Free Trial

Modest recovery spares fresh cycle......>

CABLE TECHS
CABLE TECHS: Modest recovery spares fresh cycle lows:
*RES 3: 1.2494 Trendline resistance drawn off the May 6 high
*RES 2: 1.2460 High Jul 26
*RES 1: 1.2382 Low Jul 17
*PRICE: 1.2156 @ 19:42 GMT July 31
*SUP 1: 1.2110 Mar 14 2017 low
*SUP 2: 1.2060 Bear channel base drawn off the high of May 6
*SUP 3: 1.2000 Psychological round number
The Fed decision prompted some inevitable volatility Wednesday, but the pair was
somewhat spared from the USD rally thanks to a modest short-covering rally in
European hours. Nonetheless, the recent impulsive sell-off has confirmed an
aggressive resumption of the downtrend with the most significant recent
technical break being the move below the Jan 3 low of 1.2441. With 1.2200
cleared, the focus shifts to 1.2110 next. A bear channel base lies at 1.2060,
marking a possible near-term support. The channel is drawn off the May 6 high.
Resistance is at 1.2382.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.