Daily Technical Analysis by FXCC - October 13 2011

Daily Technical Analysis by FXCC - October 13 2011

Euro vs. US Dollar (EURUSD):We expect a bullish overall direction for today. That requires the base to build on (1.37350); targeting (1.38337) then (1.38875). A break under (1.35725) support area will extend losses to (1.35245). Look for long positions for today`s trading session.

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R1: 1.38337| R2: 1.38875 | R3: 1.39862 | R4: 1.41387 | R5: 1.42374
S1: 1.37350 | S2: 1.36838 | S3: 1.36363 | S4: 1.35825 | S5: 1.35245
 
Great Britain Pound vs. US Dollar (GBPUSD):We believe that possible bullishness could be seen during this trading session. Support is at (1.55325). Break below that area could lead us to neutral zone as direction would become unclear, but as long as price moves above that level the major scenario remains bullish. You may try to buy from (1.56958), (1.56243), and (1.55425) with a stop loss below (1.55325).

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R1: 1.58491| R2: 1.59513 | R3: 1.61046 | R4: 1.62068 | R5: 1.63601
S1: 1.56958| S2: 1.56243 | S3: 1.55425 | S4: 1.54841 | S5: 1.54199
 

US Dollar vs. Japanese Yen USDJPY (USDJPY):We see high chances of the pair move up gradually towards (78.179 – 78.873). A proper confirmation would occur if the USDJPY will manage to overcome the (77.699) resistance over today`s trading session. Long positions are favored for today.

https://sn2files.storage.live.com/y1...013.gif?psid=1

R1: 77.699 | R2: 78.179 | R3: 78.873 | R4: 79.353 | R5: 80.047
S1: 76.909 | S2: 76.562 | S3: 75.831 | S4: 75.351 | S5: 74.657

Source: FX Central Clearing Ltd. (FXCC)
http://www.fxcc.com/tech-analysis