Intraday Market Thoughts

Archived IMT (2010.09.17)

by Ashraf Laidi
Sep 17, 2010 14:01

SP500 moves further above its 200-day MA of 1116, with a weekly close above it signifies the potential to recapture the 1138 resistance-61.8% retracement of the decline from the 1220 high to the 1006 low. USD losing across the board, except for against the JPY, which remains weak against all currencies. 85.90 is the 55-day MA last broken in June, but given the weekly stochastics we could see renewed run-up next week. The pair shall focus on todays Univ of Mich sentiment survey, with a figure above 70 should help maintain USDX underpinned above 85.50. $USDCHF failed 1.02, eying 1.0055 trendline support.


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