Euro: Closed above the 1.2820 falling resistance line yesterday
Thu, Feb 26 2009, 06:33 GMT
by Per-Erik Karlsson
Euro
Closed above the 1.2820 falling resistance line yesterday, which ended the recent down trend and neutralize charts and opens sideways to higher prices. Only a break of the 1.2500 support would open for another leg down. The falling resistance line coming in at 1.2760 is minor support today, with the weekly high at 1.2991 as key resistance for today.
Support: 1.2690 (Monday’s low), 1.2510 (yearly low), 1.2328 (2008 low)
Resistance: 1.3000 (psychological resistance), 1.3090 (February high)
240 min – Former falling resistance is now minor support, at 1.2760 today.
Cable
Remains weak below the falling resistance coming in at 1.4744 today. The 1.50 level is also key resistance level and key support remains the 1.4050 level. Key levels for today are, falling resistance at 1.4744 and underlying support down at 1.4150.
Support: 1.4310 (last week’s resistance), 1.4130 (underlying support), 1.4050 (2009 low), 1.3501 (2008 low)
Resistance: 1.4744 (falling resistance), 1.4985 (Feb. 2009 high) 1.5372 (2009 high)
120 min – Trading inside a triangle, support at 1.4257 and resistance at 1.4744.
USDCHF
Trading inside the rising trend channel with 1.1911 overhead resistance and 1.1481 underlying support. Need to a close outside of this range to trigger and bigger directional move. Friday’s price action was bearish and suggest a possible break to the down side is what I favor for the moment.
Support: 1.1481(triangle support), 1.1313 (27th of January low)
Resistance: 1.1884 (Friday’s high), 1.1911 (triangle resistance)
USDJPY
From yesterday “Bullish momentum above the rising support, coming in at 91.25 today. Broke clean above the 94.62 resistance overnight, which opens for a test of 97.40 resistance level.” Spot on and it tested 97.40 this morning and was not able to break above on the first test this morning as one can expect when a level get tested on the first occasion. Expect a reaction lower off this 97.40 level over the next sessions. A break above 97.70 would open for 100.54 level. The former overhead resistance at 96.03 today acts as minor support today.
Support: 96.03 (former overhead resistance), 91.40 (rising support), 87.09 (Dec. 08 low)
Resistance: 97.41 (25th of Nov 08 high), 100.54 (November 2008 high)
EURJPY
The bias is to the upside above the rising support at 115.08 after it broke firmly above the 120 yesterday and next target is the 122.15 resistance. The next really big resistance level if 122.15 gives away is all the way up at 125.74 that is the 23.60% Fibonacci retracement of the 169.96 to 112.07 move.The bias is to the upside above the 120 level (former overhead resistance) and have rising support at 115. The next really big resistance level is at 125.74 that is the 23.60% Fibonacci retracement of the 169.96 to 112.07 move.
Support: 120.12 (former overhead resistance), 117.88 (Friday low), 115.61 (rising support)
Resistance: 125.74 (23.60% Fibonacci of the 169.96 to 112.07 move) 131.09 (December 08 high)
USDCAD
That 1.30 level remains the key resistance level to break to get another rally higher. With minor resistance sitting at 1.2763. Rising support coming in at 1.2328 today, which needs to hold to keep the recent bullish momentum.
Support: 1.2328 (rising support), 1.1759 (last reaction low), 1.1685 (rising support), 1.1460 (break out level)
Resistance: 1.2763 (2009 high), 1.3007 (March 2006 low)
EURGBP
The interim falling resistance (0.8845) has been broken today and this opens for a test of the 0.9079 which is the key resistance level and gateway to higher levels. Key support remains the 0.8630 level.
Support: 0.8845 (former overhead resistance line), 0.8630 (2009 low)
Resistance: 0.8920 (Friday‘s high), 0.9079 (February high)
