Dailyfx | Jul 09, 2014 11:23AM ET
Foreign Exchange Price & Time at a Glance:
Charts Created using Marketscope – Prepared by Kristian Kerr
Instrument |
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Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
USD/JPY |
*101.20 |
101.35 |
101.65 |
101.75 |
*102.20 |
Charts Created using Marketscope – Prepared by Kristian Kerr
Instrument |
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Read market moving news with a personalized feed of stocks you care about.
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Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
USD/CHF |
.8845 |
*.8890 |
.8930 |
*.8960 |
.8990 |
We have been negative on Crude since the important cycle turn window that we highlighted around the end of June (read ). A steady decline has followed in the commodity since then, but admittedly it has been far from impulsive. Another cycle turn window of importance is seen over the next day or so and with the overbought condition now fully worked off we are on the lookout for possible resumption of the broader underlying uptrend. A move back through 104.10 is needed to provide initial confirmation of such a renewed move higher. Failure to register a turn in the next day or so would be an extremely negative development for the commodity and set the stage for another leg lower in the weeks ahead. New trend lows in Crude after Thursday of this week would seriously undermine the potential for an immediate uptrend resumption.
This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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