Fri, Nov 21 2008, 09:32 GMT
by Slobodan Drvenica
EURUSD
Remains poised for test of 1.2388, 13 Nov low, following decline from Wednesday's failure ahead of 1.2857, 13 Nov lower high. Meantime, a negative falling wedge drawn off 1.3300, 30 Oct recovery high unfolds, while losing 1.2329/1.2301 low may see acceleration to 1.2134 next. Back over Thursday's 1.2595 high to hint basing instead.
Res: 1.2566, 1.2600, 1.2618, 1.2659
Sup: 1.2423, 1.2388, 1.2329, 1.2300
GBPUSD
Bearish shooting star was left in the wake of decline from 1.5249, 19 Nov high, which retraced over 61.8% of advance from 1.4560, 13 Nov 2008 6-year low. Former base at 1.4900 of 18/19 Nov now serves as resistance against 1.4646 higher low, protecting key 1.4560 support. Break there reaffirms 5th wave extension from 1.6675, 30 Oct lower top, to a measured target at 1.4303.
Res: 1.4926, 1.4996, 1.5068, 1.5093
Sup: 1.4775, 1.4713, 1.4695, 1.4680

USDJPY
Yesterday’s recovery spike stalled ay 96.23, ahead of falling 10-day MA, before resolving lower below 94.48, 12 Nov low. This risks 93.16, 76.4% retracement of 90.87/100.56 rise, prior to initial minor higher low at 92.48. Minor bull divergence on hourly studies, however, hint basing, though it would take a lift back over 96.25 high to firm.
Res: 95.66, 95.87, 96.25, 96.46
Sup: 93.55, 93.16, 92.48, 91.88
USDCHF
Advance off 1.1945, 19 Nov spike low, took out 16 Aug 07 minor lower top at 1.2216 yesterday, extending gains to 1.2296 today. Further rise is heading towards 1.2469, Jun 07 high, near 76.4% retracement of 1.3286/0.9630 downleg, where a reaction high may be anticipated at the back of overbought conditions. Immediate key support now stands at 1.1945.
Res: 1.2334, 1.2343, 1.2355, 1.2428
Sup: 1.2176, 1.2148, 1.2085, 1.2048
Published on Fri, Nov 21 2008, 09:39 GMT
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