Forex Technical Analysis

EUR/USD: (1.5699) Double top off 1.5782 (see graph)

Thu, Jul 24 2008, 06:01 GMT
by KBC Market Research Desk

KBC Bank


Hourly Charts

Drop from 1.6040 broke below daily channel bottom off 1.5302 (1.5864 today) and Double Top off 1.5782 (see graph): 1st Support area at 1.5671/ .5662 (current reaction low off 1.6040/ 50% 1.5285 to 1.6040), with next levels at 1.5644/ .5625 (23.6% 1.4365 to 1.6040 + broken monthly channel top off 2005 low/ daily envelope bottom + daily Bollinger bottom) and 1.5611 (July 07 low): tough on 1st attempts.
Resistance at 1.5732/ .5748 (breakdown hourly/ daily envelope top), with next levels at 1.5764/ .5788 (reaction high hourly/ daily Short Term Moving Average↓), ahead of 1.5836/ .5864 (breakdown hourly/ see above): tough on 1st attempts.

USD/JPY: (107.84) Strong rebound off 103.77 trying to extend above 107.75

EUR/GBP: (.7856) Testing .7847

EUR/JPY: (169.33) New high on strong rebound off 165.33 and pair back in channel off 158.58

Published on  Thu, Jul 24 2008, 06:07 GMT

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http://www.kbc.be/dealingroom | piet.lammens@kbc.be

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