The Market Today

The Markets Today Wednesday 16 July 2008 / 10:15h CET

EUR/USD	1.5930
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
A new high has been made in euro before Bernanke boosted the Dollar with a hawkish speech. Strong support 1.59 amy however stop the Euro slide and it can retry the 1.6030 top and continue to move up.		An hourly close underneath of 1.5890 is bearish for a drop to 1.5760, medium-term trend-line. A daily close lower is bearish for the week.	1.5895 STRONG 1.5950 MINOR 1.5845 MINOR 1.6000 MINOR 1.5760 TREND 1.6030 STRONG

GBP/USD	2.0060
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Traded up to the strong resistance area above 2.0130, since then 2.0020 is strong initial support, go long on dips, next target 2.0360.		A breech at 2.0020 may see a quick dip to 1.9965 only, a hourly close beyond that is bearish for 1.9800	2.0020 TREND 2.0085 MINOR 1.9965 STRONG 2.0150 STRONG 1.9910 MINOR 2.0180 STRONG

USD/JPY	104.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
USDJPY fell and slightly overshot the 50% retracement of the March-June rise. Next key support is 102.85, but right here we like to try longs for a short-term pull-back to 104.65 or 105.10		An hourly break of 103.85 stops the short-term bullish view and we risk descending towards 102.80, medium-term buyers should wait for that level.	103.85 STRONG 104.30 STRONG 103.35 MINOR 104.65 STRONG 102.85 KEY 105.20 KEY

USD/CHF	1.0070
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It has achieved the 1.00 target faster than expected. It is critical to hold above this level in order to keep the Dollar in range 1.00/1.05. For now short-term bearish trend at 1.0090, go long on its break.		A fall through 1.00 has room for 0.9860 in the short-term and should eventually lead to a new low near 0.95.	1.0040 MINOR 1.0090 TREND 1.0000 KEY 1.0150 MINOR 0.9965 STRONG 1.0220 STRONG

XAU/USD	974.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
988 was reached before Gold fell on falling crude oil prices. Overbought, there is room to fall, 965 initial target, possibility to fall as far as 935 in volatile markets.		Stops shorts upon breaking 985, next push up should yield 995 and could even reach 1030.	965 STRONG 985 STRONG 953 STRONG 997 STRONG 935 KEY 1030 KEY

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