The Risk Today - May 7

 @ibtimes
on May 07 2008 9:24 AM

EurUsd Euro has been weaker for the previous two weeks and recently broke 1.5528 former support. Medium term trading range is still set between 1.5400 – 1.5800. Psychological 1.5000 key level marks strong support before 1.4500 pivot point. Pivot point hold 1.6000 resistance ahead of key resistance 1.6200 market target. Initial resistance hold 1.5528 former support.

GbpUsd Cable is trading below 1.9800 consolidation level following Friday 1.9705 low. Further pressure may open the way down to 1.9337 January low and 1.9105 (50% retracement of 1.7049 – 2.1162 advance). Renewed strength over 1.9800 may reopen the way toward 2.0000 psychological level. Actual trading range is 1.9600 – 2.0000.

UsdJpy Recent 1 ½-month uptrend open the way over 105 on Friday. This could bring further advance till 110.10 strong (Trendline) resistance and mid January double top ahead of 111.92 early January high. Profit taking or return below 105 might lead the way down to 100 – 103 consolidation trading range. Minor support holds 102.95 early April high.

UsdChf Market broke up 1.0500 last Friday, hitting 1.0609 two-month high. A return below 1.0500 may reopen the way down 1.0200 and toward 0.9639 17th March low. Current uptrend looks set up over 1.0200 former resistance. Early January double top 1.1191 marks strong resistance.

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