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Daily Technical Outlook − Friday 10.10.2008

Fri, Oct 10 2008, 06:49 GMT
by E-Forex Team

InnerFX


EURUSD

The 1.34 zone is under renewed pressure as the Euro failed once again to break the resistance at 1.3750 on yesterday. Intraday studies are bearish and the Euro aims towards support at 1.3440/50. Daily resistance is formed at 1.3630/50 and the stronger barrier at 1.3750/60. If the decline resumes, a break below 1.3440 can open a deeper move to 1.3360 and 1.3260. Current quote is 1.3572 @06:45 GMT

Support levels: 1.3500/10, 1.3440/50 and 1.3360.
Resistance levels: 1.3550, 1.3630, 1.3700 and 1.3750/60.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

AUDUSD

Resistance emerges at .6800 and may limit the upside on potential pullbacks, while support starts at 0.6530 being followed by .6430 lower. Both intraday and daily studies are bearish. The pair continues to trade on large ranges, the average trading range for the last 5 days being 470 points. Current quote is .6632 @06:45 GMT

Support levels: .6530 and .6430.
Resistance levels: .6700, .6800 and .7100.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

The Euro trades heavily on the downside versus the Swiss Franc, aiming towards key support on the 1.5 mark. Resistance starts at 1.5330 followed by 1.5500. Recent fall below the yearly low at 1.5330 accelerates the decline and next bearish objective is seen at 1.5. Current quote is 1.5180 @06:45 GMT

Support levels: 1.5150, 1.5080 and 1.5.
Resistance levels: 1.5250, 1.5330 and 1.5500.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

Published on  Fri, Oct 10 2008, 06:50 GMT


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