Forex Daily Report

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Euro

The break above 1.4640 was the trigger for a rally higher yesterday and this level is now support. To the upside 1.4800 is resistance and I expect the first test of this level to hold, so it might be worth to sell any approach of this level today, with a tight stop above 1.4810. Have more support coming at 1.4445 (rising trend line). Looking at the chart in a longer term view the absolute key rising support is now coming in at 1.4260, which must hold to keep alive prospects for higher levels.Support: 1.4640, 1.4520, 1.4450 (key rising sup), 1.4258 (key swing level)Resistance: 1.4800 (key level), 1.4920, 1.4967 and 1.5000 240 min – Broke above falling resistance at 1.4623 and over resistance is now at 1.4911.

Cable

Yesterday’s break above 1.9640 was the trigger to take GBP much higher. Next key level is 1.9840 falling resistance (from the 2.11 highs) and a break above this trend line would technically halt the recent GBP weakness, so watch this level today. To the down side the key support is now yesterday’s break out level of 1.9640.Support: 1.9640, 1.9428, 1.9337 (key Jan low), 1.9310Resistance: 1.9840 (falling res), 1.9890, 2.0170 (Key level)120 min – Falling resistance at 1.9840 that needs to be taken out to move higher.

USDCHF

As indicated yesterday 1.0850 was key support and it just touched that late yesterday to shoot up this morning. Some resistance coming in at 1.1095 (falling res) today and you also have that reaction high from Tuesday at 1.1120, so basically this level is the key resistance to watch for now. To the downside the key support remains 1.0850. Do we have a double bottom at 1.0850?Support: 1.0880, 1.0850Resistance: 1.1091 (falling res), 1.1120, 1.1205(former support level), 1.1350(former support), 1.1456 and 1.1554 (key falling resistance from Jul 07 highs)120 min- Falling resistance at 1.1061 and minor rising support at 1.0875 on this chart.

USDJPY

Broke above resistance overnight at 107.50 and next resistance level to watch is 107.90-108.00 level that is now the key swing level. A break above this level is bullish. Support is now at 105.50 followed by 104.95. But watch stocks for further direction in USDJPY as any recovery in the stock market will see the USDJPY go higher and a break of 108.10 is bullish. To the downside 104.95 looks like solid support at the moment.Support: 105.50 (key level), 104.95Resistance: 107.92 (key level), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)

EURJPY

Shoot up higher after breaking 157.20 resistance and next key level is 159.25 falling resistance from the 166.60 highs. This level should hold on the first test. As longs as stocks looks supported the EURJPY should stay fairly bid.Support: 152.91 (long term rising trend line), 157.20, 158.30Resistance: 159.25 (falling res from the 166.60 highs)120 min – Shoot up after taking out 157.20 resistance yesterday

USDCAD

The overhead at 1.0380 resistance held up Wednesday and it broke below trend line support at 10100 yesterday, which opens for lower levels near term and key resistance is now 1.0100 former support. Support: 1.000 (former overhead resistance line), 9830 (key level), 0.9703 (1 month low)Resistance: 1.0100 (former support), 1.0380 (key level, overhead res), 1.0400(former key support.)

EURGBP

Short term rising support coming in at 0.7420 today and basically bullish potential above this level. To the upside the 0.7540 level is key resistance. Support: 0.7420, 0,7350, 0.7282 (rising support)Resistance: 0.7540 (break down level from yesterday), 0.7612 (all time high)


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