EUR/USD

Feb 22nd 00:01

We still think the market is too short Euro and a pullback has to occur before the downtrend can continue, but the immediate start to the week is not the time for nailing our colours too tightly to the mast.

We'll maintain a watching brief for now and maybe look for some short term opportunities to go long but for "raids" of maybe 75 - 125 pips but as soon as the downtrend line is hit, we'll switch to short mode and build a position.

At the time of writing then:

S: 1.3602 1.3575 1.3530

R: 1.3618 1.3650 1.3685

 

USD/CHF

February 22nd 00:01 GMT

Looks as if a temporary top is forming in Swissy, although the underlying trend remains firmly upwards.

We're looking for a pullback before consolidation or the continuation of the U/T

For today:

S: 1.0760 1.0735 1.0710

R: 1.0770 1.0800 1.0835 1.0870

 

GBP/USD

February 16th 2010 09:30 GMT

Cable struggling. We'd like to see close to 1.6000 before continuation of the downtrend but it doesn't look likely. 1.5652 Fibo level would be the best topside target now, it seems.

For today then:

S: 1.5415 1.5375 1.5340

R: 1.5445 1.5485 1.5525

 

USD/JPY

February 16th 2010 09:30 GMT

We're maintaining our bullish view on USD/JPY, and we're sitting in a good spot on this pair, but we don't envisage a smooth ride.

For today though:

S: 91.60 91.40 91.15

R: 91.75 91.98 92.25