The Forex Market Today

The Markets Today Tuesday 15 July 2008 / 09:55h CET

EUR/USD	1.5970
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It has reached Fridays top and remains well bid as market continues to fear rising oil and falling stock markets.. Short-term bullish trend at 1.5920, while it holds the Euro can move on higher.		If the current double-top at 1.5970 holds, there is risk of a set-back. Medium-term bullish trend is 200 pips lower.	1.5920 MINOR 1.5970 STRONG 1.5885 STRONG 1.6000 MINOR 1.5840 STRONG 1.6030 STRONG

GBP/USD	2.0020
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It pierced the 2.00 level this morning and has room to continue higher to 2.0130 / 2.0180 strong resistance.		Short-term bullish trend at 1.9945, an hourly break risks 1.9830 or even 1.9770.	2.0000 STRONG 2.0030 MINOR 1.9945 TREND 2.0130 STRONG 1.9830 STRONG 2.0180 STRONG

USD/JPY	105.50
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We see a divergence in USDJPY charts, and we will try buying here for a quick pull-back to 106.20.		An hourly break of 105.20 stops the short-term bullish view and we risk descending towards 104.40	105.35 STRONG 105.85 MINOR 104.85 MINOR 106.25 STRONG 104.40 STRONG 106.60 KEY

USD/CHF	1.0100
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It has traded through the 1.0120 key level. High risk of widening the downside to 1.00 or even beyond.		It would need a return to above 1.0135 to stop the current bear move.	1.0075 MINOR 1.0135 STRONG 1.0000 STRONG 1.0160 MINOR 0.9965 STRONG 1.0220 STRONG

XAU/USD	975.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
965 was clearly broken and Gold remains very bid here this morning. Next target 988 and it could trade through 1000 again soon.		A daily close underneath of 965 stops this move and a correction towards 935 could be expected.	972 MINOR 980 MINOR 965 STRONG 988 STRONG 935 STRONG 1000 STRONG

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