SaxoBank Analysis 24 th August 200505:10 GMT

Euro/US Dollar     

EURUSD  (1.2178 @ 05:17 GMT)

EUR/USD attempted to rally again late yesterday, possibly on weakness in US equity markets. But overnight, the stronger USD and saw 1.2195 area support fall, and now we focus on 1.2130 as the last support holding the pair back from a retest of the 1.2000 area. 1.2195 is now resistance. Further out, we may look for EUR to find strong support.

Resist. 1.2356 1.2291 1.2263 1.2178 1.2199 1.2162 1.2098 Support

British Pound/US Dollar     

GBPUSD  (1.7923 @ 05:19 GMT)

GBP/USD looks like it is finally committing lower, with a fall through 1.7900 further confirming that we should focus on 1.7800 now and possibly even 1.7500 eventually. 1.7970 is first resistance, followed by the 1.8020 area.

Resist. 1.8120 1.8060 1.8039 1.7923 1.7979 1.7940 1.7880 Support

US Dollar/Japanese Yen     

USDJPY  (110.61 @ 05:34 GMT)

USD/JPY rallied strongly overnight, possibly for technical reasons as the 110.15 minor resistance was taken out. Still, 110.80 is an awfully big barrier. If the pair can pull through that level, then we're looking at the range between 111.50 and 113 again. To the downside, 110.00 looks like a swing level.

Resist. 111.06 110.47 110.17 110.61 109.58 109.29 108.70 Support