Midday Technical Analysis for Friday August 4 2006

Full report with charts on Forexalt.com

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Midday Technical Analysis: The FX waits Payrolls

Activity of the tenders is insignificant, as participants of the market show care before an output of the data on a labour market the USA which can give the answer to a question on further actions FRS concerning interest rates. Before the publication of the data probably some strengthening of the American currency, connected to fixing the profit.
Today will be published American data: Nonfarm Payrolls (July), Unemployment rate (July), Average hourly earnings (July), Average workweek (July) at 12-30 GMT.
The strong data can put under doubts the opinion about delay of rates of growth of US economy and will support the American currency. Otherwise sale of dollar will renew with new force.

EUR
Weekly chart EUR trend – Range
Resistances
1.2834 (today high), 1.2860 (high 07.07.2006), 1.2971/78 (highs 05.15.2006 and 06.05.2006)
Supports
1.2771/78 (high 07.28.2006 at 1.2771 and 61.8% retracement of 1.3483 to 1.1640 at 1.2778 and 61.8% retracement of 1.2978 to 1.2459 at 1.2778), 1.2705/06 (23.6% retracement from 1.1825 to 1.2978 at 1.2705 and 61.8% retracement from 1.2860 to 1.2459 at 1.2706), 1.2660/57 (50.0% retracement of 1.2860 to 1.2459 at 1.2660 and 38.2% retracement of 1.2978 to 1.2459 at 1.2657)

GBP
Weekly chart GBP trend - Range
Resistances
1.8923 (today high 08.03.2006), 1.8960 (76.4% retracement of 1.9554 to 1.7047), 1.9023 (high 05.17.2006)
Supports
1.8750 (the rising short-term line from 07.26.2006 at 1.8383 to 08.03.2006 at 1.8695), 1.8687/72 (high 07.27.2006 at 1.8672 and high 07.31.2006 at1.8687), 1.8595/1.8605 (61.8% retracement of 1.9554 to 1.7047 at 1.8595 and 23.6% retracement of 1.7229 to 1.9023 at 1.8605)

CHF
Weekly chart CHF trend - Bullish
Resistances
1.2365 (Tuesday high 08.01.2006), 1.2423/39 (61.8% retracement of 1.1287 to 1.4281 at 1.2439 and the 38.2% retracement from 1.3237 to 1.1920 at 1.2423), 1.2545 (high 07.25.2006)
Supports
1.2285/83 (50.0% retracement from 1.1287 to 1.3284 at 1.2285 and 76.4% retracement from 1.2185 to 1.2593 at 1.2283), 1.2231 (23.6% retracement from 1.3237 to 1.1920), 1.2185/78(low 07.07.2006 and 61.8% retracement of 1.1920 to 1.2593 at 1.2178)

JPY
Weekly chart JPY trend – Capped?
Resistances
115.40 (61.8% retracement from 119.37 to 108.96), 115.77/81 (23.6% retracement from 108.96 to 117.86 at 115.77 and low 07.21.2006 at 115.81), 116.70/90 (resistance line from high 12.04.2005 to 04.11.2006 at 116.70 and 76.4% retracement of 119.37 to 108.96 at 116.90)
Supports
114.19 (50.0% retracement from 119.37 to 108.96), 113.44/43 (low 07.10.2006 and 50% retracement of 108.96 to 117.86 at 113.43), 112.95 (38.2% retracement from 119.37 to 108.96)