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Euro

Needs to clear out 1.4750 resistance to move higher towards the next resistance level at 1.4830 area. Have rising support at 1.4645 today. Looking at the chart in a longer term view the absolute key rising support is now coming in at 1.4315, which must hold to keep alive the prospects for higher levels.

Support: 1.4645 (risings support), 1.4530, 1.4460 (rising sup), 1.4360, 1.4311 (key swing level)

Resistance: 1.4750, 1.4830, 1.4970 (key level) and 1.5000 (key level)

240 min – Support at 1.4421 and falling resistance at 1.4888. Rising trend support at 1.4645 today.

Cable

Still bearish momentum below 1.9550 today, so need to break above this level to open for any strong rally. Have falling resistance coming in at 1.9660 today so basically technically bearish below this level. . Short term rising support coming in at 1.9426 today. Key support remains the yearly low at 1.9336 and a break of this level would open for a test of 1.90 near term. Watch out for the Bank of England minutes at 09:30 GMT.

Support: 1.9426 (rising sup), 1.9385, 1.9337 (key Jan low), 1.9310

Resistance: 1.9550, 1.9660 (falling res), 1.9760, 1.9870 (overhead res) 1.9960, 2.0000, 2.0170 (Key level)

120 min – Falling resistance now at 1.9660 and support at 1.9420 pretty much corresponding with the view on the daily chart.

USDCHF

Still bullish potential as long as rising support at 1.0923 holds. Key resistance is now 1.1120 and falling resistance at 1.1094 so might be worth selling any rallies towards these levels and go long on a break above 1.1140. To the downside 1.0885 is key support.

Support: 1.0924 (rising support), 1.0885 (15/2 low), 1.0730 (key low)

Resistance: 1.1094 (overhead res), 1.1120, 1.1205(former support level), 1.1350(former support), and 1.1441 (key falling resistance from Jul 07 highs)

USDJPY

Fell about 40 pips on the break of 107.60 yesterday as outlined in the report this was a key level to watch. No follow through as of yet and basically still trading within the consolidation pattern with support at 106.73 and overhead resistance at 108.60. These levels are the key points to watch for a more directional move. Watch stocks for further direction in USDJPY as any recovery in the stock market will see the USDJPY go higher.

Support: 107.20 (yesterday’s low), 106.73 (risings support), 105.70 (key level), 104.95

Resistance: 108.60 (overhead res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)

EURJPY

Could not take out minor resistance at 158.90 yesterday and fell back as stock moved lower. Technically still bullish potential above rising support at 157.97, but this has to hold to avoid a test of 157.06 support. Overhead resistance is at 159.72 today. US CPI data will most likely be key for stocks today as any sign of elevated inflation will reduce the likelihood for further rate cuts. Therefore a high inflation reading should weigh on stocks. Lower reading should support stocks. So might be worth looking at stocks for direction on EURJPY given the correlation between JPY and stocks.

Support: 157.97(short term rising support) 157.06 (former key res), 154.95, 152.97 (long term rising trend line)

Resistance: 158.90 (former sup), 159.72 (key level), 160.31 (former support line, now resistance)

USDCAD

The break of the apex Friday did indeed produce a nice rally as it took out 1.0129 resistance yesterday after the CAN CPI data. Rising support at 0.9950 today and minor support at the break out level from Friday at 1.0002. Overhead resistance at 1.0213 today

Support: 1.0002 (break out level), 0.9950 (rising support), 0.9830 (key level), 0.9703 (1 month low)

Resistance: 1.0213(overhead res), 1.0280 (falling res from Aug 07 high), 1.0380 (key level, overhead res), 1.0400(former key support.)

EURGBP

Bullish momentum intact above the 0.7495 break out level and next resistance level is the all time high at 0.7612. Rising support coming in at 0.7432 today.

Support: 0.7495 (former res), 0.7432 (risings support), 0.7400, 0.7387 (rising sup), 0.7284 (rising support)

Resistance: 0.7570 (yesterday’s high), 0.7612 (all time high)

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