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Currency Technical Report

Tue, Oct 14 2008, 10:14 GMT
by George Antonakos

FXGreece

EUR/USD
Resistance : 1,3670-80/ 1,3720/ 1,3760-70/ 1,3810/ 1,3890/ 1,3910/ 1,3950
Support : 1,3650/ 1,3600/ 1,3550-70/ 1,3500-10/ 1,3440-50.

Comment: Euro moved upwards yesterday showing the first recovery signs. A clear break of the resistance at 1,3770-90, would be a definite confirmation and next targets are set at 1,3900-20 and 1,4070-90.
Intraday support is found at 1,3600-20 and 1,3510-30. The upward scenario and expectations will change in case of a move below 1,3450-70...



STRATEGY
Buy orders : Retracements towards 1,3570-80 and 1,3510-20 could be used for buy positions with stops below 1,3440 and target at 1,3750 area.
A clear break of the resistance at 1,3770-90 could be used for buy positions with stops below 1,3700 and targets at 1,3910-20.
Sell orders : We keep «betting» on the rise and we will try small sell positions only at 1,3760-80 area, with stops above 1,3810 and target at 1,3700. False breaks with clear reversal signs could also be used for sell positions...
Resistance at 1,3910-20 could also be used for sell orders again, with close targets and stops.

GBP/USD
Resistance: 1,7550-60/ 1,7590/ 1,7640-50/ 1,7690/ 1,7730-40/ 1,7800-10
Support : 1,7400-10/ 1,7330-/ 1,7270/ 1,7240-50/ 1,7170-80

Comment: The false break of important long term support levels at 1,6950-7050 defined the end of the downward move or -even better- the beginning of a big reaction. Targets at 1,7650-70 are rather close, and the move should be continued to 1,7780-7810 area.
Yesterday tops at 1,7430-40 are now support levels and only a downward break of support at 1,724-50 could reverse the forming trend...

STRATEGY
Buy orders : We are bullish trying buy orders at any correction towards 1,7400-30, with stops below 1,7350.
Buy positions with longer term that are already open, have first target at 1,7650, and stops are moved below 1,7230.

Sell orders : «The area of 1,7640-60 could be used for sell positions with stops above 1,7700 and target at 1,7500-30.

USD/JPY

USD/CHF

• fxgreece_currency Technical Report_081014

Published on  Tue, Oct 14 2008, 10:16 GMT