9 May 2001, 18:08 US FX Daily Outlook: Dollar extends gains on weak German data (part3)
* EUR/JPY bounced after failing by 2 pips to match Tuesday's trough of
107.11. But the cross currency remains within an inside range so its
intraday outlook is mixed.
Support: 107.13 (overnight low), 106.69 (April 18 low; 7-week low),
105.80 (38.2% Fibonacci retracement level of May 1999-October 2000
downtrend), 104.15 (Feb. 16 trough; year's low).
Resistance: 107.70 (overnight high), 109.03 (100-day moving average),
109.11 (20-day moving average), 109.43 (60-day moving average), 111.02
(50% Fibonacci retracement level of May 1999-October 2000 downtrend).
* GBP/USD suffered from jitters the BOE's MPC might plump for a 50-basis-
point cut in U.K. interest rates on Thursday. Cable slipped to a 3-week
low of 1.4209, while EUR/GBP steadied below Asia's 2-day high of 0.6216.
The GBP/USD outlook is bearish.
Support: 1.4209 (overnight low), 1.4192 (April 18 low), 1.4147 (April
2 low; 4-month low), 1.3966 (Nov. 24 trough).
Resistance: 1.4285 (overnight high), 1.4351 (20-day moving average),
1.4402 (61.8% Fibonacci retracement level of Nov.-Jan. uptrend), 1.4399
(60-day moving average), 1.4534 (50% Fibonacci retracement level of the
Nov.-Jan. rally), 1.4534 (100-day moving average).
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