Euro: Still trading in the defined down trend channel that it has been in for more than a month
Mon, Nov 24 2008, 13:13 GMT
by Per-Erik Karlsson
Euro
Still trading in the defined down trend channel that it has been in for more than a month. But testing that resistance line at this very moment, coming in at 1.2707 today, so keep a close eye on this level as a clean break above 1.2740 or so would open for a rally higher. Underlying support is down at 1.2428 today.
Support: 1.2428 (rising sup), 1.2379 (last week’s low), 1.2323 (January 2006 high)
Resistance: 1.2707(falling resistance), 1.2760 (21 day EMA), 1.3295 (30 Oct high)
240 min – Right at that 1.2707 falling resistance line, key level to watch today.
Cable
Has broken the interim falling resistance this morning (at 1.4943 today), however need a close above that level to open for a run higher towards reaction high of 1.5250 from last week that is blocking for a run higher.
Support: 1.4704 (Friday’s low), 1.4550 (yearly low)
Resistance: 1.4943 (falling resistance), 1.5248 (this week’s high)
120 min – More resistance at Friday’s high of 1.5059.
USDCHF
Key resistance remains 1.2354, the March 2007 high. Have rising support coming in at 1.2104 today. This trend line has been intact for the last 20 days and a break would be a bearish signal.
Support: 1.2104 (interim rising support)
Resistance: 1.2354 (March 2007 high)
USDJPY
The outlook remains bearish below the falling resistance at 98.21. Keeps an eye on that former rising support (now resistance) coming in at 96.31 today. This pair is still very much related to stock market moves, so track stocks for trading this pair.
Support: 93.54 (last week’s low), 90.88 (24/10 low)
Resistance: 98.21 (falling res)
EURJPY
It is weak below the falling resistance, coming in at 122.38 today. Have support down at the rising support at 116.81 and 113.60 the yearly low.
Support: 116.81 (rising support), 113.60 (yearly low)
Resistance: 122.38 (falling resistance)
USDCAD
The key resistance level remains 1.3007 (March 2006 low), which it tested last week, but once more held, which implies selling towards that level. Therefore in the near term, I would not be surprised to see it test the interim rising support coming in at 1.2558 today.
Support: 1.2558 (rising support), 1.2318 (rising support), 1.2083(14/11 low), 1.1304 (former overhead res)
Resistance: 1.3007 (March 2006 low)
EURGBP
Keeps bouncing off that interim rising support (twice last week). The fact that this line held again Friday points to another move up. This support line is coming in at 0.8410 today and the key resistance is up at 0.8661 the all time high.
Support: 0.8410 (rising support)
Resistance: 0.8661 (all time high)
