Daily Technical Analysis by FXCC - October 21 2011

Daily Technical Analysis by FXCC - October 21 2011

Euro vs. US Dollar (EURUSD):We see better value in long positions. If the price will advance above the first resistance at (1.38261), this would confirm continuation of the bullish trend, towards next objective upwards (1.36851) then (1.36179) and (1.34875) will follow. Try to buy on depth with a stop loss below (1.36462).

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R1: 1.38261| R2: 1.38692 | R3: 1.39143 | R4: 1.40485 | R5: 1.41329
S1: 1.37313 | S2: 1.36851 | S3: 1.36179 | S4: 1.35719 | S5: 1.34875

Great Britain Pound vs. US Dollar (GBPUSD):We prefer upside scenario at this phase. Since bias is bullish in nearest term targeting (1.60782). Another move back below (1.56713) could lead us to neutral zone. Buy on depth for today with a stop loss below (1.56713).

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R1: 1.58477| R2: 1.59560 | R3: 1.60782 | R4: 1.61282 | R5: 1.61782
S1: 1.57306| S2: 1.56657 | S3: 1.56132 | S4: 1.55425 | S5: 1.54925


US Dollar vs. Japanese Yen USDJPY (USDJPY):The USDJPY still trapped in range area of (77.553– 76.574). A break in either direction will determine the trading bias in today`s session. Break below (76.574) could trigger further bearish pressure targeting (75.432), while break above (77.553) could trigger further bullish advances testing (78.280). We should wait for a clearer outlook on USDJPY.

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R1: 77.215 | R2: 77.680 | R3: 77.980 | R4: 78.280 | R5: 78.580
S1: 76.444 | S2: 76.032 | S3: 75.732 | S4: 75.432 | S5: 75.132

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