Daily Technical Analysis by FXCC October 17 2011

Daily Technical Analysis by FXCC October 17 2011

Euro vs US Dollar Strength in EURUSD is likely to continue.
We see a less chances of an immediate fall on the instrument for short-term technical outlook.
Next upside barriers follow (1.39394) at (1.40021) and (1.41102).
Our bias is on buying EURUSD with a stop loss under (1.37132) for today

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R1: 1.39394| R2: 1.40021 | R3: 1.41102 | R4: 1.41729 | R5: 1.42810
S1: 1.38261 | S2: 1.37686 | S3: 1.37232 | S4: 1.36732 | S5: 1.36179

Great Britian Pound vs US Dollar Strength in GBPUSD is likely to continue.
We see a less chances of an immediate fall on the instrument for short-term technical outlook.
Next upside barriers follow (1.59270) at (1.60019) and (1.60574).
Look for long positions for current trading session.

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R1: 1.59270| R2: 1.60019 | R3: 1.60574 | R4: 1.61323 | R5: 1.61823
S1: 1.57411| S2: 1.56889 | S3: 1.56243 | S4: 1.55425 | S5: 1.54925


US Dollar vs Japanise Yen The outlook has grown increasingly bullish since USDJPY had remained above its latest swing low at (76.574).
If this support level is broken to the downside, the outlook will deteriorate.
Try to buy on depth with a stop loss below (76.574).

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R1: 77.447 | R2: 77.773 | R3: 78.100 | R4: 78.400 | R5: 78.727
S1: 76.674 | S2: 76.311 | S3: 75.892 | S4: 75.592 | S5: 75.292


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