Update - Daily Technical Levels from FXCC – 2 Aug 2011

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Update - Daily Technical Levels from FXCC – 2 Aug 2011

EUR/USD Intraday Technical Levels:


Pivot: 1.425
Preference: Short positions below 1.425 with targets @ 1.415 & 1.4105 in extension.
Alternative Scenario: Above 1.425 look for further upside with 1.4285 & 1.4345 as targets.
Comment: the pair remains on the downside and is approaching its next support.

USD/JPY Intraday Technical Levels:

Pivot: 77
Preference: Long positions above 77 with targets @ 77.65 & 78.05 in extension.
Alternative Scenario: Below 77 look for further downside with 76.7 & 76.3 as targets.
Comment: the pair is posting a rebound on its support, the RSI is mixed to bullish.

GBP/USD Intraday Technical Levels:

Pivot: 1.6335
Preference: Short positions below 1.6335 with targets @ 1.6235 & 1.619 in extension.
Alternative Scenario: Above 1.6335 look for further upside with 1.6375 & 1.643 as targets.
Comment: the pair has struck against its resistance and remains under pressure.