15 May 2001, 17:29  US FX Daily Outlook: Dollar mixed ahead of the Fed decision (part3)

* GBP/USD traded nervously in a tight 26-pip range, remaining in the middle of both Monday's and Friday's ranges.
U.K. RPIX and RPI data showed a nasty spike, with them showing monthly increases of 0.7% and 0.5% respectively for April, which is an increase of 2.0% and 1.8% on the year.
The outlook is neutral.

Support: 1.4171 (overnight low), 1.4143 (May 11 low; 4 1/2-month low), 1.3966 (Nov. 24 trough).
Resistance: 1.4197 (overnight high), 1.4285 (May 9 high), 1.4320 (20-day moving average), 1.4381 (60-day moving average), 1.4402 (61.8% Fibonacci retracement level of Nov.-Jan. uptrend).

* EUR/JPY rose to a 5-day high of 108.45 as the EUR rose and the JPY fell. The cross currency will encounter resistance at 108.74 from the 20-day moving average.
The outlook is slightly bullish.
Support: 107.68 (overnight low), 106.80 (May 11 low), 106.69 (April 18 low; 7-week low), 105.80 (38.2% Fibonacci retracement level of May 1999-October 2000 downtrend), 104.15 (Feb. 16 trough; year's low).
Resistance: 108.45 (overnight high), 108.74 (20-day moving average), 109.18 (100-day moving average), 109.59 (60-day moving average), 111.02 (50% Fibonacci retracement level of May 1999-October 2000 downtrend), 112.03 (50% Fibonacci retracement level of the January 1999-October 2000 downtrend), 112.15 (April 27 peak), 113.71 (April 4 high; 17-month high).

© 1999-2024 Forex EuroClub
All rights reserved