Update Daily Technical Levels from FXCC 16 Aug 2011

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Update Daily Technical Levels from FXCC 16 Aug 2011

EUR/USD
Intraday Technical Levels:

Pivot: 1.442
Preference: Short positions below 1.442 with targets @ 1.4325 & 1.4275 in extension.
Alternative Scenario: Above 1.442 look for further upside with 1.4475 & 1.454 as targets.
Comment: the RSI is badly directed, the pair is under pressure and should face further weakness.

USD/JPY
Intraday Technical Levels:

Pivot: 77.2
Preference: Short positions below 77.2 with targets @ 76.5 & 76.3 in extension.
Alternative Scenario: Above 77.2 look for further upside with 77.5 & 77.75 as targets.
Comment: the pair stands below its resistance and remains under pressure.

GBP/USD
Intraday Technical Levels:

Pivot: 1.6325
Preference: Long positions above 1.6325 with targets @ 1.641 & 1.645 in extension.
Alternative Scenario: Below 1.6325 look for further downside with 1.63 & 1.6265 as targets.
Comment: the pair has rebounded on its support and should post further advance.

Daily Technical Levels from fxcc.com
Source: