Technical Outlook FX Majors 11 June 2012 EUR/USD WeeklySwings have been fierce lately, but the overall direction is quite clearly downwards. Decent support is foundaround the 1.19-area. Various lows of 2010 enter the market around that level. Failing to hold around the supportzone opens the road towards the Fibonacci extensions at 1.1630 (almost equal to the lows of 2005). Potential isnot too large at first, but the risks of a strong trend continuation remain above average. Hold a bearish stance aslong as (minimally) 1.3170 is cleared on the upside. Primary Trend: Negative Outlook: Moderately negative Support 1.1877 1.1630* 1.0740 Resistance 1.3170 1.3490 1.4250* = Projection levelsPlease read the legal disclaimer at the end of this document.
Technical Outlook FX Majors 11 June 2012 USD/JPY WeeklyThe long-term downtrend has been cleared and a (fragile) higher base has been set. Things are improving quitea bit and an ABC-recovery is in progress. Expect a retest of the main resistance zone around 84.25. Clearing thisarea convincingly starts a strong new uptrend targeting 91.45 (162% extension) and probably even 99.97 (262%extension). Start adding to long-exposure. Do not allow for a move below 77.60. This will seriously damage theoutlook. Primary Trend: Neutral Outlook: Somewhat positive Support 77.60 75.55 n/a Resistance 84.25 87.15 91.45* = Projection levelsPlease read the legal disclaimer at the end of this document.
Technical Outlook FX Majors 11 June 2012 GBP/USD WeeklyThe broad and multi-year trading range is still in play. Buy on weakness and sell into strength as long as priceshold between ~1.5220 and ~1.6760. Intermediate resistance is found at 1.6305, but the key level on the upside isstill 1.6760. Clearing the range will signal the start of a new and major directional move. Primary Trend: Neutral Outlook: Neutral Support 1.5220 1.4210 1.3500 Resistance 1.6305 1.6760 1.7025* = Projection levelsPlease read the legal disclaimer at the end of this document.
Technical Outlook FX Majors 11 June 2012 AUD/USD WeeklyFor the moment the trend is neutral. However, recent developments do not bode well. The long-term supportline has been cleared and prices have dipped well below the MA200. A minor bounce now that support has beenreached is probable, but this counter trend rally is very likely to set a new lower peak below the ~1.03 area.Such a peak will increase bearish pressure and should lead to a break below support and thus trigger a newprimary downtrend. Targets then come in at 0.8840 and possibly even 0.8090. Only a rally above 1.0855 can easepressure. Such a move is currently unlikely. Primary Trend: Neutral Outlook: Negative Support 0.9540 0.8840 0.8090 Resistance 1.0270 1.0855 1.1115Please read the legal disclaimer at the end of this document.
Technical Outlook FX Majors 11 June 2012 USD/CHF WeeklyPrices remain well above the MA200 and intermediate trend lines. Minor dips towards 0.9220 can be used to dosome buying. On the upside the main level to watch out for is 1.0090. If cleared, the market has massive upsidepotential: there are no projections or resistances until 1.1732. Trend intensity is currently rather low, makingeffective trading somewhat difficult. Hence we maintain the outlook on “moderately positive” until 1.0090 is takenout. Primary Trend: Positive Outlook: Moderately positive Support 0.9220 0.8935 0.8565 Resistance 1.0090 1.1732 1.2300Please read the legal disclaimer at the end of this document.
Technical Outlook FX Majors 11 June 2012 USD/CAD WeeklyA huge and long-term basing pattern is visible on the chart below. Even a Head&Shoulder basing pattern can bediscerned, although it is not a textbook example. Nonetheless, indicators and near-term dynamics strongly favora break above the resistance line around 1.0470. A convincing break higher will trigger a new primary uptrendtowards 1.0855 (minor) and even 1.1735 on the 12+ month horizon. Support is strong between 1.0075 and0.9790, so with relatively tight stops this market could bring excellent buying opportunities for the longer term. Primary Trend: Neutral/positive Outlook: Positive Support 1.0075 0.9790 0.9405 Resistance 1.0470 1.0855 1.1735Please read the legal disclaimer at the end of this document.