Forex Market Daily Technical Levels


MARKET NEWS: Daily Technical Levels

Wednesday, October 06, 2010 - 9:00 AM


EUR/USD intraday: further advance.

Pivot: 1.3785.
Our Preference: LONG positions @ 1.3795 with targets @ 1.3895 & 1.3955.
Alternative scenario: The downside penetration of 1.3785 will call for a slide towards 1.372 & 1.37.
Comment: the break above 1.3785 is a positive signal that has opened a path to 1.3895.

GBP/USD intraday: intraday support around 1.586

Pivot: 1.5860.
Our Preference: LONG positions @ 1.587 with 1.599 & 1.603 as next targets.
Alternative scenario: The downside penetration of 1.586 will call for a slide towards 1.58 & 1.578.
Comment: the RSI is supported by a bullish trend line.

USD/CHF intraday: the downside prevails.

Pivot: 0.9705
Our preference: Short positions below 0.9705 with targets @ 0.961 & 0.957 in extension.
Alternative scenario: Above 0.9705 look for further upside with 0.975 & 0.979 as targets.
Comment: the RSI is capped by a bearish trend line.

USD/JPY intraday: under pressure.

Pivot: 83.50.
Our Preference: SHORT positions below 83.5 with 82.95 & 82.75 in sight.
Alternative scenario: The upside penetration of 83.5 will call for a rebound towards 83.85 & 84.1.
Comment: the upward potential is likely to be limited by the resistance at 83.5.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1330.00
Our Preference: LONG positions above 1330 with 1357 & 1368 as next targets.
Alternative scenario: The downside penetration of 1330 will call for a slide towards 1320 & 1312.
Comment: the price has broken above the upper boundary of its intraday bullish channel but caution, the RSI is posting a bearish divergence.
Trend: ST Bullish; MT Bullish

Crude Oil (Nov 10) intraday: the bias remains bullish.

Pivot: 81.50
Our Preference: LONG positions above 81.5 with 83.9 & 85 as next targets.
Alternative scenario: The downside breakout of 81.5 will open the way to 80.8 & 80.
Comment: the RSI is mixed to bullish.
Trend: ST Bullish; MT Range



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