Cable: The reaction high of 1.5250 from last week is blocking for a run higher
Tue, Nov 25 2008, 11:49 GMT
by Per-Erik Karlsson
Euro
From yesterday “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.” Spot on there and it rallied all the way up to the 1.2950 after the break of 1.2740 level. Next key resistance is the 1.3115 area. The former falling resistance at 1.2667 today has to hold to keep the upside open. Underlying support is down at 1.2428 today.
Support: 1.2787 (21 day EMA), 1.2667(former falling resistance, now support), 1.2428 (rising sup), 1.2379 (last week’s low), 1.2323 (January 2006 high)
Resistance: 1.3115 (5 Nov high), 1.3295 (30 Oct high)
240 min – Bullish above the former resistance line at 1.2667 today, but watch out for any strong reversal patterns.
Cable
The reaction high of 1.5250 from last week is blocking for a run higher.
Support: 1.4838 (yesterday’s low), 1.4550 (yearly low)
Resistance: 1.5248 (last week’s high)
120 min – broke above that falling resistance yesterday for a move higher, key resistance remains 1.5248.
USDCHF
Key resistance remains 1.2354, the March 2007 high. As pointed out yesterday “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.” Next major support point is 1.1800 (4th of November high).
Support: 1.1800 (4th of November high)
Resistance: 1.2354 (March 2007 high)
USDJPY
The outlook remains bearish below the falling resistance at 98.10. 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: 98.10 (falling res)
EURJPY
Broke above the falling resistance at 122.38 yesterday to rally higher. Next key resistance is overheard resistance line at 129.86 today. Support down at the rising support at 116.92 and 113.60 the yearly low.
Support: 116.92 (rising support), 113.60 (yearly low)
Resistance: 129.86 (falling resistance)
USDCAD
From yesterday “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. “ Fell lower rather quickly after breaking that interim support at 1.2558 yesterday. Key rising support from October low coming in at 1.2039 today.
Support: 1.2083(14/11 low), 1.2039 (rising support), 1.1304 (former overhead res)
Resistance: 1.3007 (March 2006 low)
EURGBP
Same as yesterday, bullish above the rising support at 0.8449 today. Comment from yesterday “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: 0.8449 (rising support)
Resistance: 0.8661 (all time high)
