Euro: Still trading in the defined down trend channel that it has been in for more than a month
Wed, Nov 19 2008, 12:11 GMT
by Per-Erik Karlsson
Euro
Still trading in the defined down trend channel that it has been in for more than a month. Key overhead resistance is coming in at 1.2734 today, so bearish momentum intact below this level. The support points to watch for today are yesterday’s low of 1.2566 and last week’s low of 1.2379. Also have a rising support from the October low coming in at 1.2408 today.
Support: 1.2566 (yesterday’s low), 1.2408 (rising sup), 1.2379 (last week’s low), 1.2323 (January 2006 high)
Resistance: 1.2734 (falling resistance), 1.2828 (21 day EMA), 1.3295 (30 Oct high)
240 min – Rising support at 1.2408 and falling resistance at 1.2734 that are the key levels for now.
Cable
Need to get above 1.5100 resistance to open for a test of the falling resistance at 1.5214 level. Key support remains the 1.4550 level, last week’s low.
Support: 1.4898 (yesterday’s low), 1.4550 (last week’s low)
Resistance: 1.5100 (10 pips above yesterday’s high), 1.5214 (falling res)
120 min – key levels are 1.5214 falling resistance and 1.4813 rising support.
USDCHF
Trading inside the apex that is getting close to breaking as the lines will soon cross each other. Short term bullish momentum intact above 1.2006 today (rising interim support). Overhead resistance coming in at 1.2100.
Support: 1.2006 (interim rising support)
Resistance: 1.2100 (overhead resistance), 1.2151 (Sep. 2007 high)
USDJPY
The key falling resistance is coming in at 98.78 today that needs to be taken out to open for a test of the 100.50 level. The rising support from the October low coming in at 95.51 today should act as support.
Support: 95.71 (March low), 95.51 (rising support), 90.88 (Friday low)
Resistance: 98.78 (falling res)
EURJPY
It is weak below the falling resistance, coming in at 123.69 today. Have support down at the rising support at 118.94. Need to see a break out above or below these levels to see more directional moves.
Support: 118.94 (rising support)
Resistance: 123.69 (falling resistance)
USDCAD
The key resistance level remains 1.3007 (March 2006 low), with the 1.2083 level (14/11 low), as the key support for today, with minor resistance at last week’s high of 1.2449.
Support: 1.2178 (yesterday’s low), 1.2115 (rising support), 1.2083(14/11 low), 1.1304 (former overhead res)
Resistance: 1.2449(last week’s high), 1.3007 (March 2006 low)
EURGBP
The breakout above the overhead resistance at 0.8230 last week was for real and the pair shoot higher towards the 0.87 level. Expect support today towards the rising coming in at 0.8338.
Support: 0.82338 (rising support)
Resistance: 0.8661 (all time high)
