Daily Market Technicals 22/01/2001

The Asian session saw a quiet open to the week with most currencies quiet and the major mover being USDJPY. The currency pair opened the session at 117.00 and came off at the open triggering stops below 117.00. The currency pair found temporary support around 116.75 before further selling drove the pair to the session lows at 116.35 from where the pair retraced the move, trading higher to settle near the open at 117.00. The session high was 117.09. EURUSD was quiet as the currency pair opened the session at .9353 and traded in a narrow .9332/62 range. The currency pair settled near the session high at .9360 going into the European session. USDCHF opened the session at 1.6353 and range traded most of the session with no clear direction. The currency pair trade in a 1.6340/80 range and settled around the open at 1.6345. GBPUSD opened the session at 1.4644 and showed no resolve as the currency pair traded in a narrow 25-point range (1.4635/60) settling near the open at 1.4649. AUDUSD and NZDUSD opened the session at .5540 and .4458 and traded in .5536/64 and .4455/60 ranges respectively.

EUR-USD

Target 0.9310 Sell at 0.9400 Stop at 0.9450

Resistance:0.95010.94200.9365

Support:0.93150.92880.9257

Has seen rebound ahead of the 0.9333/15 support but upticks are sell into the 0.9420/33 resistance. Trading remains confined within a triangle formation the past three weeks with support placed at 0.9315 ahead of the 0.9288 low seen last week. Weak daily tools are expected to keep downside pressured short term and breakdown from the 0.9333/15 support to favour retest of the 0.9262 low seen 04-Jan.

GBP/USD

Target 1.4600 Sell on upticks Stop at 1.4770

Resistance:1.47671.4721.4680

Support:1.46251.45821.4560

Oversold hourly tools limits the downside but rebound back to the 1.4700/20 resistance to provide selling opportunities. Violation of the 1.4677/63 chart/Fibonacci level last Friday targets a dip into the 1.4610/1.4582 chart support zone ahead of the 1.4528 50% retracement of the 1.3952-1.5103 upmove. Sell upticks with stops placed at 1.4770, congestive resistance on hourly chart.

USD-JPY

Target 116.00 Short at 118.20 Lower stop to 117.60

Resistance:118.29117.75117.40

Support:116.60116.32115.75

Recovery from the 116.25 intraday low seen as sell as trading remains on a downtrend from the 119.90 high. Below 117.40 trendline resistance keep focus on shorting play with the breakdown from 116.90, double top trigger adding to the bearish tone. Bears aim for test of 116.00 next though potential is to the 115.50/00 support zone which sits just above 114.90, 38.2% retracement of 106.80/119.90 upmove.

EUR-CZK

Target 35.70 Long at 34.70 Raise stop to 35.10

Resistance:36.23036.05035.98035.88035.800

Support:35.20035.10035.000

Breach this week of the 35.45 resistance is supportive with activity moving within a bull channel since late Nov-00. Channel support is at 35.20 today and is keeping the key 35.00 area at bay. A breach of the 35.80 former congestion would open way for lies at 35.98, Fibonacci level with channel top just above here at 36.05. 35.20 offers initial support.