Following is a selection of comments from analysts on important technical developments in the foreign exchange market:
EURO/DOLLAR: "Stalls At 76.4 percent fibonacci retracement: Wednesday's extended EURUSD rally fizzled out at 1.2841, just shy of the 76.4 percent retracement of the 1.2980-1.2478 decline at 1.2861, leaving the single currency vulnerable near-term. Accordingly, further slippage beneath 1.2702, the 38.2% retracement of the 1.2478-1.2841 advance would expose further downside targeting 1.2655, Jun 30 low and approximate 50 percent retracement, then 1.2617, the 61.8 percent retracement."
DOLLAR/YEN: "Wednesday's extended gains from Jul 3's 114.09 low unlocks further upside towards 116.10, 76.4% retracement of the 116.72 to 114.09 decline, but a break of 116.72, Jun 27 high would be necessary to suggest gains not merely corrective. Intra-day support at 114.57, Jul 5 low."
DOLLAR/CANADIAN DOLLAR: "Remains choppy, having failed to sustain the break of 1.1276, but the recent sell-off has held above 1.1032, the low from Jun 21. Accordingly, look for a break of either 1.1032 or 1.1189, to trigger the next directional move within the broader 1.0929/1.1291 range."
EURO/DOLLAR: "Essentially unchanged for the week heading into the last session, currently 1.2660 - 1.2870. Trading below 1.2660 looks for a return towards the recent low of 1.2470 and continues the H&S pattern on the monthly. Breaking higher eyes 1.32 (76.4% of 1.1640-1.3666)."
DOLLAR/YEN: "Upward channel now acting as resistance on the daily chart, which enters at 115.70. Further resistance exp. at 116.70. Support exp. at 114 initially before 112.50."
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