Forex Market Overview

The Markets Today Friday 25 July 2008

EUR/USD	1.5715
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
After the down trend from 1.5928 to 1.5643 the market reversed back yesterday. We expect a retracement back to 1.5800. A break on top has room for a lift towards 1.5927		An hourly close bellow 1.5699 will push the EUR further down to reach the key level at 1.5654.	1.5699 STRONG 1.5772 KEY 1.5673 MINOR 1.5798 MINOR 1.5654 KEY 1.5821 STRONG

GBP/USD	1.9955
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Very strong basis at 1.9942. A Down trend is clearly seen on a 1 hour chart. A break of this level 1.9942 should re-try the 2.00 level, but it needs a daily close above that to stay bullish.		An hourly close above the 1.9950 stops the short-term bearish outlook and risks a fall to 2.00, medium-term rising trend.	1.9900 STRONG 1.9947 STRONG 1.9810 TREND 1.9923 KEY 1.9750 STRONG 1.9898 MINOR

USD/JPY	106.87
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 1.0300 / 1.0360; we see no direction here but watch out for a break lower.		Failure to close the day above that 1.0360 level is bearish for a retry of the 1.00 key	1.0300 STRONG 1.0360 STRONG 1.0271 MINOR 1.0380 KEY 1.0242 STRONG 1.0426 STRONG

XAU/USD	929.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold maintained the range, today this range has narrowed to 929 / 939.		A break through 939 and daily close above that is bullish Gold.	930 MINOR 930 MINOR 928 TREND 968 KEY 916.90 KEY 975 STRONG

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Forex Market Overview

Forex Market Overview 25 July 2008

The Usd was slightly weaker in Asian session, as sell off in the equity markets and higher oil price put pressure on the greenback. The EurUsd traded in a 1.5640 – 1.5750 range while the UsdJpy traded from 107.98 down to 107.40. US economic data came in worse than expected, sending yields lower, S&P -2.3% and halting the growing sense of optimism surrounding the US. In addition, deterioration in the Eurozone, lead by a decline in the German IFO, increased speculation that the ECB has room to raise rate in the coming month. Crude prices rose to $124.75bll.

In Japan, CPI was broadly inline with expectations. Nationwide CPI increased by 2.0% vs. 1.9% exp and core rose by 0.1% vs. 0.0% y/y exp. While the rise on inflation will catch the BoJ attention, BoJ’s Mizuno warned yesterday that the government might say that Japan is in a recession and that the BoJ is more concerned with risk to growth than inflation.

In the UK, provisional estimate of GDP q2 will capture the market’s attention. We expect that the UK economy has come to a stand still and possible ground to a halt. With dismal reports for the critical services sector and recent drop in retail sales, the risk is to the downside. We should see continued selling pressure on the Gbp.

Daily Forex Pivot Points
AUDUSD
R 3: 0.9818
R 2: 0.9794
R 1: 0.9738
CURRENT: 0.9577
S 1: 0.9597
S 2: 0.9565
S 3: 0.9477

EURJPY
R 3: 171.81
R 2: 171.07
R 1: 169.97
CURRENT: 167.67
S 1: 168.25
S 2: 166.01
S 3: 165.33

USDSGD
R 3: 1.3826
R 2: 1.3717
R 1: 1.3661
CURRENT: 1.3591
S 1: 1.3452
S 2: 1.3399
S 3: 1.3300

The ForexGen's provided services are all restricted and regulated by the international banking and financial regulatory standards. All our provided activities are supported by creativeness and modernization. Ambitious & motivated employees are working simultaneously to protect the customer's confidentiality. ForexGen is continuously providing the market's most competitive conditions.

ForexGen complies with the trade commissions in the USA, EU and Australia. Being registered by the commercial authorities in 18+ countries, we adhere to the United Nations Commission on International Trade Law (UNCITRAL).

Profile regulatory information:

ForexGen is complying with all applicable international laws and all financial regulations and procedures governing its industry in order to sustain the security standards in the financial services world.

