Technical Major Currencies Report, Thursday, December 04, 2008

SOORY guy for late update..2day really bz n one hole nite didn't sleep bcoz hv soem critical post..huhuhu here the latest update today...Enjoy ur reading...:))

EURO

More downside pressures are seen for the pair even with the incline it managed in the early Asian session as today we can notice the strength of the 1.2750 resistance which was capable of creating a downside pattern and trading below this level will send the pair south towards 1.2620 at least and might reattempt 1.2575; meanwhile breaching 1.2750 will validate the short term upside trend again for the pair.
The trading range is among the key resistance level at 1.2885 and the key support level at 1.2375.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.

Support 1.2620 1.2575 1.2560 1.2515 1.2465
Resistance 1.2685 1.2725 1.2750 1.2785 1.2830
Recommendation Sell euro below 1.2685 with targets interlude at 1.2620 and 1.2575, stop loss above 1.2765

GBP-USD One more dip to 1.4655 is likely followed by a grind higher to above 1.4859. After which it can resume his downtrend.
USD-JPY It looks set for gains to above 93.77. Supports at 92.92 and 93.15. A break of 92.68 will damage this bullish structure.
USD-CHF Resistances lie around 1.2131 and 1.2222. It should test lower towards 1.204 zone. A clear break of 1.2059 would be bearish.