Very close to hitting that overhead resistance at 1.5656 overnight, reaching a high of 1.5650. Could well see a correction now after hitting that 1.5650 key resistance level and would be a bit cautious today to chase the Euro. Keep a close eye on the US CPI out at 13:30 (CET), which could be a major market mover. As I noted last week, it is difficult to have any real targets on these break outs and I prefer to stay bullish until I see a clear reversal pattern. A clean break above 1.5656 opens for a run towards 1.60. Rising trend line is all the way down at 1.5434 today and as long as this trend line holds the short term bullish momentum remains intact.
Support: 1.5520 (former overhead res), 1.5434(short term rising sup), 1.5220 (rising sup), 1.5104 (former overhead res), 1.4967(former high), 1.4915(rising sup), 1.4750 (break out level), 1.4890 (rising support),
Resistance: 1.5656 (overhead res going back to 2006)
240 min â€“ Rising support at 1.5434 and overhead resistance at 1.5656.
Did not quite reach overhead resistance at 2.0415 yesterday, but got 2.0390 before reversing lower. Expect this resistance level to be hard resistance and I would not be surprised to see a correction lower testing that 2.0230 break out level near term. To the downside the closest support points are; the break out level of 2.0230 and the rising support is coming in at 1.9973 today.
Support: 2.0230 (break out level), 1.9960(for key res), 1.9973 (rising sup), 1.9736 (break out level), 1.9650, 1.9500 (break out level), 1.9360, 1.9337 (key Jan low), 1.9310
Resistance: 2.0447 (overhead res), 2.0570 (trend channel resistance)
120 min â€“ Rising support coming in at 1.9973.
Donâ€™t really have much support levels to go by as it is trading in unchartered territory, have underlying support from June 07 low coming in at 0.9959, which should offer some support if it is tested. Have falling resistance at 1.0258 today, with key falling resistance coming in at 1.0410 now.
Support: 1.000 (psychological level), 0.9959 (underlying support going back to June 07)
Resistance: 1.0258 (interim falling res), 1.0410(falling res), 1.0728 (prior low), 1.0936 (break down level), 1.0855 (falling res)
Stocks reversed yesterday after being down in the morning. Of course this pressured JPY and it weakened in sync with the stock market rally. Stock markets have been quite choppy over the last few sessions and this translates to more volatility in JPY as well, so keep an eye on development in stocks for clues on JPY going forward. Have falling resistance coming in at 102.66 today, so bearish momentum intact below this level.
Support: 100 (key level), 99.50
Resistance: 102.66 (falling res), 104.95 (former 2008 low), 105.70 (former key support), 107.04 (former rising support), 107.25 (falling res), 108.63 (overhead res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Have some support down in the 155.50 area with the big support being the long term rising trend in at 153.95 today. Have overhead resistance coming in at 159.00 and falling resistance at 160.15 today (from Dec 08 high).
Support: 155.53, 154.04, 153.88 (long term rising trend line)
Resistance: 159.00 (overhead res), 159.98 (falling res), 161.60 (minor res), 162.17 (key res)
From yesterday Basically trading inside a rising channel with 1.0004 resistance on top and underlying support at 0.9791. As noted a few days ago the CAD should see some support from the strong unemployment report out of Canada on Friday and after testing overhead resistance toward 0.9990 it moved considerably lower yesterday and key support now is the rising support at 0.9791. Tested that underlying support as expected yesterday, but needs to break through that level to open for further declines.
Support: 0.9796 (rising support from Nov07 low), 0.9710 (28/2 low), 0.9639 (underlying support)
Resistance: 1.0004 (former support line), 1.0124 (short term falling res), 1.0222(overhead res), 1.0280 (falling res from Aug 07 high), 1.0380 (key level, overhead res), 1.0400(former key support.)
Saw selling ahead of that 0.7691 resistance level yesterday and fell back overnight and I would not rule out a move lower to test 0.7641 interim rising support near term.
Support: 0.7641 (interim rising sup), 0.7612 (former high), 0.7597(key level), 0.7515 (former res), 0.7487 (rising support), 0.7400, 0.7387 (rising sup), 0.7284 (rising support)
Resistance: 0.7691 (6 Mar high)
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