Tuesday, 23rd August 2005 SaxoBank Analysis

Euro/US Dollar     

EURUSD  (1.2204 @ 05:53 GMT)

EUR/USD found resistance below the 1.2260 ideal resistance area, though a positive boost from Germany and EuroZone sentiment surveys still presents a risk that the pair could revisit the 1.2300 area before heading lower again. Support appears robust around the 1.2200 area for now.

Resist. 1.2386 1.2297 1.2263 1.2204 1.2174 1.2120 1.2032 Support

British Pound/US Dollar     

GBPUSD  (1.7978 @ 05:55 GMT)

GBP/USD can't make up its mind which way it wants to go, but the preference is for it to eventually head lower, especially if it stays below yesterday's high and the resistance at 1.8047. A move through 1.7900 encourages the view toward 1.7800 and possibly even 1.7500 eventually.

Resist. 1.8228 1.8111 1.8055 1.7978 1.7937 1.7875 1.7757 Support

US Dollar/Japanese Yen     

USDJPY  (109.96 @ 05:58 GMT)

USD/JPY still looks heavy, and a fall through 109.50 again could encourage a test of the crucial 108.90 area, which guards the gates to much lower levels still. The upside swing level comes in around 110.00 - this was briefly breached this morning, but must hold if it is to help swing the pair higher. 110.80 is the key resistance higher still.

Resist. 112.21 111.06 110.42 109.96 109.28 108.77 107.63 Support