Daily Market Technicals 20/02/2001

Interest was light today in early Asian trading following a quiet President’s Day holiday in the United States. Discussion of a substantial USDJPY option located at 115.75 combined with otherwise thin market conditions kept prices well anchored near the rumored strike price. USDJPY spent the session drifting quietly in a 115.99-116.18 range. EURUSD was also quiet today, trading in a .9211-.9230 range following a big upward move yesterday as political problems in Turkey triggered a flight into Euros which gave the unified currency a boost. USDCHF saw no action today as the pair drifted around in directionless trading. GBPUSD , NZDUSD , and AUDUSD were also lifeless. Movement should pick up as European liquidity enters the market and New York traders return from their long weekends

EUR-USD

Target 0.9250 Long at 0.9140 Raise Stop to 0.9170

Resistance:0.93320.92500.9235

Support:0.91720.91210.9030

Supportive tone above the 0.9200 level favour further upticks to challenge 0.9250 trendline resistance. Downside is seen protected on dips below this with the 0.9170 seen offering support and unless negated keep longs in play. Positive daily tools supports and clearing the 0.9250 level seen opening up gains toward the 0.9330/50 high as well as the bear channel top drawn from the 0.9593 high.

GBP-USD

Target 1.4600 Long at 1.4450 Stop at 1.4420

Resistance:1.46121.45731.4515

Support:1.44501.44171.4370

Remains range bound but hold above the 1.4450/35 support favour longs for return to the 1.4600/12 recent range top. Beyond this see bear trendline drawn from the 1.5103 high seen 08-Jan coming in at 1.4660. Look for break above this to clear the way for retest of the 1.4833 high seen earlier this month. Main risk to bulls is failure below 1.4370 low as this would leave the 1.4200 bear channel support exposed.

USD-JPY

Target 116.20 Buy at 115.45 Stop at 115.10

Resistance:117.00116.80116.22

Support:115.60115.36115.00

Lack of momentum see upside attempt struggling to sustain above the 116.00 level. However look for pullback from the 116.20/30 resistance to provide buying opportunities into the 115.50/30 support zone. Break above 116.20/30 see additional resistance at 116.60/65, 61.8% retracement level and clearing this would needed to set up test of the 117.30 bear trendline and then 118.00 level.

EUR-CZK

Target 34.00 Sell at 34.70 Stop at 35.05

Resistance:35.10034.90034.680

Support:34.40034.36534.150

Has breached 34.60, the 61.8% retracement level of the Nov/Jan upleg to put the upside on hold and favour switching to a sell strategy short term. Key intraday resistance is seen at 34.60/65 ahead of the more important 34.90/35.00 zone. Immediate support to overcome is at 34.45/40 ahead of 34.36. Below here focus would be on the 34.15 low. Oversold daily tools favour selling on upticks.

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