The Forex Markets Today

The Markets Today Thursday 17 July 2008 / 10:35h CET

EUR/USD	1.5860
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It dropped but has so far not reached the bullish trend-line at 1.5770 today. While underneath of 1.5890 we like to be short and see a test of that key support.		An hourly close above 1.5890 is a buy signal for 1.5960 in the short-term and possible retry of 1.6030.	1.5840 MINOR 1.5890 STRONG 1.5775 TREND 1.5960 MINOR 1.5730 MINOR 1.6030 STRONG

GBP/USD	2.0000
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Underneath of 2.00 there is space to drop further – target 1.9910 in a slow day, if volatile we can reach 1.9785.		Short-term bearish trend-line at 2.0030 is key to watch, stop short upon its break.	2.0020 TREND 2.0000 STRONG 1.9965 MINOR 2.0030 TREND 1.9910 STRONG 2.0100 STRONG

USD/JPY	105.30
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
A good bounce from the lows and an additional 100pips of upside potential today.		Strong support at 104.70, a break there stops the corrective upmove.	105.15 MINOR 105.60 MINOR 104.70 STRONG 106.20 MINOR 104.15 KEY 106.60 STRONG

USD/CHF	1.0160
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
1.00 has held and the Dollar recovered to 1.0185 so far. This is a good sign that the Dollar fall will end soon and we look to slowly move up towards 1.03		Short-term bullish trend at 1.0135 this morning, a break risks 1.0090, 1.00 remains key.	1.0135 TREND 1.0185 STRONG 1.0090 STRONG 1.0245 STRONG 1.0000 KEY 1.0320 STRONG

XAU/USD	963.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Dropped through 965 and holding underneath. Stay short, place a tight stop at 966, expect a move down to 935.		A daily close above 965 will maintain Gold high with room to rise again towards 1000	958 MINOR 965 STRONG 947 STRONG 972 MINOR 935 KEY 980 STRONG

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