The Markets Today

The Markets Today Wednesday 23 July 2008

EUR/USD	1.5760
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
After breaking the 1.5750 for a new low we expect trading lower levels this day. Short-term should hold at 1.5790 for target at 1.5610		An hourly close above 1.5790 stops short-term bearish trend and risks a rise to 1.5890	1.5750 STRONG 1.5790 TREND 1.5690 TREND 1.5825 MINOR 1.5615 KEY 1.5890 STRONG

GBP/USD	1.9925
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Testing again the strong point at 1.99. If an hourly close is underneath this level we could see 1.9810 as bearish target.		With a close above 1.9925 possibilities to see 2.00 level, but still strong resistance around 1.9950 levels	1.9900 STRONG 1.99540 MINOR 1.9810 TREND 2.0000 KEY 1.9750 STRONG 2.0060 STRONG

USD/JPY	107.75
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
USDJPY remains bid at 107.75 for now. While this holds there is a possibility to retry the last month high at 108.50		An hourly pullback to 107.25 is possibly seen before moving higher again. Break of this level could bring 106.20 – 106.50	107.25 STRONG 107.90 TREND 106.20 MINOR 108.40 STRONG 105.85 STRONG 110.00 STRONG

USD/CHF	1.0340
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We see range trading between 1.0350 and 1.0290, but watch out for break to see higher prices around 1.0465		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	1.0290 STRONG 1.0350 STRONG 1.0230 MINOR 1.0430 STRONG 1.0150 STRONG 1.0480 KEY

XAU/USD	961.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Keeping Gold on these levels will bring lower prices around 910-915 during the day. Need to see 939 for an uptrend.		Hourly close above 939 brings back bullish range between 940 and 960	952 MINOR 964 MINOR 942 TREND 968 KEY 935 KEY 974 STRONG
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