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Technical Analysis Pre- European Session

Monday, May 21, 2012 7:50 AM

EUR / USD GBP / USD USD / CHF USD / JPY Gold Crude Oil

EUR/USD intraday: the upside prevails.
Pivot: 1.2745.
Our Preference: LONG positions above 1.2745 with 1.2815 & 1.287 as next targets.
Alternative scenario: The downside breakout of 1.2745 will open the way to 1.271 & 1.2665.
Comment: the pair remains on the upside and is challenging its resistance.
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GBP/USD intraday: rebound.
Pivot: 1.5775.
Our Preference: LONG positions above 1.5775 with 1.5845 & 1.589 in sight.
Alternative scenario: The downside penetration of 1.5775 will call for 1.5735 & 1.5695.
Comment: the pair is on the upside and is challenging its resistance.
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USD/CHF intraday: under pressure.
Pivot: 0.94.
Our Preference: SHORT positions below 0.9425 with 0.935 & 0.932 in sight.
Alternative scenario: The upside breakout of 0.9425 will open the way to 0.9455 & 0.95.
Comment: the pair is rebounding but stands below its resistance.
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USD/JPY intraday: under pressure.
Pivot: 79.50.
Our Preference: SHORT positions below 79.5 with 78.9 & 78.65 as next targets.
Alternative scenario: The upside penetration of 79.5 will call for 79.7 & 79.95.
Comment: the pair is rebounding but stands below its resistance.
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GOLD (Spot) intraday: further advance.
Pivot: 1579.00
Our Preference: LONG positions above 1579 with 1600 & 1608 in sight.
Alternative scenario: The downside penetration of 1579 will call for a slide towards 1572 & 1565.
Comment: technically, the RSI is above its neutrality area at 50.
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Crude Oil (Jun 12) intraday: the downside prevails.
Pivot: 92.90
Our Preference: SHORT positions below 92.9 with targets @ 90.9 & 90.25.
Alternative scenario: The upside penetration of 92.9 will call for 93.75 & 94.25.
Comment: as long as 92.9 is resistance, look for choppy price action with a bearish bias.
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