Please find hereafter our daily update on the majors as of June 23rd 2011 (05:15 GMT).
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
After a quick test above 1,44 the EUR/USD has reversed its course after M. Bernanke (FOMC) speach.
We need to see a confirmed break below 1,43 to validate a possible top and encourage a bearish prospect. In this event, next target would be in the 1,42 area.
Only a break back above 1,44 would negate the downside pressure and open the door for a continuation to the upside.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable was the big mover among the majors yesterday. The pair started to drop during the european session after the BoE minutes showing no change in the UK monetary policy.
The confirmed break below 1,61 which was our initial target opens the door to the 1,59 area (march low).
Only a break back above 1,6270 would leviate the downside pressure.Link to ATF Forum post : GBP/USD
- USD/JPY
The 80,00 level has become a very strong support as it continues to hold. The USD/JPY took advantage of the US Dollar strengh but with a lack of momentum as we get used to.
We need to see the pair establishing above 81,00 to really encourage a bullish prospect with a target at 82,00.
A break below the critical 80,00 support would signify the resumption of the downtrend.Link to ATF Forum post : USD/JPY
- USD/CHF
The pair has been tested its historical low yesterday before sharply bouncing back above 0,84.
The momentum is now bullish and we might see a continuation of the move towards 0,8550 (June high) but the market will have to confirm above 0,8450 first.
We are always very vigilent with the Swiss Franc but we think that a material base is now in place for a significant bounce. A break above 0,8550 would definitly validate this scenario with a potential towards 0,89.Link to ATF Forum post : USD/CHF
- USD/CAD
The pair has been under pressure lately but remains in a narrow daily range between 0,97 and 0,98.
The market has found some great support on top of 0,97 once again yesterday.
As the momentum remains bearish, we now need to see a break above 0,98 to leviate the downside pressure.
Inversely, a break below 0,97 might accelerate towards the 0,95 area for a confirmation of the long term bearish trend.Link to ATF Forum post : USD/CAD
- AUD/USD
The pair is still evolving in a middle term range with a strong support at 1,05 which has been a few times since the end of May.
The momentum is bearish and a confirmed US Dollar strengh would put additional pressure on the Aussie. However, as long as 1,05 remains support, the main long term bullish trend won’t be in question.
We need to see a break above 1,0650 to leviate the downside pressure with a target at the top of the range (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.
If you want to get realtime signals with all the necessary details (entry price, stop loss and profit targets), you may try our affordable signals membership which comes with a 7 day trial period. Take a look at our membership conditions here