By Francis Bray, CFTe MSTA A DOW JONES NEWSWIRES COLUMN LONDON (Dow Jones)--Rolling 24-hour chart levels:
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF Spot 0553 GMT 1.5111 86.49 1.6675 0.9955 3 Day Trend Bullish Bearish Bullish Bullish Weekly Trend Bullish Bearish Bullish Bullish 200 day ma 1.4282 93.67 1.6197 1.0657 3rd Resistance 1.5219 88.57 1.6877 1.0100 2nd Resistance 1.5164 87.74 1.6843 1.0075 1st Resistance 1.5145 87.21 1.6745 1.0034 Pivot* 1.5117 86.76 1.6683 0.9951 1st Support 1.5030 86.29 1.6600 0.9949 2nd Support 1.5013 86.00 1.6560 0.9916 3rd Support 1.5000 85.00 1.6503 0.9900 Intraday EUR/USD: Forced a strong upside break through 1.5000 and into fresh 2009 highs above 1.5064 Wednesday to complete a bull wedge pattern. This brings the focus firmly on the 1.5164 area, being 76.4% of the 1.6040/1.2329 decline, and above there would open an equality target at 1.5219 (acquired from the bull wedge). Corrective dips should find support above the 1.5030 area, although 1.5000 provides backup.
Weekly chart EUR/USD trend: Bullish.
Intraday USD/JPY: Quickens the speed of the bear trend into fresh 2009 lows (and 14-year lows) following the break below 87.10 Wednesday. While corrective upside is limited to a maximum of 88.57, room exists for further dollar bear pressure on the 86.29 low, and threatening room for the 85.00 area on concerted weakness. Initial resistance lies at 87.21, protecting 87.74 and 88.57.
Weekly chart USD/JPY trend: Bearish.
Intraday GBP/USD: Consolidates Tuesday's strength to 1.6745 as the market looks to build on the recovery off the Nov. 20 low at 1.6462. Dips should be limited to the 1.6600 area to protect 1.6560, and room exists for renewed bull pressure on the 1.6745 high. Above there would suggest scope for the Nov. 16 reaction high at 1.6871.
Weekly chart GBP/USD trend: Bullish.
Intraday USD/CHF: Forces a downside break below descending triangle support around 1.0030, to set new 2009 lows below the psychological 1.0000 level. A corrective recovery off 0.9916 is underway, testing former range lows at 1.0030, but gains should be capped beneath the 1.0075 area. Downside risk exists for a return to the 0.9916 low, with a longer-term triangle objective highlights the 0.9600 area.
Weekly chart USD/CHF trend: Bullish.
Forex spot: EUR/GBP EUR/JPY EUR/CHF AUD/USD Spot 0554 GMT 0.9062 130.70 1.5041 0.9221 3 Day Trend Bullish Bearish Range Range Weekly Trend Bullish Bearish Range Bullish 200 day ma 0.8825 133.68 1.5190 0.8326 3rd Resistance 0.9123 132.70 1.5178 0.9404 2nd Resistance 0.9100 132.33 1.5146 0.9345 1st Resistance 0.9069 131.75 1.5136 0.9323 Pivot* 0.9059 131.17 1.5048 0.9253 1st Support 0.9015 130.42 1.5094 0.9194 2nd Support 0.9000 130.15 1.5073 0.9132 3rd Support 0.8980 130.00 1.5049 0.9062 Intraday EUR/GBP: Kept dips limited to 0.8980 to protect the 0.8970 support level intact. A clean break through 0.9063 is required to open room for further gains towards the 0.9100 level, with Fibonacci targets lying at 0.9117 and 0.9123. Only below 0.9015 would suggest a return to the 0.8980 low.
Weekly chart EUR/GBP trend: Bullish.
Intraday EUR/JPY: Maintains the recent weak tone following the break below 131.51. This brings the 7-8 month bull support line of a symmetrical triangle/bull pennant in focus at 130.15 for this week, with the psychological 130.00 level providing backup. This recovery off 130.42 needs to regain ground above 131.75 in order to lift the tone.
Weekly chart EUR/JPY trend: Bearish.
Intraday EUR/CHF: Fresh 5-month lows below 1.5073 were swiftly reversed as the market stages a strong recovery off 1.5012. The currency pairing is back inside the 1.5073/1.5146 range, and a 1-year bear resistance line is capping at 1.5136 for this week.
Weekly chart EUR/CHF trend: Range.
Intraday AUD/USD: Suffers a setback off Tuesday's high at 0.9323, which represents 76.4% retracement of the 0.9404/0.9062 decline. The failure to meet the equality target at 0.9345 should concern bulls, and only regaining ground above 0.9323 would open 0.9345 and bring the 2009 high at 0.9404 into focus. Below 0.9194 would put near-term bears in control and expose the 0.9132 higher low.
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; +44 207 842 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.
(This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security or currency. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)
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(END) Dow Jones Newswires
November 26, 2009 02:53 ET (07:53 GMT)
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