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Daily Technical Outlook − Friday 11.21.2008

Fri, Nov 21 2008, 04:59 GMT
by E-Forex Team

InnerFX


EURUSD

The downside is under renewed pressure as the Euro reached daily lows at 1.2420, only 90 points away from the recent yearly low at 1.2330. Resistance is seen at 1.2575 followed by 1.2620/35 and 1.2700 higher. Intraday support starts at 1.2420 backed by 1.2395 and 1.2330. The daily studies are bearish while hourlies are slightly bullish at the time of this report. Pullbacks on the upside are likely to face solid resistance into the 1.2620-1.2700 region. Current quote is 1.2490 @05:00 GMT

Support levels: 1.2420, 1.2395 and 1.2330/35.
Resistance levels: 1.2575, 1.2635, 1.2700 and 1.2800.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish

AUDUSD

Yesterday's decline below support at .6190 currently puts the .6000 mark on focus. Resistance starts at .6190/00 followed by .6330 and .6425 while support starts at .6075 backed by .6005 and .5900, lower. Hourly studies are bullish while the daily momentum is bearish. Current quote is .6180 @05:00 GMT

Support levels: .6075, .6005 and .5900.
Resistance levels: .6190/00, .6330 and .6425.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish

EURCHF

The Euro continues to advance higher versus the Swiss Franc, testing offers into the mid 1.53 zone. First support region is seen at 1.5220 backed by 1.5100 and 1.4990/00. Resistance starts at 1.5350/60 followed by 1.5400 and 1.5560. Both daily and intraday studies are bullish but resistance into the 1.5560 region will most likely limit the upside for now, if reached later today. Current quote is 1.5332 @05:00 GMT

Support levels: 1.5220, 1.5100, 1.4990/00 and 1.4940/50.
Resistance levels: 1.5330/50, 1.5400 and 1.5560.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bullish

Published on  Fri, Nov 21 2008, 05:00 GMT


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