Wednesday, May 20, 2009

Daily Technical Analysis 20.05.2009

EUR/USD



Euro / dollar moves are still in ascending price channel as is currently just above the area for shopping. Volatility is high and the risk of delay in recovery of the economy may direct the market for dollars in order to quick profits. In this case break of trend line will direct the pair to 1.3417 support, in order to break that could support the euro appeared to be 1.3377. In continuing the upward trend will test the cross resistance of 1.3695 and 1.3732.


USD/JPY




Receive priority over the yen the dollar, after traders expressed greater confidence in the Japanese currency. Decreasing trend is maintained as a trade takes place in the upper price channel. Upon exit of this channel is likely to test resistance at 97.86 and would break the pair set to 99.56. If, however, speculation about slowing global economy continue, then the Japanese currency would be a confidence vote and it tested support levels of 94.46 and 93.55.



GBP/USD




British pound traded near the border of the key resistance at 1.5475. Today in if able to break it then rising channel in which the cross will be penetrated and is likely to test the next resistance which is at 1.5725 after it has seriously acknowledge the occupation of positions and long lasting adjustment for currency of the island. In the opposite scenario where the dollar jump, then pounds will receive support in the 1.5067 and the next will be in 1.4940




USD/CHF





The dollar was used to secure currency in today's session and to increase the Swiss franc, but the couple can not take a clear and Trade Directorate remains within narrow limits. Consolidation and movement retains most feasible option here is to increase the dollar as the support will be at 1.0980 and 1.0894. If you cap the channel is punctured, then I will expect test 1.1256. A breakthrough draws couples to the next resistance 1.1423.