USDCAD: That 1.30 level remains the key resistance level to break to get another rally higher
Mon, Jan 12 2009, 13:12 GMT
by Per-Erik Karlsson
Euro
The Euro was sold after the NFP number Friday and came within striking distance of that key 1.3300 support this morning. Bearish sentiment remains below the falling resistance coming in at 1.3685 today, with break out levels being 1.3300 to the downside and 1.3800 to the upside.
Support: 1.3300 (Dec. break out level, last week’s low), 1.3115 (Nov. high)
Resistance: 1.3800 (break out level, last week’s high), 1.4147 (31/12 high),
240 min –Weak below that falling resistance at 1.3685 today.
Cable
As long as the overhead resistance at 1.5275 holds the upside is limited and it could well fall back into to the recent range with underlying support down at 1.4308.
Support: 1.4350 (2008 low), 1.4308 (underlying support)
Resistance: 1.5275 (falling resistance from Oct. 08 high), 1.5720 (Dec. 08 high)
120 min – Bearish below the falling resistance at 1.5275 today. Key support remains 2008 low of 1.4350.
USDCHF
Today key resistance is 1.1278, the 19th of December high. As long as the rising support from March 2008 low holds, the trend remains bullish.
Support: 1.0887 (Friday’s low), 1.0586 (key rising support)
Resistance: 1.1278 (6/1 high)
USDJPY
Technically still bearish below the falling resistance at 93.4 and key support remains the December low at 87.09.
Support: 87.09 (Dec. 08 low)
Resistance: 93.40 (falling res), 94.62 (Jan. 09 high)
EURJPY
Have key falling resistance coming in at 128.08 today, which blocks the upside. The interim rising support from the 2008 December low coming in at 117.75 today. Expect this line to cap the downside for today.
Support: 117.75 (rising support)
Resistance: 128.08 (falling resistance)
USDCAD
That 1.30 level remains the key resistance level to break to get another rally higher. Key support remains that former overhead resistance coming in at 1.1685 today that must hold to avoid a test of the break out level of 1.1460.
Support: 1.1759 (last reaction low), 1.1685 (rising support), 1.1460 (break out level)
Resistance: 1.3007 (March 2006 low)
EURGBP
Looks toppish and it could well fall back and test the former break out level of 0.8660 near term. Key resistance remains the all time high at 0.9802. To keep the recent bearish momentum alive it should hold below Friday’s high of 0.9042 today.
Support: 0.8660 (former break out level)
Resistance: 0.9042 (Friday’s high), 0.9802 (all time high)
