Daily Technical Analysis By FXCC - 10/10/2011

Daily Technical Analysis By FXCC - 10/10/2011
Euro vs. US Dollar (EURUSD):maintains a bid tone for now. Break above (1.35345) may trigger further recovery of the EURUSD. Going bellow latest swing low at (1.33305), however, would confirm continuation of the bearish trend, towards next objective downwards (1.30908). You may try to sell from (1.34745), (1.35245), and (1.35813) with a stop loss above (1.35345).

R1: 1.34745| R2: 1.35245 | R3: 1.35813 | R4: 1.36380 | R5: 1.37448
S1: 1.33305 | S2: 1.32543 | S3: 1.31638 | S4: 1.30908 | S5: 1.30508


Great Britain Pound vs. US Dollar (GBPUSD):The bias remains neutral in nearest term. A need for a clear break from the range area (1.56560 – 1.53850) so we can see clearer direction. Break below (1.53850) could trigger further bearish pressure targeting (1.52122) and keep the major bearish scenario remains strong while break above (1.56560) could trigger further bullish correction testing (1.59868). We need to keep a closer look on how prices would behave on today`s trading session.

R1: 1.56460| R2: 1.57637 | R3: 1.58815 | R4: 1.59868 | R5: 1.61046
S1: 1.54943| S2: 1.54353 | S3: 1.53406 | S4: 1.52122 | S5: 1.50944


US Dollar vs. Japanese Yen USDJPY (USDJPY):We believe that possible bullishness could be seen during this trading session. Support is at (76.462). 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. Try to buy on depth with a stop loss below (76.462).

R1: 77.175 | R2: 77.502 | R3: 77.802 | R4: 78.102 | R5: 78.402
S1: 76.388 | S2: 76.061 | S3: 75.761 | S4: 75.461 | S5: 75.161

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