Technical Analysis
Daily FX Technical Strategy – Material chart damage
Renewed widening of yield spreads within the eurozone starkly highlights the contagion problem that is now taking hold. In turn, European equity markets reversed their recent uptrends, in many cases gapping lower in the process, suggesting extreme weakness is the likely outcome.
STOXX 50 ANALYSIS
The EUROSTOXX 50 confirmed already a retest of yesterday’s bottom where it seems to find some support, at least for now.
S&P ANALYSIS
The S&P confirmed the expected weakness that favoured even a 1210 undershooting giving us the chance to close our shorts made way too early!
GBP/USD ANALYSIS
The CABLE confirmed also yesterday a weak closing below the low of the previous session confirming we have a top at 1,6167.
USD/CHF ANALYSIS
The USD/CHF confirmed another strong daily closing even above the resistance of the inside day at 0,8840 suggesting further upside potential.
USD/ZAR ANALYSIS
The DOLL/ZAR confirmed a firm test of the resistance line at 7,20 with even a small overshooting before turning lower.
EUR/CHF ANALYSIS
EUR/CHF formed yesterday a positive day reversal but only a daily closing tonight above 1,2215 will confirm higher levels.
EUR/GBP ANALYSIS
EUR/GBP confirmed last night another weak closing below the low of the previous session suggesting a possible test of the 0,8528 key level, but only after a correction!!
EUR/JPY ANALYSIS
The EUR/JPY confirmed further consolidation interior the big positive outside day it formed on Monday with 111,75 – 106,65 still the levels to follow in the coming hours/ sessions.
USD/JPY ANALYSIS
The USD/YEN is just consolidating after the strong move up of Monday. The closing was positive.
BUND ANALYSIS
The BUND confirmed a strong closing, again well above the top of the previous session but also well above the resistance line, now support at 137,70.