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Oct 20 04:23 GMT

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FX Technical Analysis Print E-mail
Technical Analysis Articles | Written by Mizuho Corporate Bank |

FX Technical Analysis

EURUSD

Comment: Hard won moves but the Euro has just managed a weekly close above the 9-week moving average and first Fibonacci resistance. This suggests it will consolidate around 1.2600 this week, possibly inching up to 1.2800, as we get used to these new fractionally higher levels.

Strategy: Attempt small longs at 1.2595; stop below 1.2400. First target 1.2650.

Direction of Trade: →

Chart Levels:

Support Resistance
1.2600 " 1.2647/1.2663
1.2587 1.2723
1.2553 1.2775
1.2443 1.2800* 
1.2400*  1.285

GBPUSD

Comment: Retreating from first Fibonacci resistance just under a massive weekly Ichimoku 'cloud'. This adds weight to our view that we may consolidate under the 1.5275/1 5525 area for several weeks over the summer. This will allow investors to get used to these new slightly higher levels.

Strategy: Attempt small longs at 1.5010, adding to 1.4965; stop well below 1.4850. First target 1.5230.

Direction of Trade: →

Chart Levels:

Support Resistance
1.5000 " 1.5078
1.4965 1.513
1.49 1.52
1.4875/1.4855*  1.5240*
1.48 1.5275

USDJPY

Comment: Bouncing from important long term support in the 87.00 area. Daily and weekly moving averages suggest a short position and we shall continue to allow for sideways work above 87.00 this week. The problem now is deciding where the upper edge will lie.

Strategy: Attempt small shorts at 88.90; stop above 89.25. First target 88.50, then 88.00.

Direction of Trade: →

Chart Levels:

Support Resistance
88.55/88.45 " 89
88 89.15/89.25*
87.6 89.55
87.02/86.96**  89.95
86.5 90.45

EURJPY

Comment: All yen crosses remain difficult with mixed signals in what can probably be best described as a countertrend rally in a slow on-going bear market. Expect sideways work, probably above 109.50, this week. Above 114.00 might be too much to hope for.

Strategy: Possibly attempt very small longs at 112.00; stop below 111.00. First target 112.50, maybe 113.40.

Direction of Trade: →

Chart Levels:

Support Resistance
111.96 " 112.39
111.53/111.33  112.69
110.5 113.43*
110 114.16
109.5 115

 

 
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