Daily commentary - 2010-03-08, 10:29
Drop to the area of 1,3630 may be considered to open long positions as another attack on 1,3700 is expected later in the afternoon. Breach through the latter level should initiate gains which may bring this cross as high as 1,3790 with destination target set at 1,3860. On the other hand this upside corrective movement will be endangered only in case of a drop below 1,3560.
GBPUSD
The pair is heading towards the resistance at 1,5290 which is seen as our next target. Successful jump above 1,5200 should add momentum at first to 1,5240 and finish at the above mentioned level. Drop below 1,5120 will initiate downward pressure to 1,5040 and only in case this level is broken upward correction should be considered as finished.
USDCHF
Small volatility has been characteristic for this pair recently, so short positions should be opened at 1,0730/40 with range of expected drop 1,0680 and 1,0620 later on. Rise above 1,0760 will bring the cross once again above 1,0800 area.
EURJPY
The area of 123,20 seems as appropriate for opening long positions with targets set at 123,80 and with a perspective even for 125,00 as our next mid-term target. Drop below 122,80 will open way for falls even to 122,20 however it should be treated as a pause before further gains. Only retreat below 121,80 will stand for a clear end of the current upside correction.