Dollar Under Pressure

Dollar was under pressure after disappointing housing sector news

News and Events:

The Dollar fell against the Yen on Thursday, dragged down by disappointing news in the US housing sector and steep losses on Wall Street. However, the Dollar was slightly higher against the Euro, which came under pressure as soft data cooled expectations of higher euro-zone interest rates. The Ifo report followed data showing declines in manufacturing and service sector activity in France, Germany and the wider euro zone.

Modest gains in Oil prices also weighed on the Dollar on Thursday. US crude futures rose 0.8% to 125.50 per barrel. The biggest mover among major currencies on Thursday was
Sterling, which fell sharply against the Euro and Dollar on the 3.9% fall in June UK retail sales.

The ForexGen's provided services are all restricted and regulated by the international banking and financial regulatory standards. All our provided activities are supported by creativeness and modernization. Ambitious & motivated employees are working simultaneously to protect the customer's confidentiality. ForexGen is continuously providing the market's most competitive conditions.

ForexGen complies with the trade commissions in the USA, EU and Australia. Being registered by the commercial authorities in 18+ countries, we adhere to the United Nations Commission on International Trade Law (UNCITRAL).

Profile regulatory information:

ForexGen is complying with all applicable international laws and all financial regulations and procedures governing its industry in order to sustain the security standards in the financial services world.

The Markets Today

The Markets Today Thursday 24 July 2008 / 10:00h CET

EUR/USD	1.5685
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Still in a downtrend, short-term resistance around 1.5690-1.5700 should hold for new lows around 1.5600 or even lower.		An hourly close above 1.5700 could break the bearish market and bring higher prices around 1.5750 – but need to stop there.	1.5750 STRONG 1.5750 STRONG 1.5695 TREND 1.5695 TREND 1.5615 KEY 1.5800 STRONG

GBP/USD	1.9935
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
After breaking again the 1.9970 we see still space to trade lower prices this day. Target is 1.9725, but need to break key support at 1.9880 first.		Good Figures expected today, could bring a next rise to 1.9980 or even higher.	1.9900 STRONG 1.9970 TREND 1.9880 KEY 2.0020 MINOR 1.9725 STRONG 2.0060 STRONG

USD/JPY	107.80
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
After testing again the 108 lvl positive times are over – short term expectation 107.20, could go much further		A final break of the 108 barrier could bring 108.50.	107.20 STRONG 108.00 STRONG 106.20 MINOR 108.50 STRONG 105.85 STRONG 110.00 STRONG

USD/CHF	1.0340
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
USD/CHF should hold here around 1.0375 to trade around 1.0500 later on. Even a drop to 1.0310 will not change bullish trend		Break of 1.0310 can possibly bring back the levels around 1.0150 -1.0225	1.0310 TREND 1.0450 STRONG 1.0290 STRONG 1.0510 STRONG 1.0225 STRONG 1.0560 KEY

XAU/USD	961.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
After trading 916 yesterday, we expect to see a little pull-back to 930, if holds short-term at 922-923		Hourly close beneath 920 brings lower levels again 916, even new lows around 900	922 TREND 930 STRONG 915 KEY 948 STRONG 900 MINOR 974 STRONG
The ForexGen's provided services are all restricted and regulated by the international banking and financial regulatory standards. All our provided activities are supported by creativeness and modernization. Ambitious & motivated employees are working simultaneously to protect the customer's confidentiality. ForexGen is continuously providing the market's most competitive conditions. ForexGen complies with the trade commissions in the USA, EU and Australia. Being registered by the commercial authorities in 18+ countries, we adhere to the United Nations Commission on International Trade Law (UNCITRAL). Profile regulatory information: ForexGen is complying with all applicable international laws and all financial regulations and procedures governing its industry in order to sustain the security standards in the financial services world.

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
The ForexGen's provided services are all restricted and regulated by the international banking and financial regulatory standards. All our provided activities are supported by creativeness and modernization. Ambitious & motivated employees are working simultaneously to protect the customer's confidentiality. ForexGen is continuously providing the market's most competitive conditions. ForexGen complies with the trade commissions in the USA, EU and Australia. Being registered by the commercial authorities in 18+ countries, we adhere to the United Nations Commission on International Trade Law (UNCITRAL). Profile regulatory information: ForexGen is complying with all applicable international laws and all financial regulations and procedures governing its industry in order to sustain the security standards in the financial services world.