Daily Recommended Trades

Daily technical outlook − Monday 07.14.2008

Mon, Jul 14 2008, 06:36 GMT
by E-Forex Team

E-Forex


EURUSD

The 1.59 region and the record high at 1.6019 are back on focus now that the Euro climbed into the mid 1.59 zone before pulling back to 1.5870. Current pullback seem corrective and new rallies are possible if the support levels at 1.5830 and 1.5770 hold. Resistance starts at 1.5930 then 1.5970 and 1.6000/19. Daily studies are bullish while intraday charts are slightly bearish at the time of this report. Current quote is 1.5895 @06:30 GMT

Support levels: 1.5830, 1.5770 and 1.5740.
Resistance levels: 1.5930, 1.5970, 1.6000 and 1.6019.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bearish

AUDUSD

Recent rally above the .9700 mark is strengthening the bullish momentum by clearing the strong resistance previously formed into the .9640-.9665 region. Intraday support is now formed at .9640/50 and while it holds, a retest of the .9715 resistance is likely. The upside is favored while holding above .9595/00. Current quote is .9685 @06:30 GMT

Support levels: .9640/50, .9595/00 and .9550.
Resistance levels: .9700, .9715 and .9750.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Interim resistance is seen at 1.6225 and stronger resistance is emerging at 1.6245/50. Short term sentiment remains bullish despite Friday's minor retreat and a potential break of the 1.6245/50 resistance may open 1.63. Support starts at 1.6160 backed by 1.6145 and 1.6100. Current quote is 1.6205 @06:30 GMT

Support levels: 1.6160, 1.6140 and 1.6100.
Resistance levels: 1.6245, 1.6270 and 1.6295/00.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish


Published on  Mon, Jul 14 2008, 06:37 GMT

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