Please find hereafter our daily update on the majors as of June 24th 2011 (22:30 GMT).
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
Today, the EUR/USD has confirmed an intraday bounce with a top at 1,43 which offered a great resistance.
We have seen the major back under pressure during the US session with a break back 1,42.
We expect a continuation of the move to the downside and next critical level to watch will be 1,40. A break below this support would signify a shift in the long term trend with a target at 1,37 corresponding to the bottom of a rising channel.
Only a clear break back above 1,43 would leviate the downside pressure.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable remains under pressure with a confirmed break below 1,6060 (May low). The pair is now testing the March low at 1,5940.
A break below this support would expose next target at 1,58. We might see though some bullish reaction on this support with a possible consolidation in the early stage of next week and before the highly expected UK GDP on tuesday.
Only a break back above 1,6270 would leviate the downside pressure.Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY continues to consolidate in a narrowing triangle but we think that a material base on top of the 80,00 critical level might be in place.
We now need to see an acceleration above 80,80 to confirm a bullish potential. In this event, next target would be 82,00 (daily 200 moving average).
Inversely a break below 80,00 would signify a resumption of the downtrend.Link to ATF Forum post : USD/JPY
- USD/CHF
Today, we have seen the USD/CHF moving to the downside at the end the US session for a new test of its all time low at 0,8330.
Considering the latest price actions combined with the long term outlook, the pair remains under intense pressure and it will remain the case until we see a strong and durable reversal structure taking shape.
Over the short term, only a break above the important resistance at 0,8550 would leviate the downside pressure and open the door for a significant corrective move towards net resistance at 0,8750 and probably 0,8950 by extension (weekly 20 moving average).
Inversely a break below 0,83 would accelerate towards an open target.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD has finally confirmed its bullish momentum with an acceleration and close above its daily range represented by the upper bollinger band.
We now encourage a bullish prospect with a next immediate target at parity.
Only a daily close below 0,98 would concern.Link to ATF Forum post : USD/CAD
- AUD/USD
The AUD/USD continues to struggle with its 1,05 strong support. Actually the pair managed to close the week just below this level at 1,0490.
It is too soon to talk above a breakout as it happened at the end of the US session but the pressure is now on the downside.
However, we would like to point out the fact that the long bullish trend represented by the weekly chart remains intact. We only see a test of the 20 moving average and there is technically no reason to talk about a reversal yet.
We will see how things develop over the coming sessions. An acceleration below 1,0440 (May low) would expose a test of 1,02 and maybe 1,00 by extension.
Only a break above 1,0650 would negate the downside pressure and resume the uptrend.Link to ATF Forum post : AUD/USD
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