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Forex Technical Analysis

The dollar gained taking back the roll of the 'safe haven' during yesterday's sessions.  Against the risk aversion trades as economic data came out far worse than expected for both Jobless claims and for the existing homesales, the dollar notched up some 470 plus points against the pound which was heavily assisted by the BoE's Governor Kings comments that the UK could benefit from a weaker pound along with the FED's Kevin Warsh's comments regarding the 'cutting back' some of the lending programs (QE).  Stocks and the recent 'safe' trade in gold collapsed during the afternoon seeing the yellow metal fall back from highs of $1019 to $994 and oil retrace all the way back to $66 per barrel.  The Yen though once again the strong currency of choice across most of its trading counterparts (13 out of the total 16) as Japan's exporters will be taking full advantage of the waiving of taxes on repatriated profits.  Oil and gold are off session lows at time of writing, however the European stocks are currently lower across the board other than the FTSE up 0.15% at time of writing. 
Cable today nursing the losses obtained yesterday, trading 100 points from the lows during the Asian session of 1.5914, now at 1.6015/20.  An inevitable retrace certainly back to the 1.6065 level which if continues, will see a return to the 38.2%fib level for the weeks trading at 1.6130.  Currently meeting resistance at 1.6040, support now at 1.60 ahead of 1.5980.  Should commodities as well as the stocks continue their slide southwards, expect further downside pressure to ensue. 
Eurodollar off the lows for today during the Asian session of 1.4614, now trading at 1.4680 at time of writing.  Struggling to gain momentum over the 1.47 level (61.8% fib ret level for the weeks trading), and stocks continuing their move southwards, expect further downside pressure should US equity futures point to a lower open.  Resistance at 1.47 ahead of 1.4730 and the 38.2% fib ret level for the weeks trading at 1.4760.  Support at 1.4670 ahead of minor interest at 1.4645 before the lows of today at 1.4614.
Yen, the stronger currency in the pack currently is trading near the lows of today of 90.46 at 90.55.  Should the momentum gain pace through the rest of the European session and into the US along with continued selling from the stockmarkets and commodities, expect a break to the 90 figure level before 89.80 (the February lows).  Resistance at 90.90 ahead of the 38.2% fib level of 91.20.
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