The report embedded below includes technical analysis on EUR/USD, the US Dollar Index, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD, GBP/JPY, EUR/JPY, EUR/GBP, EUR/CHF, Gold and Silver. I also embedded their special study on CHF/NOK.
EUR/USD: Extended rebound stalls into key resistance 1.4400-1.4419.
- EUR/USD’s extended rebound (from its bullish reversal pattern near the200-day MA), has stalled into key resistance zone between 1.4400-1.4419(76.4/78.6% Fib level).
- Our outlook remains neutral/bearish, while price holds beneath key resistance at 1.4578. Failure into these levels will keep bearish risks on for a resumption of the downside pattern breakout, offering an accelerated impulsive (wave 3) into 1.3750/1.3659 (2 yr uptrend/61.8% Fib-Jan 2011 rise), thereafter squeezing further conservative trend-followers into our initial objective at 1.3370.
- Only a sustained close above 1.4578 will lead to a reassessment of our long standing bearish view, opening a potential extended recovery into previous key resistance at 1.4711/30.
- Inversely, the US dollar index is now holding steady around key support at73.50. We expect this level to hold (as the last point of defence), where a potential oversold bounce could develop."
2011 07 25 Migbank Daily Technical Analysis Report+
Special Study - CHF/NOK