Update - Daily Technical Levels from FXCC – 5 Aug 2011

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Update - Daily Technical Levels from FXCC – 5 Aug 2011

EUR/USD Intraday Technical Levels:

Pivot: 1.418
Preference: Short positions below 1.418 with targets @ 1.41 & 1.406 in extension.
Alternative Scenario: Above 1.418 look for further upside with 1.4235 & 1.4285 as targets.
Comment: the pair is challenging its resistance, the RSI is mixed and calls for caution.

USD/JPY Intraday Technical Levels:

Pivot: 79
Preference: Short positions below 79 with targets @ 78 & 77.5 in extension.
Alternative Scenario: Above 79 look for further upside with 79.25 & 79.75 as targets.
Comment: the pair is on the downside and should reach its next support as the RSI is badly directed.

GBP/USD Intraday Technical Levels:

Pivot: 1.6325
Preference: Short positions below 1.6325 with targets @ 1.6225 & 1.619 in extension.
Alternative Scenario: Above 1.6325 look for further upside with 1.6375 & 1.64 as targets.
Comment: the pair is posting a rebound but stands below its resistance.

Daily Technical Levels from fxcc.com
Source: FX Central Clearing http://www.fxcc.com