By Francis Bray
A DOW JONES NEWSWIRES COLUMN
LONDON (Dow Jones)--Rolling 24-hour chart levels:
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF
Spot 0602 GMT 1.2722 79.18 1.5718 0.9443
3 Day Trend Bullish Range Bullish Range
Weekly Trend Range Range Range Bullish
200 day ma 1.3189 79.63 1.5825 0.9196
3rd Resistance 1.2869 79.75 1.5848 0.9573
2nd Resistance 1.2825 79.51 1.5785 0.9537
1st Resistance 1.2748 79.30 1.5742 0.9500
Pivot* 1.2632 78.97 1.5644 0.9486
1st Support 1.2640 79.09 1.5645 0.9420
2nd Support 1.2550 79.00 1.5599 0.9403
3rd Support 1.2520 78.61 1.5511 0.9367
Intraday EUR/USD: The upside push during Monday's Asian session hours
tests resistance at 1.2748. The push into fresh four-week highs above
1.2672 has confirmed a higher low at 1.2442, and a fresh wave of EUR
bull pressure above 1.2748 would open resistance at 1.2820/25. Support
at 1.2640 will look to contain weakness, and only a move below 1.2550
would concern EUR bulls.
Weekly chart EUR/USD trend: Range.
Intraday USD/JPY: A new range has been established between 78.61 and
Monday's Asian session high at 79.30. Resistance at 79.30 remains
under threat, although USD bulls need to force a break above Friday's
high at 79.51 in order to improve the short-term outlook. Support at
79.00 defends the 78.61 low.
Weekly chart USD/JPY trend: Range.
Intraday GBP/USD: The 1.5785 target area is the focus for GBP bulls,
following Friday's powerful gains. The push above 1.5599 has been
capped at 1.5742 for now, but further gains are expected to 1.5785,
where the 50% Fibonacci retracement level of the 1.6302/1.5269 decline
conjoins with a wave equality target. The 1.5599 level reverts to
support, and only a move below there would concern GBP bulls.
Weekly chart GBP/USD trend: Range.
Intraday USD/CHF: USD bear pressure is building on Friday's low at
0.9420, as a downwave equality target at 0.9403. Last week's sharp
weakness suggests a move beyond equality should be expected, and risk
of an extension lower to 0.9367 and 0.9356 would come to the fore on a
break below 0.9420. Resistance at 0.9500 will look to cap gains,
protecting 0.9537.
Weekly chart USD/CHF trend: Bullish.
Forex spot: EUR/GBP EUR/JPY EUR/CHF AUD/USD
Spot 0602 GMT 0.8094 100.75 1.2012 1.0122
3 Day Trend Range Bullish Bearish Bullish
Weekly Trend Bearish Bearish Bearish Bullish
200 day ma 0.8332 105.02 1.2112 1.0248
3rd Resistance 0.8230 102.13 1.2030 1.0274
2nd Resistance 0.8157 102.00 1.2022 1.0225
1st Resistance 0.8110 100.90 1.2018 1.0146
Pivot* 0.8085 99.66 1.2012 1.0056
1st Support 0.8042 99.90 1.2006 1.0090
2nd Support 0.8012 99.08 1.2000 1.0011
3rd Support 0.7972 98.55 1.1990 0.9922
Intraday EUR/GBP: Remains within a 0.8012/0.8157 trading range,
following Friday's rejection at 0.8152. A positive EUR outcome is
envisaged while Monday's Asian session low at 0.8042 holds, and a push
through internal resistance at 0.8110 would bring the focus back onto
the range high at 0.8157. Only a move below last week's low at 0.8012
would negate the EUR positive outlook.
Weekly chart EUR/GBP trend: Bearish.
Intraday EUR/JPY: Last week's high at 100.90 is being challenged,
following Monday's Asian session gains. Friday's low at 99.08 has
become isolated, and a break above 100.90 would attract further EUR
gains towards the 102.00 resistance area. A setback below 99.90 would
question the EUR bullish outlook, exposing 99.08.
Weekly chart EUR/JPY trend: Bearish.
Intraday EUR/CHF: Support at 1.2006 remains under threat, which
defends 1.2000 and the April 5 spike low at 1.1990. Orderly corrective
gains require a break above 1.2018 in order to lift the tone, opening
1.2022 and then 1.2030.
Weekly chart EUR/CHF trend: Bearish.
Intraday AUD/USD: The powerful short-term uptrend is set to extend to
the 1.0225 resistance area, following last week's decisive break above
1.0011. A wave equality target at 1.0274 has been generated, and will
be met if 1.0225 resistance is broken. Weakness will attract support
while above 1.0011, protecting 0.9922.
Weekly chart AUD/USD trend: Bullish.
* The pivot is the sum of the high, low and close divided by 3.
For more technical analysis see: Dow Jones Newswires, N/DJTA;
Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"
By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249;
francis.bray@dowjones.com
Francis Bray is Dow Jones' chief technical analyst for Europe, and has
worked as a technical analyst and trader for 20 years in London,
Barcelona and Guernsey.
Data provided by CQG International Ltd.
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(END) Dow Jones Newswires
June 18, 2012 02:14 ET (06:14 GMT)
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