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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