Technical Major Currencies Report, Friday, December 05, 2008

EURO

After the pair declined to the targets around 1.2550 id did after that indulge in a strong upside wave that took it back to trade mostly above 1.2750 to reach the 38.2% correction at 1.2830; the pair is trading now positively as the possibility for more upside moves is seen yet we witnessed high volatility and fluctuations this week and is still applicable for today for that the levels at 1.2725-50 is the marginal intraday barrier for as long as the pair is trading above the upside remains valid.
The trading range is among the key resistance level at 1.3035 and the key support level at 1.2515.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.

Support 1.2750 1.2725 1.2700 1.2685 1.2575
Resistance 1.2785 1.2830 1.2860 1.2885 1.2940
Recommendation Buy euro above 1.2725 with targets interlude at 1.2800 and 1.2830, stop loss below 1.2665

GBP-USD Market should hold major support at 1.4379 before rising towards 1.4840 or even 1.4999 limit.
USD-JPY Overall structure is bearish. Decelerating momentum could attract it towards supports at 91.96 or 91.71. Major support is clustered around 91.16 limit.
USD-CHF There is bearish potential for a fall to 1.1856 while 1.2023 - 1.2072 resist. After this fall a recovery up to 1.2072 or 1.2120 is expected.