Daily Market Review by FXCC June 26 2012

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https://support.fxcc.com/email/technical/26062012/

UPCOMING EVENTS :
2012-06-26 08:30 GMT | UK - Public Sector Net Borrowing (May)
2012-06-26 08:30 GMT | UK - Inflation Report Hearings
2012-06-26 14:00 GMT | US - Consumer Confidence (Jun)
2012-06-26 14:00 GMT | US - Richmond Fed Manufacturing Index (Jun)

FOREX NEWS :
2012-06-26 03:57 GMT | USD/JPY selling off ahead of tax voting
2012-06-26 03:40 GMT | US new home sector to remain under pressure - RBC
2012-06-26 02:02 GMT | China CB Leading Economic Index: 1.1
2012-06-26 01:50 GMT | Risk currencies on correction mode after Monday's USD buying


EURUSD
DAILY WEEKLY MONTHLY



1.2615 | 1.2580 | 1.2542
1.2469 | 1.2434 | 1.2396

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

Crucial support is evident at 1.2440, and a sustained breach of the same may see the euro test its previous lows of 1.2286 and 1.2142 in the coming days. RSI-14 is currently trading at 0.37 with a negative bias on the weekly chart. We can expect the euro to trade lower following its overall downtrend. Meanwhile, resistances are evident at 1.2647 (8-period EMA on daily chart) then 1.2740.

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GBPUSD :
DAILY WEEKLY MONTHLY



1.5643 | 1.5617 | 1.5591
1.5539 | 1.5513 | 1.5487

SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Overbought


MARKET ANALYSIS - Intraday Analysis

We can expect the pair to continue its downward rally and test the support of 1.5510, or 23.6% retracement level for the aforementioned range. If the pair breaches this support, then the next support is at 1.5360; the resistances are at 1.5660 (8-period EMA on weekly chart) and then 1.5755.

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USDJPY :
DAILY WEEKLY MONTHLY



81.475 81.025 80.340
79.210 78.760 78.075

SUMMARY : Neutral
TREND : Up trend
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Oversold


MARKET ANALYSIS - Intraday Analysis

The pair is trading above the 38.2% Fibonacci retracement level in the downward rally ranging from 84.17 to 77.62). We can expect the pair to retest the support levels of 79.70-79.40, and the yen may start inching up from these levels. The RSI-14 is currently at 0.51 and is tending towards the upside. This week, we recommend buying at support levels of 79.80-79.75. The supports are evident at 79.70-79.40 and resistances are at 80.91 and 81.60, representing 50% and 61.8% retracement level for the 84.17-77.62 range, respectively. Short term signals are bearish but as we move to the longer view, indicators are totally confused.

Source: FX Central Clearing Ltd, (http://www.fxcc.com)