Daily Market Report
11 October 2004
(Morning Update)
EUR/USD – 09:00 (GMT+3) Friday's rebound off 1.2280/1.2310 followed earlier sell-off 1.2444 to 1.2290. Extension above 1.2400 reached 1.2435, returning focus to the upside. Immediate scope is set for retest of 1.2444/65 area and lift above the latter would open way for extension towards 1.2515/40, while 1.2330/50 underpins. Strategy: Buy at 1.2360. Target:: 1.2465. Stop: 1.2330.
Res: 1.2444, 1.2465, 1.2485, 1.2515
Sup: 1.2380, 1.2350, 1.2330, 1.2315
USD/JPY – 09:00 (GMT+3) coils around 109.30/50 area following last Friday's sharp fall off major falling trendline resistance near 111.74. Scope is seen for final push towards 109.05/108.75 before stronger rebound can be anticipated, though 110.75 caps the upside for now. Strategy: Sell at 109.90. Target: 109.05. Stop: 110.20.
Res: 109.80, 110.00, 110.20, 110.50
Sup: 109.30, 109.05, 108.95, 108.75
GBP/USD – 09:00 (GMT+3) rebounded from last Wednesday's 1.7745 low to reach 1.7965 and lapsed to a consolidation over 1.7920, Friday's NY session low. Holding above 1.7920/1.7895 keeps scope for further gains towards 1.7985/1.8005, while eventual loss of 1.7830/15 sidelines bulls. Position: Long at 1.7850. Target: 1.7985. Stop: 1.7885.
Res: 1.7965, 1.7985, 1.8005, 1.8014
Sup: 1.7920, 1.7895, 1.7888, 1.7865
USD/CHF – 09:00 (GMT+3) fell sharply off 1.2650/10 area, last Friday, to reach 1.2470. Holding below 1.2510/00 keeps the downside in focus. Scope is seen for test of 1.2415, channel support and break lower would open way for extension towards 1.2400/1.2375. Strategy: Look to sell rallies.
Res: 1.2530, 1.2560, 1.2595, 1.2610
Sup: 1.2470, 1.2445, 1.2420, 1.2400
EUR/JPY – 09:30 (GMT+3) extended losses off 137.50, major bear trendline resistance, to breach 136.00/135.85 area and reach 135.55 low. Soft short-term studies suggest further weakness and potential break below 135.55 will trigger a fall towards 135.30 and then 134.60/45 on break, while 136.00/40 is expected to cap. Strategy: Sell at 136.15. Target: 135.25. Stop: 136.50.
Res: 136.00, 136.40, 136.50, 136.75
Sup: 135.55, 135.25, 135.14, 135.00
EUR/GBP – 09:30 (GMT+3) break above 0.6917 double top, extended gains to 0.6925 before the latest retereat. Dips should hold above 0.6895/85 area to stay on course for fresh attempt towards 0.6935/50, possibly 0.6970 on break, before a significant corrective phase. Strategy: Buy at 0.6900. Target: 0.6950. Stop: 0.6885.
Res: 0.6925, 0.6932, 0.6950, 0.6962
Sup: 0.6895, 0.6890, 0.6870, 0.6865
EUR/CHF – 09:30 (GMT+3) rallied to 1.5557 on last wednesday, ahead of pullback to 1.5500 to retrace 38% of 1.5405/1.5557 rally. Bearish daily tools see risk for further slip towards 1.5475/62, possibly 1.5435/05 before forming the bottom. Position: Short at 1.5530. Target: 1.5475. Stop: 1.5540.
Res: 1.5545, 1.5557, 1.5581, 1.5595
Sup: 1.5501, 1.5477, 1.5462, 1.5448
GBP/JPY – 09:30 (GMT+3) continues to weaken from 202.50/00 area, with break under 197.50 having exteneded losses to 196.09/05 area. Break below the latter threatens for furlther slip towards 194.00/193.60, while only sustained break above 198.30 firms for 200.00.25. Strategy: Look to sell higher.
Res: 197.60, 198.00, 198.30, 198.95
Sup: 196.05, 195.75, 195.10, 194.65
CRUDE OIL- 09:45 (GMT+3) rallied higher during late Friday closing to reach 53.40, fresh contracts high. Potential is for further gains towards 53.65/70 ahead of channel top now shifted higher towards 55.50/60 area.Overbought daily studies warn of possible pullback with eventual loss of 51.85 risking 50.00. Strategy: Await signal. Look to buy lower.
Res:53.70, 54.00, 55.00, 55.50
Sup: 52.17, 51.85, 51.35, 50.75
GOLD – 09:50 (GMT+3) retains bullish tone following strong push off 411.25 to 424.50. Correction is underway ahead of fresh attempt higher to retest 423.70 and then 424.50, with eventual break above the latter would extend gains towards 425.95. However, 420.00 should contain dips and only loss of 417.00 would concern bulls. Position: Long at 420.50. Target: 425.95. Stop: under 419.00.
Res: 423.70, 424.50, 424.95, 428.95
Sup: 416.75, 419.00, 417.00, 415.35
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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