /1,4640/ 1,4670/ 1,4700-10/ 1,4745-50/ 1,4770/ 1,4810
Support : 1,4530/ 1,4500/ 1,4475/ 1,4450/ 1,4420/ 1,4390-00

Comment : Euro’s reactions were weak yesterday, forming new lows at the end of the day. This move is not a clear break and technically a wedge is being formed. The area of 1,4500-30 is the target from the double top formation and our basic target regarding the decline, while lower at 1,4400-50 important long term support and targets will be reached.
In case of a clear wedge break, the move would be resumed and targets at 1,4400-30 will be back in the game. Interim support is found at 1,4475 and 1,4450. We should be cautious for a false break of the support levels and a sharp retracement above 1.4600. Such a move would be a clear reversal sign...



First important resistance is found at 1,4610-20 and if it is breached, it would indicate the bullish strength , while the area of 1,4660-70 would indicate the stabilization...
For now, we will follow the downtrend and wait for reversal signs at important support and target levels...


TRADING EUR/USD
SWING TRADING : Our first basic targets at 1,4500-30 area reached and this move will be followed for small buy orders, adding more at 1,4400-30 και 1,4350, while stops will be set below 1,4300. An alternative scenario would be to focus at 1,4400-50 area as target, ignoring the area of 1,4500-30, waiting first for a reversal sign and the bull's appearance. Positions within 1,4350-4530 area should have as first target the area of 1,4850-4950.

INTRADAY TRADING : We will follow the current trend for short term positions, trying sell orders at the reactions. A move below 1,4550 could be followed with sell positions and target at 1,4500-20. Opportunities for small buy positions would emerge at 1,4500 with stops below 1,4475 and target at 1,4550. A clear break of 1,4500 may be followed with sell orders in the first reaction and next target will be at 1,4400-30...




GBP/USD

Resistance: 1,7920-30/ 1,7970/ 1,80020-30/ 1,8050/ 1,8080
Support : 1,7850/ 1,7825/ 1,7800/ 1,7750/ 1,7700/ 1,7650

Comment : The pound broke easily all support levels in its extensive move. The area of 0,7900-30 was breached and targets are now at 0,7630-00, in the lower part of the downward channel in the weekly chart. Technically, this support is important and should limit the move.
Intraday resistance is found at 0,7940-50 and 0,8030. Lower targets are still valid until the second resistance area is breached...



TRADING GBP/USD : The trend is clearly bearish and will be followed with sell orders at the reactions, until we see a clear reversal sign. Resistance at 1,7950 and 1,8000-20 could offer such opportunities...






USD/JPY




USD/CHF


Published on  Tue, Sep 2 2008, 09:04 GMT


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