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Daily technical outlook − Wednesday 06.25.2008

Wed, Jun 25 2008, 06:30 GMT
by E-Forex Team

E-Forex


EURUSD

EURUSD continues to trade within the established range of 1.5470 to 1.5620 consolidating ahead of Fed's rate decision later today. Although they are expected to leave rate unchanged at 2 percent, the policy statement will be focused as it may decide the dollar's next move and probably a break of the current range. Intraday support is now seen at 1.5550 backed by a stronger barrier at 1.5470-1.5480 and 1.5420 lower. On the upside, resistance starts at 1.5620 followed by 1.5700 and 1.5770. Short term studies are slightly bullish and a potential break above 1.5620-50 could extend gains towards the key resistance at 1.5770. On the other side, a break below 1.5470-80 could bring the lower support levels at 1.5420 and 1.5320 on focus. Current quote is 1.5555 @06:26

Support levels: 1.5540, 1.5470-80, 1.5420 and 1.5320.
Resistance levels: 1.5620, 1.5650, 1.5700 and 1.5770.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bullish

AUDUSD

The Australian dollar managed to break the intraday resistance into the .9550 zone formed by a downward trendline started at .9646 and next resistance is seen at .9620. Above .9620, strong resistance is formed by the recent multi-year highs into the .9640-50 zone. Support starts at .9530 backed by .9500 and .9460. Short term studies are bullish and a potential corrective move to .9500 or even .9460 won't affect the positive momentum. Upside remains favoured. Current quote is .9558 @06:26 GMT

Support levels: .9530, .9500, .9490 and .9450-60.
Resistance levels: .9600, .9620 and .9640-50.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Important resistance into the 1.6250 region is again eyed today and a potential break may accelerate a rally towards 1.6300 where next important resistance level is seen. Support starts at 1.6200 backed by 1.6160 which has been confirmed on yesterday's pullback. Current quote is 1.6215 @06:26 GMT

Support levels: 1.6200, 1.6150-60, 1.6100 and 1.6070.
Resistance levels: 1.6250-65, 1.6300 and 1.6370.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

Published on  Wed, Jun 25 2008, 06:30 GMT

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