USDCHF: Key resistance remains 1.2354, the March 2007 high
Wed, Nov 26 2008, 12:29 GMT
by Per-Erik Karlsson
Euro
The 21 day EMA held the as support yesterday and it bounced just above this level to move up towards that key resistance at 1.3115. I expect this 1.3115 to cap the upside for today. Yesterday’s low (1.2803) has to hold to avoid another dip lower. Underlying support is down at 1.2435 today.
Support: 1.2823 (21 day EMA), 1.2803 (yesterday’s low), 1.2667(former falling resistance, now support), 1.2435 (rising sup), 1.2379 (last week’s low), 1.2323 (January 2006 high)
Resistance: 1.3080 (yesterday’s high), 1.3115 (5 Nov high), 1.3295 (30 Oct high)
240 min – Expect key resistance of 1.3115 to cap the upside for today.
Cable
The break above 1.5250 level was the gateway for a run higher yesterday and it almost made it to the 1.5550 resistance level that should provide some stiff resistance near term and could see a fall back towards yesterday breakout level of 1.5250. Key falling resistance is up at 1.5704 today.
Support: 1.525 (yesterday’s breakout level), 1.4983 (yesterday’s low), 1.4550 (yearly low)
Resistance: 1.5550 (March 2003 support), 1.5704 (key falling resistance from Sep 08 high)
120 min – looks like it was selling towards that 1.5550 level with an up bar closing was off the highs and next bar down closing below the previous bar low = weakness. Opens for a move lower towards that 1.5250 break out level.
USDCHF
Key resistance remains 1.2354, the March 2007 high. As pointed out Monday “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). The key rising support from the September low is some way off, down at 1.1542.
Support: 1.1800 (4th of November high), 1.1542 (key rising support)
Resistance: 1.2354 (March 2007 high)
USDJPY
The outlook remains bearish below the falling resistance at 97.90. Even though stocks have rebounded over the last 3 sessions, the JPY have not been able to break above that 98.00 level. So the correlation has not been that strong lately. However I expect it to break out soon and 94.00 and 98.00 are the trigger levels.
Support: 94.12 (rising support), 93.54 (last week’s low), 90.88 (24/10 low)
Resistance: 97.90 (falling res)
EURJPY
Broke above the falling resistance at 122.38 Monday to rally higher. Next key resistance is overheard resistance line at 129.74 today. Support down at the rising support at 117.16 and 113.60 the yearly low.
Support: 117.16 (rising support), 113.60 (yearly low)
Resistance: 129.74(falling resistance)
USDCAD
Looks like a double top with key resistance 1.30 holding on couple of occasions now, which confirmed by the break below the rising support at 1.2580 Monday. Key rising support from October low coming in at 1.2083 today that must hold to avoid a move towards the key support level of 1.1460.
Support: 1.2083(14/11 low), 1.2039 (rising support), 1.1460 (last reaction low), 1.1304 (former overhead res)
Resistance: 1.3007 (March 2006 low)
EURGBP
Finally that interim rising support that held as support for 3 bounces broke yesterday. Should open for a test of the key support at 0.8340 (last reaction low) near term.
Support: 0.8340 (last reaction low)
Resistance: 0.8661 (all time high)
