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Currency Technical Report

Thu, Oct 9 2008, 10:43 GMT
by George Antonakos

FXGreece

EUR/USD
Resistance: 1,3690/ 1,3740/ 1,3810/ 1,3865/ 1,3910
Support : 1,3540/ 1,3510/ 1,3440-50/ 1,3400/ 1,3370/ 1,3330

Comment: Euro’s reaction continues, and a upward base seems to be formed. We will wait to see if it will be used for the move resumption or it would be a beginning of an upward move until 1,4000 or 1,4150-70, where a base is likely to be formed in terms of a correction of the wider decline in the last two weeks.
We give more possibilities to the second scenario, being very cautious, and wait for a clear break of 1,3750-70 to confirm it. Market’s high volatility is expected to be continued.
First intraday support is found at 1,3600, followed by more important at 1,3540-45 and 1,3500-10. A break of the second level would cancel our upward expectations from this reaction.



STRATEGY
Buy orders : Sharp buy positions could be tried at 1,3590-3610 and also 1,3540-50 area. Stops will be set below 1,3500 and target at 1,3720-40.
An upward break of 1,3750 could also be used for buy positions with stops below 1,3700 and target at 1,3870-85 or 1,3910-25 area.
A possible move to new lows towards basic targets at 1,3310-70, will be used for long term buy positions and stops below 1,3250.

Sell orders : Small sell orders could be tried at 1,3740-50, with target at 1,3700 and stop above 1,3775.
Sell positions could also be tried at 1,3865-75 and 1,3910-15, with stops above 1,3935 and targets at 1,3800.
A downward break of 1,3510 will be followed with buy orders and target at 1,3430-35 or 1,3370 area.

GBP/USD
Resistance: 1,7320/ 1,7380/ 1,7430/ 1,7480/ 1,7510/ 1,7550/ 1,7640
Support: 1,7170/ 1,7140/ 1,7100/ 1,7050/ 1,6990/ 1,6950

Comment: The pound could not break 1,7650 level and the move below 1,7420 activated our negative scenario and lower targets. A long-term support is being reached at 1,7050-7140 (yesterday’s low was at 1,7170), levels where bulls should gain momentum.
Intraday resistance is found at 1,7330 and 1,7420-30.
The strongest resistance is found at 1,7480-00. A possible break would lead to 1,7650 and maybe to a reversal.



STRATEGY
Buy orders : Buy orders could be tried at 1,7130-60 with stops below 1,7100 and target at 1,7320-30.
For longer term positions, the reach of the important support at 1,7050-7150 could be used for position building with stops below 1,6900 and target at least in 1,7400 or 1,7650 area.
Buy positions could also be tried at a possible break of 1,7340, with target at 1,7430-40 and stops below 1,7300.

Sell orders : We will try sell orders at 1,7440-50 , only with the prospect of adding more at 1,7500 and stops above 1,7535. Target is the area of 1,7340.






USD/JPY

USD/CHF

• fxgreece_currency Technical Report_081009

Published on  Thu, Oct 9 2008, 10:49 GMT