Daily Market Technicals 13/02/2001

In the Asian session the market was fairly quiet early USDJY and EURUSD were bid opening the session as strong buying in New York drove the currency pairs higher. EURUSD dollar opened the session at .9260 (session high) and traded lower on EURJPY selling intended to protect stops at 110.00. EURUSD traded lower and settled in a .9218/36 range the bulk of the session before triggering stops and trading below the .9200 where it hovered the balance of the session. USDJPY opened the session at 117.40 and traded in a 117.09/60 range that saw the currency pair settle around the low at 117.13. GBPUSD opened the session at 1.4525 and traded in a quiet 1.4521/43 range. USDCHF opened the session at 1.6536 and traded lower settling in a 1.6508/36 range before rallying to the session high at 1.6570 before settling around 1.6554. AUDUSD and NZDUSD opened the session at .5389 and .4378 and traded in .5380/.5450 and .4377/93 ranges respectively. 

EUR-USD

Target 0.9380 Buy at 0.9270 Stop at 0.9230

Resistance:0.93860.93550.9340

Support:0.92700.92450.9200

Failed to sustain early gains as short term hourly studies corrects the over- bought posture. However, focus remains on buying into dips with the 0.9270 initial support and ahead of the 0.9245/35 support. Short term see further upside test favoured towards the 0.9380/0.9400 chart area and bear channel resistance drawn from the 0.9593. Break above this would bode well for a resumption of the bull trend.

GBP-USD

Target 1.4635 Long at 1.4510 Stop at 1.4445

Resistance:1.46401.45721.4550

Support:1.44801.44491.4417

Confined within the 1.4550/ 1.4500 range but the focus is on buying dips in line with the breakout from the one week bear channel drawn from 1.4833 high. Upside see the 1.4570 posing initial resistance and break above this needed to clear the way for upticks to test the 1.4640 02-Feb high. Dips below the 1.4500 offer buying opportunities and ahead of the 1.4450/35 support zone/stops.

USD-JPY

Target 118.10 Buy at 116.80 Stop at 116.30

Resistance:118.15117.95117.63

Support:117.10116.55116.35

Lost ground on corrective pressure to test 117.10 minor hourly support. The weak intraday tools see scope for probes below this but such a move would be seen providing buying opportunities ahead of the 116.55/35 support and stops placed just below this. Longs target further attempts on the 118.15/35 resistance and where break would clear the way back to the 119.00 level.

EUR-CZK

Target 35.10 Long at 34.70 Stop at 34.50

Resistance:35.10034.90034.720

Support:34.53034.52034.365

Has put pressure on 34.60, the 61.8% retracement level of the Nov/Jan upleg. With support also offered by 20-Dec 34.520 low, & room still for recently very oversold daily momentum to unwind, there is scope for a natural recovery. Favour longs, looking for recovery at least to 35.00, but capped by higher congestion resistance at & below 35.25.

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