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Daily technical outlook − Friday 07.18.2008

Fri, Jul 18 2008, 06:22 GMT
by E-Forex Team

E-Forex


EURUSD

Solid intraday resistance into the 1.5890 region remained intact on yesterday but is attracting the Euro at the time of this report. Support is formed at 1.5825 backed by 1.5790/05 and 1.5750 lower. Important resistance follows 1.5990 at 1.5930 and a potential break may encourage further gains towards recent all-time high into the 1.6 zone. Despite yesterday's retreat into the higher part of the 1.57 zone, the upside remains on focus and daily sentiment is bullish. Current quote is 1.5865 @06:20 GMT

Support levels: 1.5825, 1.5790/05, 1.5750.
Resistance levels: 1.5890, 1.5930, 1.5950 and 1.6020/40.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bullish

AUDUSD

Recent pullback brings support into the .9670/80 region on focus but it should limit the downside for now. A potential break of .9670/80 may open .9550 where next key support is seen. Intraday sentiment is negative due to the slip below the .9740 mark. The Aussie has to break above .9750 in order to confirm a resume of the uptrend. Resistance follows .9750 at .9800 and .9850. Support starts at .9700 backed by the stronger barrier at .9670/80. Current quote is .9721 @06:20 GMT

Support levels: .9700, .9670/80 and .9640/50.
Resistance levels: .9750, .9800 and .9850.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Resistance into the 1.6210/15 region has limited the upside and current decline may bring support into the 1.6120 zone on focus. Below 1.6120 there is fib support at 1.6100 and 1.6075. Key medium term resistance into the 1.6210 region formed by the 200 MA and by a falling trendline forming a downward channel may remain intact and encourage yet another test of the downside into the 1.5980 region within the next days. Current quote is 1.6170 @06:20 GMT

Support levels: 1.6120/30, 1.6100 and 1.6075.
Resistance levels: 1.6210/15, 1.6240 and 1.6300.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bearish

Published on  Fri, Jul 18 2008, 06:23 GMT

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