Fri, Jan 30 2009, 13:06 GMT
by Slobodan Drvenica
EURUSD
Recovery off 1.2764, 23 Jan low, stalled at 1.3330/1.3335, 27/28 Jan highs, ahead of reversal. Today’s fresh weakness reached 1.2806 low so far, en-route to fully retrace 1.2764/1.3035 upleg, with potential break under 1.2764 to open 1.2627 next. Corrective bounce may precede attack at 1.2764, as hourly studies approach oversold territory.
Res: 1.2923, 1.2956, 1.2995, 1.3028
Sup: 1.2806, 1.2764, 1.2716, 1.2674
GBPUSD
Retraced almost 61.8% of 1.4982/1.3500 downleg on yesterday’s rally to 1.4411 high. Further headway towards 1.4470 is possible but loss of 1.4071 warns of relapse.
Res: 1.4342, 1.4416, 1.4441, 1.4470
Sup: 1.4185, 1.4164, 1.4122, 1.4071

USDJPY
Extended recovery off 87.10, 21 Jan low, to test the trendline resistance drawn off 91.66, 09 Jan high, at 90.79 yesterday. Clearance of the latter is needed to trigger a stronger recovery towards 91.29/66, while loss of 88.88 risks a return to 87.10.
Res: 90.14, 90.35, 90.79, 90.98
Sup: 89.19, 88.88, 88.42, 88.27

USDCHF
Has formed a trend continuation pattern, following the lower rejection at 1.1313 on 27 Jan. Clearance of 1.1581/1.1600 now seeks for 1.1717, 23 Jan high, then 1.1807. Downside 1.1522/1.1406 area underpins the advance.
Res: 1.1717, 1.1747, 1.1775, 1.1807
Sup: 1.1513, 1.1494, 1.1435, 1.1406
Published on Fri, Jan 30 2009, 13:09 GMT
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