Wed, Jan 21 2009, 07:36 GMT
by Slobodan Drvenica
EURUSD
Extended decline off 1.3385, 19 Jan lower high to reach 1.2842 low overnight. Correction higher followed, with swing top towards 1.3050 expected ahead of fresh downside attempt. Below 1.2842 to focus 1.2800, while only above 1.3100 would allow stronger recovery.
Res: 1.3025, 1.3050, 1.3100, 1.3174
Sup: 1.2913, 1.2842, 1.2800, 1.2716
GBPUSD
Collapsed to new 7-year lows, following yesterday’s breakdown of 1.4350, 31 Dec 2008 low. Hourly RSI negative reversal projects 1.3726 next, while 1.4200/80 caps for now.
Res: 1.4025, 1.4050, 1.4068, 1.4132
Sup: 1.3846, 1.3815, 1.3798, 1.3733

USDJPY
Further retracing of the latest upleg from 88.48, seeks 89.57/54, 61.8% retracement, possibly 89.25/06. Regaining 90.98, yesterday’s lower top, will firm the structure.
Res: 90.08, 90.23, 90.65, 90.98
Sup: 89.54, 89.25, 89.06, 88.89
USDCHF
Seeks for test of 1.1532, 61.8% retracement of 1.2251/1.0368 decline. Clearance there to firm the tone for 1.1770/1.1800 next. Pullback on overbought hourly studies seek swing low over 1.1318, ahead of fresh push higher.
Res: 1.1519, 1.1532, 1.1592, 1.1615
Sup: 1.1420, 1.1370, 1.1347, 1.1318
Published on Wed, Jan 21 2009, 07:39 GMT
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