The Forex Market Today

The Markets Today Monday 21 July 2008 / 09:25h CET

EUR/USD	1.5860
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Strong initial range 1.5810 / 1.5880 this morning. A break on top has room for a lift towards 1.60, with a daily close above we can remain bullish.		There is loots of space lower, an hourly break at 1.5810 should see a drop to 1.5750. A low daily close has room for 1.5610 by tomorrow.	1.5810 TREND 1.5885 STRONG 1.5750 STRONG 1.5930 MINOR 1.5615 KEY 1.5990 STRONG

GBP/USD	1.9920
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Very strong basis at 1.9900, while it holds Cable should re-try the 2.00 level, but it needs a daily close above that to stay bullish.		An hourly close underneath of 1.9890 stops the short-term bullish outlook and risks a fall to 1.9800, medium-term rising trend.	1.9900 STRONG 1.9940 MINOR 1.9810 TREND 2.0000 KEY 1.9750 STRONG 2.0060 STRONG

USD/JPY	106.70
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
USDJPY overshot and remains bid at 106.60 for now. While this holds there is a possibility to retry the 107.15 resistance level, an higher close is bullish for 108.50		An hourly break of 106.55 risks a pullback to 105.85	106.55 STRONG 106.90 MINOR 106.20 MINOR 107.15 KEY 105.85 STRONG 107.70 STRONG

USD/CHF	1.0220
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The pair broke the recent bullish trend and is stuck in a small neutral range of 1.0180 / 1.0250, we see no direction here but watch out for a break lower.		We see a possible extension to 1.0285, failure to close the day above that however is bearish for a retry of the 1.00 key	1.0180 STRONG 1.0250 STRONG 1.0135 MINOR 1.0285 STRONG 1.0100 STRONG 1.0330 STRONG

XAU/USD	961.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold maintained the range, today this range has narrowed to 942 / 968. Closer to the top we may try selling at 963/965 with a tight stop.		A break through 968 and daily close above that is bullish Gold.	952 MINOR 964 MINOR 942 TREND 972 KEY 935 KEY 974 STRONG
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