Please find hereafter our daily update on the majors as of June 10th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The EUR/USD has broken down the key 1,4555 level which has turned resistance overnight.
Next target is now the previous high and support at 1,4350 with an acceleration below 1,4470.
Only a break back above 1,4555 would leviate the downside pressure.Link to ATF Forum post : EUR/USD
- GBP/USD
We did see the Cable falling sharply towards its important support at 1,63.
A break below this level would validate a reversal pattern with a next target at 1,61 (daily lower bollinger band).
Inversely, if we do see the 1,63 level holding, there would the possibility of a bullish resumption but we don’t support this idea given the US Dollar relative strengh.Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY has been trying to accelerate above the 80,00 level taking advantage of the US Dollar bounce.
But once again, the pair is showing some relative weakness while rolling-over ahead of the 80,50 area.
A break back below 80,00 would expose further losses and the possible resumption of the bearish trend with an immediate target at 79,50.
We need to see a clear break above 80,50 to leviate the downside pressure.Link to ATF Forum post : USD/JPY
- USD/CHF
As expected, the USD/CHF is in the process of carving out some kind of material base on top of the 0,83 level.
The potential of a bounce has been confirmed by a break above 0,84. An continuation above 0,8450 would open the door to the 0,8550 area (daily 20 moving average).
A break back below 0,84 would expose the pair to a possible resumption of the downtrend but we favor a continuation of the move to the upside for the time being given the bullish momemtum.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD is testing the lower bound of its daily rising channel.
A confirmed close below this channel would signify a resumption of the downtrend with a target in the 0,95 area (april low).
Inversely, a break above 0,98 would accelerate towards 0,99 with the parity in mind.Link to ATF Forum post : USD/CAD
- AUD/USD
No significant change on the AUD/USD which continues to consolidate in its daily range between roughly 1,05 and 1,08.
If the US Dollar confims its bounce, we might see a test of the lower bound of the range at 1,05 today.
Inversely, a break back above 1,0650 would leviate the downside pressure and expose 1,0750.Link to ATF Forum post : AUD/USD
Notice : the technical analysis are given for information purpose only. There is no entry timing so you will have to build your own strategy based on these recommendations.
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