Daily Technical Analysis by FXCC 20 Oct 2011

Daily Technical Analysis by FXCC 20 Oct 2011

Euro vs US Dollar EURUSD general trend is to the upside.
Break below (1.37150) may trigger further fall of the EURUSD. Going above nearest support level at (1.38427), however, would confirm continuation of the bullish trend, towards next objective upwards (1.39869).
We will be looking to buy EURUSD upon any price retracement.

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R1: 1.37996 | R2: 1.38427 | R3: 1.38940 | R4: 1.39869 | R5: 1.40722
S1: 1.36985 | S2: 1.36525 | S3: 1.35825 | S4: 1.34954 | S5: 1.34554


Great Britian Pound vs US Dollar Currently, further bullish actions could be seen on GBPUSD.
A break below (1.56215) could be a threat to the bullish scenario targeting (1.55429) even (1.54662).
On upside. Immediate resistance is at (1.58477). A close above that area should keep the major bullish scenario intact testing (1.60013) area.
Buy on depth for today with a stop loss below (1.56215).

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R1: 1.58477 | R2: 1.59246 | R3: 1.60013 | R4: 1.60774 | R5: 1.61541
S1: 1.57217 | S2: 1.56657 | S3: 1.56132 | S4: 1.55429 | S5: 1.54662


US Dollar vs Japanise Yen Overall the direction remains unclear and price is moving in (77.553 - 76.574) range area, the instrument has a 50 – 50 chance of a recovery above (77.553) or a fall towards (76.574) in the coming session.
We should wait for the victory of either team players (Bulls or Bears).

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R1: 77.185| R2: 77.485 | R3: 77.785 | R4: 78.085 | R5: 78.385
S1: 76.485 | S2: 76.185 | S3: 75.885 | S4: 75.585 | S5: 75.285


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