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Currency Technical Report

Mon, Oct 13 2008, 09:06 GMT
by George Antonakos

FXGreece

EUR/USD
Resistance : 1,3570/ 1,3625/ 1,3670/ 1,3720/ 1,3760-70/ 1,3810
Support : 1,3500-10/ 1,3440/ 1,3400/ 1,3370/ 1,3340/ 1,3300

Comment: Euro formed a new low in the end of the previous week at 1,3265-70 area. The move in such low levels and during low liquidity hours indicates a stop hunting before the reversal and we see the first signs in the beginning of this week. The reversal will be confirmed after clear signs in the market with reversal candles in the daily chart and the break of important resistance levels, which will be turned into support.
First resistance is found at 1,3650-60, followed by 1,3770-90 area, where the ranges for the reversal are set. A move above these levels would lead to 1,4075-00 with interim resistance at 1,3910-20.
If first resistance levels cannot be breached or we see a false break with sharp reversal and a downward move below 1,3450, it would indicate that sellers still dominate and lows at 1,3270-00 will be tested again and the move may be resumed until our next targets at 1,3100 and 1,2950-00 area.
We bet (once again...) on the rise as supports are reached, and the new low on Friday seems like a bottom formation...



STRATEGY
Buy orders : The move towards 1,3300-50 activated our longer term orders. For those who followed our strategy, stops could be set below 1,3400. Targets are set at 1,3900-20 and 1,4075-00.
Buy orders could be tried at the retracements towards 1,3550, with stops below 1,3440 and targets at 1,3750-80. The break of 1,3660 could also be used for buy positions with the same target and stops below 1,3570...

Sell orders : We bet on the rise and we will try sell positions only at 1,3760-80 with stop above 1,3810 and target at 1,3670 area. False breaks with clear reversal signs or a downward break of 1,3440, could be used for sell positions...






GBP/USD
Resistance: 1,7050/ 1,7100/ 1,7150/ 1,7200/ 1,7230-40/ 1,7280/ 1,7330/ 1,7360
Support : 1,6900 1,6800/ 1,6770/ 1,6700/ 1,6650

Comment : Friday’s close and the pοund’s reaction indicate that a reaction or a break of the resistance levels at 1,7200 at first, and then 1,7330-50 area is possible. Support at 1,6900 should not be breached.




STRATEGY : We are bullish and will follow a possible break of 1,7200 with target at 1,7330-50.
Targets for long term positions are found at 1,7650 with stops below previous lows...




USD/JPY

USD/CHF

• fxgreece_currency Technical Report_081013

Published on  Mon, Oct 13 2008, 09:09 GMT