The Forex Market Today

The Markets Today Friday 18 July 2008 / 09:45h CET

EUR/USD	1.5850
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Bullish trend-line held, it stands at 1.5785 this morning, while it holds the Euro is bid and a new rise towards 1.60 is likely, strong hurdle to overcome is 1.5885.		A break of the 6-week trend at 1.5785 risks short-term dip to 1.5725, a low weekly close is bearish towards 1.5350.	1.5820 MINOR 1.5885 STRONG 1.5785 TREND 1.5950 MINOR 1.5725 MINOR 1.6010 STRONG

GBP/USD	1.9910
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable seems to make a bearish break here this morning. Closing the hour underneath of 1.9925 is bearish for 1.9830 immediately.		Watch out for a possible reversal, an hourly close above 1.9935 is firmly bullish for the day, 1.9960 intra-day key, a break there leads to new highs.	1.9910 MINOR 1.9960 STRONG 1.9835 STRONG 2.0000 MINOR 1.9750 STRONG 2.0100 STRONG

USD/JPY	106.30
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It traded up as expected and while we can even push on for 107.35 we think the move will slow and the pair trade sideways 105.85 / 106.60		A fall underneath of 105.85 and low weekly close keeps the Dollar trapped and lower level will be likely next week.	106.15 MINOR 106.60 MINOR 105.85 STRONG 106.90 MINOR 105.50 STRONG 107.60 STRONG

USD/CHF	1.0200
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We remain bullish for 1.03, 1.0245 initial resistance that may spoil the bullish view.		Short-term trend at 1.0195, an hourly break there stops the bullish view and we should remain in range 1.01 / 1.0250	1.0195 TREND 1.0215 MINOR 1.0135 STRONG 1.0245 STRONG 1.0100 STRONG 1.0320 STRONG

XAU/USD	961.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It will remain volatile, a $10 or even $20 move up or down is possible, key levels to watch are 935 support and 972 resistance.		Intraday we prefer to SELL tops between 963 and 968. A weekly close above 973 keeps gold bid	952 MINOR 965 STRONG 946 STRONG 972 KEY 935 KEY 988 STRONG

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