Daily Market Technicals 27/02/2001

In the Asian session USDJPY, which opened the session at 116.46, inched higher before Japanese exporter’s offers drove the currency pair lower. The currency pair set the session high at 116.56 before coming off on exporter offers and a weak Nikkei. The currency pair set the session low at 116.22. EURUSD opened the session at .9100 and briefly dipped below .9100, finding support at .9085 from where it rallied to set the session high at .9130. USDCHF opened the session at 1.6881 and meandered lower before a sudden drop saw the currency pair trade from 1.6864 down to 1.6806. The currency pair rallied from the low to hover around 1.6841 going into Europe. GBPUSD was quiet opening at 1.4440 and trading in a 1.4437/63 range. AUDUSD and NZDUSD opened the session at .5220 and .4299 and traded in .5215/35 and .4300/10 ranges respectively.

EUR-USD

Range Trade Buy at 0.9050 Sell at 0.9210

Resistance:0.92100.91850.9155

Support:0.90840.90760.9017

Managed to lift modestly during Asian trade, recovering from a low of 0.9084 to probe towards 0.9138/50. With intraday & daily techs seen firming focus is on potential for further modest gains within the 0.9017 to 0.9240 range-trading band. Need to see a clear break from this band to establish medium term direction but heavy weekly indicators favour eventual victory to bears. Favour range trading strategy

GBP-USD

Target 1.4380 Sell at 1.4465 Stop at 1.4520

Resistance:1.45691.44961.4467

Support:1.44041.43781.4312

The recent upmoves seen from the bullish "Hammer" on 20-Feb had seen prices faltered at the 1.4569 high yesterday and prices reverted downward to form an "outside-range" day. This helped bears back on focus with the underlying bear-trend seen fr the 1.5105 high remaining intact. Hourly resistance seen at 1.4467 and trade below the latter would see eventual move to 1.4404/.4378 levels with break, to see 1.4312 attempted.

USD-JPY

Range trade Sell at 117.00 Buy at 116.00

Resistance:117.95117.17116.77

Support:116.04115.75115.65

Retreat has seen a low of 116.04 so far during Asian trade, just fractionally above our suggested buying level of 116.00 as near term focus remains on range trading within the broader triangle which currently offers resistance in the 117.00/17 region and support at 114.70 with good interim support noted at the 23-Feb low of 115.65. Fading daily techs suggest room for further dips to provide better buy opportunities

EUR-CZK

Target 35.50 Long at 34.80 Stop at 34.35

Resistance:35.10034.90034.800

Support:34.40034.35034.150

Inability to overcome the 34.15/00 support area this month saw buy stops triggered at 34.80. Note that 34.00 was a key psychological support area on synthetic weekly charts between Jul-98 and Jan-99. Taking this into account a buy dips strategy would be favoured following the inability to see breakdown in the recent days. On the upside through 34.80 and targets 35.00/10 zone.

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