The Forex Market Today

The Markets Today Monday 14 July 2008 / 09:55h CET

EUR/USD	1.5880
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
In thin markets the Euro climbed to a high of 1.5965 before falling 100 points in late Asia. 1.5895 initial resistance, while underneath there is space to fall to the bullish trend-line at 1.5730.		Another daily close above 1.59 keeps the Euro bid and we should try 1.60 next.	1.5860 MINOR 1.5890 STRONG 1.5805 STRONG 1.5915 MINOR 1.5730 TREND 1.5965 STRONG

GBP/USD	1.9860
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable tried the top at 1.9950 on Friday but returned into the range for the weekly close. 1.97 / 1.99, a daily close above will see the Pound attack the 2.00 level.		On weekly charts, Cable looks bullish. Look to buy dips near 1.98 or 1.9750.	1.9840 STRONG 1.9885 STRONG 1.9800 STRONG 1.9920 MINOR 1.9730 TREND 2.0000 STRONG

USD/JPY	106.60
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The bullish support failed and USD tanked on Friday, closing outside of the bullish trend. 106.95 now strong initial resistance – sell spikes for a retry of the 105.50 support.		It would need a daily close above 107.25 to turn bullish once again. Here we seem at risk to correct medium-term rise from 97 and could see the pair fall to 103 by the end of the month.	106.35 MINOR 106.65 MINOR 106.00 STRONG 106.95 STRONG 105.75 STRONG 107.20 STRONG

USD/CHF	1.0220
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The Dollar fell and nearly reached the 1.0120 key. Expect to remain in low range 1.0170 / 1.0235 with risk to widen the downside towards 1.00 this week.		A spike through 1.0235 may reach 1.0270, only a daily close above that is bullish Dollar.	1.0215 MINOR 1.0235 MINOR 1.0170 STRONG 1.0270 STRONG 1.0120 KEY 1.0350 STRONG

XAU/USD	960.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold moved on to test the next strong level above 965 this morning. It seems overbought here and we like to see a pullback to the 945/950 area.		A daily close above 965 still keeps Gold bid and it may reach 1000 again.	955 MINOR 965 KEY 945 STRONG 982 MINOR 935 STRONG 995 STRONG
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